OBLIGATIONS OF BANK. Any money received by Bank in respect of the Collateral may be deposited, at Bank’s option, into a non-interest bearing account over which Owner shall have no control, and the same shall, for all purposes, be deemed Collateral hereunder.
Appears in 6 contracts
Samples: Security Agreement (Barrett Business Services Inc), Third Party Security Agreement (MGP Ingredients Inc), Third Party Security Agreement (Hemacare Corp /Ca/)
OBLIGATIONS OF BANK. Any money received by Bank in respect of the Collateral may be deposited, at Bank’s 's option, into a non-interest bearing account over which Owner shall have no control, and the same shall, for all purposes, be deemed Collateral hereunder.
Appears in 5 contracts
Samples: Third Party Security Agreement (MGP Ingredients Inc), Third Party Security Agreement (EnviroStar, Inc.), Third Party Security Agreement (EnviroStar, Inc.)
OBLIGATIONS OF BANK. Any money received by Bank in respect of the Collateral may be deposited, at Bank’s option, into a non-interest bearing account over which Owner shall have no control, and the same shall, for all purposes, be deemed Collateral hereunder, subject, however, to the terms of the Credit Agreement regarding the use of insurance proceeds, and the right of Owner to retain and use proceeds of the sale of inventory in the ordinary course of business when an Event of Default does not exist.
Appears in 3 contracts
Samples: Credit Agreement (Lacrosse Footwear Inc), Third Party Security Agreement (Lacrosse Footwear Inc), Third Party Security Agreement (Lacrosse Footwear Inc)
OBLIGATIONS OF BANK. Any money received by Bank in respect of the Collateral may be deposited, at Bank’s option, into a non-interest bearing account over which Owner Debtor shall have no control, and the same shall, for all purposes, be deemed Collateral hereunder.
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OBLIGATIONS OF BANK. Any money received by Bank in respect of the Collateral may be deposited, at Bank’s 's option, into a non-interest bearing account over which Owner Debtor shall have no control, and the same shall, for all purposes, be deemed Collateral hereunder.
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OBLIGATIONS OF BANK. Any money received by Bank in respect of the Collateral may be deposited, at Bank’s option, into a non-interest bearing account over which Owner [Guarantor Name] shall have no control, and the same shall, for all purposes, be deemed Collateral hereunder.
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