Common use of Segregation of Proceeds Clause in Contracts

Segregation of Proceeds. (1) The Bank shall have the right at any time (regardless of whether or not a Default shall have occurred) to cause to be opened and maintained at the principal office of the Bank a non-interest bearing bank account (the "Cash Collateral Account") which will contain only Proceeds. Any cash proceeds (as such term is defined in Section 8.9A-102(a)(9) of the UCC) received by the Bank from the Borrower pursuant to paragraph (2) of this subsection (D), whether consisting of checks, notes, drafts, bills of exchange, money orders, commercial paper or other Proceeds received on account of any Collateral, shall be promptly deposited in the Cash Collateral Account, and until so deposited shall be held in trust for and as the Bank's property and shall not be commingled with any funds of the Borrower not constituting Proceeds of Collateral. The name in which the Cash Collateral Account is carried shall clearly indicate that the funds deposited therein are the property of the Borrower, subject to the security interest of the Bank hereunder. Such Proceeds, when deposited, shall continue to be security for the Obligations and shall not constitute payment thereof until applied as hereinafter provided. The Bank shall have sole dominion and control over the funds deposited in the Cash Collateral Account, and such funds may be withdrawn therefrom only by the Bank; provided, however, that until a Default shall occur, all collected funds on deposit in the Cash Collateral Account, or so much thereof as is not required to make payment of the Obligations which have become due and payable, shall be withdrawn by the Bank on the Business Day next following the day on which the Bank considers the funds deposited therein to be collected funds and disbursed to the Borrower or its order.

Segregation of Proceeds. (1) The Bank shall have the right at any time (regardless of whether or not a Default shall have occurred) to cause to be opened and maintained at the principal office of the Bank a non-interest bearing bank account (the "Cash Collateral Account") which will contain only ProceedsProceeds (other than those collected pursuant to the Lockbox Agreement). Any cash proceeds (as such term is defined in Section 8.9A-102(a)(99-306(1) of the UCC) received by the Bank from the Borrower pursuant to paragraph (2) of this subsection (D), whether consisting of checks, notes, drafts, bills of exchange, money orders, commercial paper or other Proceeds received on account of any Collateral, shall be promptly deposited in the Cash Collateral Account, and until so deposited shall be held in trust for and as the Bank's property and shall not be commingled with any funds of the Borrower not constituting Proceeds of Collateral. The name in which the Cash Collateral Account is carried shall clearly indicate that the funds deposited therein are the property of the Borrower, subject to the security interest of the Bank hereunder. Such Proceeds, when deposited, shall continue to be security for the Obligations and shall not constitute payment thereof until applied as hereinafter provided. The Bank shall have sole dominion and control over the funds deposited in the Cash Collateral Account, and such funds may be withdrawn therefrom only by the Bank; provided, however, that until a Default shall occur, all collected funds on deposit in the Cash Collateral Account, or so much thereof as is not required to make payment of the Obligations which have become due and payable, shall be withdrawn by the Bank on the Business Day next following the day on which the Bank considers the funds deposited therein to be collected funds and disbursed to the Borrower or its order.

Segregation of Proceeds. (1a) The Bank Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent shall have the right at any time (regardless of whether or not a Default shall have occurred) to cause to be opened and maintained at the principal office of the Bank a non-interest bearing Administrative Agent bank account accounts (the "Cash Collateral AccountAccounts") which will contain only ProceedsProceeds of Collateral of a particular Grantor. Any cash proceeds (as such term is defined in Section 8.9A-102(a)(99-306(1) of the UCC) received by the Bank Administrative Agent directly from the Borrower Account Debtors obligated to make payments under Receivables or General Intangibles to such Grantor or from such Grantor pursuant to paragraph (2b) of this subsection (D)Section 2.06, whether consisting of checks, notes, drafts, bills of exchange, money orders, commercial paper or other Proceeds received on account of any Collateral, shall be promptly deposited in the Cash Collateral Account, and until so deposited shall be held in trust for the Administrative Agent and as the Bank's property Secured Parties and shall not be commingled with any funds of the Borrower not constituting Proceeds of the Collateral. The name in which the Each Cash Collateral Account is carried shall clearly indicate that be designated with the funds deposited therein are title "Bank of America, N.A., as Administrative Agent under the property Amended and Restated Credit Agreement dated as of May 26, 2000 among ISG Resources, Inc., a Utah corporation (successor to JTM Industries, Inc., a Texas corporation) Industrial Services Group, Inc., the BorrowerLenders party thereto, subject to the security interest of Administrative Agent and the Bank hereunder. Documentation Agent." Such Proceeds, when deposited, shall continue to be security for the Secured Obligations and shall not constitute payment thereof until applied as hereinafter provided. The Bank Administrative Agent shall have sole dominion and control over the funds (including all rights under Article VI of this Agreement with respect to such funds) deposited in the Cash Collateral Account, and such funds may be withdrawn therefrom only by the Bank; provided, however, that until a Default shall occur, all collected funds on deposit in the Cash Collateral Account, or so much thereof as is not required to make payment of the Obligations which have become due and payable, shall be withdrawn by the Bank on the Business Day next following the day on which the Bank considers the funds deposited therein to be collected funds and disbursed to the Borrower or its orderAdministrative Agent.

