Transfers from Accounts During the Continuance of an Event of Default. During the existence and continuance of an Event of Default, the Collateral Agent shall not be obligated to accept any instructions from the Company with respect to any transfer or withdrawal of funds on deposit in, or credited to, any Pledged Account and, in such circumstances, the Collateral Agent may direct the investment, transfer or withdrawal of funds in the Pledged Accounts without further consent by the Company.
Appears in 10 contracts
Samples: Security Agreement (El Paso Natural Gas Co), Subsidiary Guarantee Agreement (Tennessee Gas Pipeline Co), Subsidiary Guarantee Agreement (El Paso Corp/De)
