Pledge Account Clause Samples

Pledge Account. (a) The Trustee has opened a collateral account (the “Pledge Account”) with , at its office at , Reference: “American Sea Foods Collateral”, Account No. , in the name, and under the sole control and dominion, of the Trustee and subject to the terms of this Indenture and the Intercompany Note. (b) The Pledge Account shall at all times be segregated from any other custodial or collateral account maintained by the Trustee. It shall be a term and condition of the Pledge Account, notwithstanding any term or condition to the contrary in any other agreement relating to the Pledge Account, and except as otherwise provided by the provisions of Section 12.03 of this Indenture, that no amount shall be paid or released to or for the account of, or withdrawn by or for the account of, the Issuer or any other Person from the Pledge Account. (c) Subject to the provisions of this Article 12, the Pledge Account shall be under the sole dominion and control of the Trustee. The Trustee shall have the sole right to make withdrawals from the Pledge Account and to exercise all rights with respect to the Collateral from time to time therein. All Collateral delivered to or held by or on behalf of, and not released by, the Trustee pursuant hereto shall be held in the Pledge Account in accordance with the provisions hereof. (d) All Collateral shall be retained in the Pledge Account pending disbursement pursuant to the terms of this Article 12.

Pledge Account. (a) Upon the closing of the offering of the Securities by the Company, the Company shall purchase, and deposit in the Pledge Account for the benefit of Holders and owners of beneficial ownership interests in the Notes, Pledged Securities in an amount which, in the opinion of an internationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, will result in the receipt of United States dollars in immediately available funds in an amount and at a time sufficient to provide for payment in full when due of the seven regularly scheduled interest payments due on the Notes from , 1999 through , 2002 upon receipt of scheduled principal and interest payments on the Pledged Securities. (b) The Company hereby agrees that all of its rights and obligations with respect to the Pledged Securities shall be as set forth in the Pledge Agreement.

Pledge Account. The Pledge Account itself, all rights of the Grantor against the Securities Intermediary or any clearing broker for the Securities Intermediary in connection with the Pledge Account, and all securities, stocks, bonds, mutual fund shares, United States Treasury instruments and other investment property and financial assets now or hereafter reflected as maintained in the Pledge Account, together with any and all proceeds, replacements or substitutions therefore and including without limitation, the following types of assets maintained in the Pledge Account (collectively, the “Pledged Securities”):

Pledge Account. RFC from time to time may deposit funds of RFC into the Series 1997-1 Pledge Account to be held by the Collateral Agent as additional security for the payment and performance of RFC's obligations to the Secured Parties. If on any date a Borrowing Base Deficiency continues to exist after application of all Deposited Funds required to be applied on such date from the Series 1997-1 Collateral Account, the Series 1997-1 Termination Advance Account and the Series 1997-1 Liquidity Lender Account pursuant to Section 2.01 or 5.02 of the Collateral Agreement, as applicable, then amounts on deposit in the Series 1997-1 Pledge Account shall be applied to make payments on such date, in accordance with Section 5.01(e) of the Collateral Agreement, to the extent necessary to reduce such Borrowing Base Deficiency to zero.

Pledge Account. An account maintained by Pledge Agent with U.S. Bank National Association pursuant to the terms of the Pledge Agreement in which Borrower has directed that the proceeds of the Loan be deposited and from which Lender shall direct that Advances be made for payment of costs of construction of the Project, subject to strict compliance with the terms of this Agreement. The Pledge Account is numbered and is titled: .

Pledge Account. (a) On the Issue Date Seven Seas shall deposit in the Pledge Account, for the benefit of Holders and owners of beneficial ownership interests in the Notes, sufficient proceeds to purchase Pledged Securities in an amount which, in the opinion of an internationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, will result in the receipt of United States dollars in immediately available funds in an amount and at a time sufficient to provide for payment in full when due of the four regularly scheduled interest payments due on the Notes from November 15, 1999 through May 15, 2001 upon receipt of scheduled principal and interest payments on the Pledged Securities. Seven Seas shall contract for the purchase of the Pledged Securities with instructions for delivery to Trustee and provide such information to the Trustee; if for any reason the amount of proceeds deposited in the Pledge Account is insufficient to pay for the Pledged Securities and any associated costs, Seven Seas shall immediately provide to Trustee the necessary additional funds. (b) Seven Seas hereby agrees that all of its rights and obligations with respect to the Pledged Securities shall be as set forth in the Pledge Agreement.

Pledge Account. By not later than November 23, 2005 and at all time thereafter, the Borrower shall ensure that the Pledge Account is subject to an effective account control agreement in the form of Exhibit M hereto (or in such other form as may be reasonably approved by the Collateral Agent).

Pledge Account. 65 SECTION 4.25