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AKS » Topics » 8.4. [ Reserved ].

This excerpt taken from the AKS 8-K filed Feb 23, 2007.

8.4. [Reserved].

8.5. Administration of Deposit Accounts. Schedule 8.5 sets forth all Deposit Accounts maintained by Borrower, including all Dominion Accounts as of the date hereof. Borrower shall take all actions necessary to establish Agent’s control of each such Deposit Account (other than (i) an account exclusively used for payroll, trust purposes, petty cash, payroll taxes or employee benefits, (ii) an account containing not more that $10,000 at any time, (iii) an account that does not contain proceeds of Collateral or (iv) the Concentration Account). Borrower shall be the sole account holder of each Deposit Account

 

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and shall not allow any other Person (other than Agent) to have control over such Deposit Account constituting Collateral or any Property deposited therein. Borrower shall promptly notify Agent of any opening or closing of a Deposit Account and, with the consent of Agent, will amend Schedule 8.5 to reflect same. Notwithstanding the foregoing, no later than thirty (30) days after the Closing Date (or such longer period as consented to by Agent in its sole discretion), Borrower shall deliver to Agent duly executed agreements establishing the Dominion Account and control over each such Deposit Account.

"8.4. [ Reserved ]." elsewhere:

Universal Stainless & Alloy Products (USAP)
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