Segregation of Proceeds. (1a) The Bank shall have Each Grantor authorizes the right at any time (regardless of whether or not a Default shall have occurred) ----------------------- Agent to cause to be opened establish and maintained maintain at the principal office of the Bank Agent a non-interest bearing bank account (the a "Government Contract Cash Collateral Account") which will contain only Proceeds------------------------------------------- moneys paid by a Governmental Authority to the Agent under a Government Contract and pursuant to an Instrument of Assignment, substantially in the form of Exhibit D-1, or any other equivalent instrument of assignment executed and delivered by such Grantor. Any cash proceeds (as such term is defined in Section 8.9A-102(a)(9) of the UCC) moneys received by the Bank Agent directly from the Borrower a Governmental Authority obligated to make payments under a Government Contract to such Grantor or from such Grantor pursuant to paragraph clause (2c) of this subsection (D)Section 2.06, whether consisting of checks, notes, drafts, bills of exchange, money orders, commercial paper paper, wire transfer, ACH method or other form of cash Proceeds received on account of any Collateralas moneys paid pursuant to a Government Contract, shall be deposited promptly deposited in the applicable Government Contract Cash Collateral Account, and until so deposited shall be held in trust for the Agent and as the Bank's property and shall not be commingled with any funds of the Borrower not constituting Proceeds of Collateral. The name in which the Cash Collateral Account is carried shall clearly indicate that the funds deposited therein are the property of the Borrower, subject to the security interest of the Bank hereunderSecured Parties. Such Proceedsmoneys received, when deposited, shall continue to be security for the Secured Obligations (until withdrawn by the Agent and transferred to the applicable Grantor) and shall not constitute payment thereof until applied as hereinafter provided. The Bank Except as provided in this Section 2.06, the Agent shall have sole dominion and control over the funds deposited in each of the Government Contract Cash Collateral AccountAccounts, and such funds may be withdrawn therefrom only by the Bank; Agent, provided, however, so long as no Event of Default -------- ------- shall have occurred and be continuing, the Agent shall transfer to an account designated by the applicable Grantor any funds that until have been deposited in a Default shall occurGovernment Contract Cash Collateral Account (i) on the same Business Day of such deposit therein if such deposit is made on or prior to 12:00 (noon), Charlotte time, and (ii) on the next Business Day of such deposit therein if such deposit is made after 12:00 (noon), Charlotte time. Upon the occurrence and during the continuance of an Event of Default, all collected rights of each Grantor to receive funds on deposit from the Government Contract Cash Collateral Account shall be terminated and the Agent shall have sole dominion and control over the funds (including all rights under Article VI of this Agreement with respect to such funds) deposited in the Government Contract Cash Collateral Account, or so much thereof as is not required to make payment of the Obligations which have become due and payable, shall be withdrawn by the Bank on the Business Day next following the day on which the Bank considers the funds deposited therein to be collected funds and disbursed to the Borrower or its orderAccounts.

Segregation of Proceeds. (1) The Bank shall have the right at any time (regardless of whether or not a Default shall have occurred) to cause to be opened and maintained at the principal office of the Bank a non-interest bearing bank account (the "Cash Collateral Account") which will contain only ProceedsProceeds (other than those collected pursuant to the Sweep Agreement). Any cash proceeds (as such term is defined in Section 8.9A-102(a)(99A-102(a)(9) of the UCC) received by the Bank from the Borrower pursuant to paragraph (2) of this subsection (D), whether consisting of checks, notes, drafts, bills of exchange, money orders, commercial paper or other Proceeds received on account of any Collateral, shall be promptly deposited in the Cash Collateral Account, and until so deposited shall be held in trust for and as the Bank's property and shall not be commingled with any funds of the Borrower not constituting Proceeds of Collateral. The name in which the Cash Collateral Account is carried shall clearly indicate that the funds deposited therein are the property of the Borrower, subject to the security interest of the Bank hereunder. Such Proceeds, when deposited, shall continue to be security for the Obligations and shall not constitute payment thereof until applied as hereinafter provided. The Bank shall have sole dominion and control over the funds deposited in the Cash Collateral Account, and such funds may be withdrawn therefrom only by the Bank; provided, however, that until a Default shall occur, all collected funds on deposit in the Cash Collateral Account, or so much thereof as is not required to make payment of the Obligations which have become due and payable, shall be withdrawn by the Bank on the Business Day next following the day on which the Bank considers the funds deposited therein to be collected funds and disbursed to the Borrower or its order.

Segregation of Proceeds. (1a) The Bank shall have the right at any time (regardless of whether or not a an Event of Default shall have occurred) to cause to be opened and maintained at the principal office of the Bank a non-interest bearing bank account (the "Cash Collateral Account") which will contain only Proceeds. Any cash proceeds (as such term is defined in Section 8.9A-102(a)(99A-102(a)(9) of the UCC) received by the Bank directly from Account Debtors obligated to make payments under Receivables or Other Intangibles to the Bank pursuant to Section 2.3 or from the Borrower Debtor pursuant to paragraph clause (2b) of this subsection (D)Section 2.4, whether consisting of checks, notes, drafts, bills of exchange, money orders, commercial paper or other Proceeds received on account of any Collateral, shall be promptly deposited in the Cash Collateral Account, and until so deposited shall be held in trust for and as the Bank's property and shall not be commingled with any funds of the Borrower Debtor not constituting Proceeds of Collateral. The name in which the Cash Collateral Account is carried shall clearly indicate that the funds deposited therein are the property of the BorrowerDebtor, subject to the security interest of the Bank hereunder. Such Proceeds, when deposited, shall continue to be security for the Obligations and shall not constitute payment thereof until applied as hereinafter provided. The Bank shall have sole dominion and control over the funds deposited in the Cash Collateral Account, and such funds may be withdrawn therefrom only by the Bank; provided, however, that until a an Event of Default shall occur, all collected funds on deposit in the Cash Collateral Account, or so much thereof as is not required to make payment of the Obligations which have become due and payable, shall be withdrawn by the Bank on the Business Day next following the day on which the Bank considers the funds deposited therein to be collected funds and disbursed to the Borrower Debtor or its order.