Collateral Account Distributions Sample Clauses

Collateral Account Distributions. (a) On the Effective Date there shall be established and, at all times thereafter until this Pledge Agreement shall have terminated, there shall be maintained with the Collateral Agent at the office of the Collateral Agent's corporate trust division an account which shall be entitled the "Comdisco Collateral Account" (the "Collateral Account"). All moneys which are required by this Pledge Agreement to be delivered to the Collateral Agent while an Event of Default has occurred and is continuing and all proceeds of Sales of Collateral shall be deposited in the Collateral Account and held by the Collateral Agent as Collateral and applied in accordance with the terms of this Pledge Agreement. Upon the waiver or cure of any such Event(s) of Default, the Collateral Agent shall cause all funds on deposit in the Collateral Account (other than amounts representing Proceeds of Collateral sold or otherwise disposed of by the Collateral Agent pursuant to the terms hereof) to be forthwith paid over to the Pledgors. (b) The Collateral Agent shall invest and reinvest moneys on deposit in the Collateral Account at any time in any of the following (provided, in each case, that the Collateral Agent shall have a perfected, first priority security interest therein): (i) marketable obligations of the United States having a maturity of not more than three months from the date of acquisition; (ii) marketable obligations directly and fully guaranteed by the United States having a maturity of not more than three months from the date of acquisition; (iii) bankers' acceptances and certificates of deposit and other interest-bearing obligations issued by Citibank, N.A., Wells Fargo Bank Minnesota, National Association or any other b▇▇▇ ▇rganized under the laws of the United States or any state thereof with capital, surplus and undivided profits aggregating at least $100,000,000, in each case having a maturity of not more than three months from the date of acquisition; (iv) repurchase obligations with a term of not more than one day for underlying securities of the types described in clauses (i), (ii) and (iii) above entered into with Citibank, N.A., Wells Fargo Bank Minnesota, National Association or any other b▇▇▇ ▇eeting the qualifications specified in clause (iii) above; and (v) commercial paper rated at least A-1 or the equivalent thereof by Standard & Poor's, a division of the McGraw-Hill Companies, or P-1 or the equivalent thereof by Mood▇'▇ ▇▇▇▇▇▇▇rs Service, Inc. and maturing ...