Common use of No Rights to Funds Clause in Contracts

No Rights to Funds. Except for Secured Party’s rights under Section 4 of this Agreement, no Person, including, without limitation, Grantor shall have any right to withdraw any of the Funds held in the Cash Collateral Account, without the prior written consent of Secured Party and (b) unless previously applied by the Secured Party pursuant to Section 4 hereof, the Secured Party shall pay any Funds remaining in the Cash Collateral Account to Grantor or to whomever may be legally entitled thereto upon the indefeasible payment in full of all Obligations in cash following the termination of Secured Party’s obligation to extend credit to Grantor.

Appears in 7 contracts

Samples: Collateral Account Agreement (Air T Inc), Collateral Account Agreement (Air T Inc), Collateral Account Agreement (Air T Inc)

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