Common use of Specified Collateral Account Clause in Contracts

Specified Collateral Account. The Loan Parties shall not fail to deposit any proceeds of any Specified Collateral (i) in excess of $1,000,000 into the Specified Collateral Account or (ii) upon written notice from the FILO Agent identifying any such proceeds as Specified Collateral (together with reasonably satisfactory supporting details thereof); provided, that to the extent the Loan Parties receive mixed proceeds of Specified Collateral and ABL Assets, the Loan Parties shall allocate any such proceeds of Specified Collateral (in the good faith determination of such Loan Parties) for deposit into the Specified Collateral Account as required by this Section 6.16; provided, further, however, that for a period of 120 days following the First Amendment Effective Date, the Subject Note shall not be subject to clauses (i) or (ii) above. Each Loan Party authorizes and directs the Administrative Agent to pay over to the FILO Agent all such amounts as required under Section 6(c) of the Agreement Among Lenders.

Specified Collateral Account. The Loan Parties shall not fail to deposit any proceeds of any Specified Collateral (i) in excess of $1,000,000 into the Specified Collateral Account or (ii) upon written notice from the FILO Agent identifying any such proceeds as Specified Collateral (together with reasonably satisfactory supporting details thereof); provided, that to the extent the Loan Parties receive mixed proceeds of Specified Collateral and ABL Assets, the Loan Parties shall allocate any such proceeds of Specified Collateral (in the good faith determination of such Loan Parties) for deposit into the Specified Collateral Account as required by this Section 6.16; provided, further, however, that for a period of 120 days following the First Amendment Effective Date, the Subject Note shall not be subject to clauses (i) or (ii) above. Each Loan Party authorizes and directs the Administrative Agent to pay over to the FILO Agent all such amounts as required under Section 6(c) of the Agreement Among Lenders.. 135