The Collateral Account. Upon an Event of Default, the Agent shall establish and maintain at its principal office an interest-bearing account that shall be entitled the "Redline Collateral Account." All moneys received by the Agent with respect to Collateral after an Event of Default shall be deposited in the Account and thereafter shall be held, applied and/or disbursed by the Agent in accordance with Section 12 hereof. In no event shall moneys other than proceeds of Collateral (and interest thereon) be deposited in the Collateral Account. The Collateral Account at all times shall be subject to the exclusive dominion and control of the Agent.
Appears in 5 contracts
Samples: Security Agreement (Redline Performance Products Inc), Security Agreement (Redline Performance Products Inc), Investment Agreement (Redline Performance Products Inc)
The Collateral Account. Upon an Event of Default, the Agent shall establish and maintain at its principal office an interest-bearing account that shall be entitled the "Redline Collateral Account." All moneys received by the Agent with respect to Collateral after an Event of Default shall be deposited in the Account and thereafter shall be held, applied and/or disbursed by the Agent in accordance with Section 12 11 hereof. In no event shall moneys other than proceeds of Collateral (and interest thereon) be deposited in the Collateral Account. The Collateral Account at all times shall be subject to the exclusive dominion and control of the Agent.
Appears in 1 contract
Samples: Loan and Investment Agreement (Redline Performance Products Inc)
