Special Collateral Account. All cash received by Agent with respect to the Pledged Collateral pursuant to SECTION 4.1.1 or upon the exercise of the remedies provided for in SECTION 5.1, shall be deposited into a special collateral account with Agent and shall be held by Agent as security for the Secured Obligations. Pledgor shall have no control whatsoever over said special collateral account. Agent shall apply any part of the credit balance in said special collateral account to the payment of the Secured Obligations, whether or not any of them shall be then due.
Appears in 3 contracts
Samples: Pledge Agreement (Lois/Usa Inc), Pledge Agreement (Platinum Entertainment Inc), Pledge Agreement (Lois/Usa Inc)
Special Collateral Account. All cash received by Agent with respect to the Pledged Collateral pursuant to SECTION Section 4.1.1 or upon the exercise of the remedies provided for in SECTION Section 5.1, shall be deposited into a special collateral account with Agent and shall be held by Agent as security for the Secured Obligations. Pledgor shall have no control whatsoever over said special collateral account. Agent shall apply any part of the credit balance in said special collateral account to the payment of the Secured Obligations, whether or not any of them shall be then due.
Appears in 2 contracts
Samples: Pledge Agreement (Gibraltar Packaging Group Inc), Pledge Agreement (Gibraltar Packaging Group Inc)
