COLLATERAL FOR THE OBLIGATIONS. Promptly upon acquisition thereof, pledge all assets and properties (including all Accounts, inventory, real property and other assets and properties) of each Borrower and its Subsidiaries constituting Collateral under the Security Documents in each case as security for the Obligations, maintain in full force and effect the lockbox arrangements contemplated by the Security Agreement and perform all obligations of each Borrower and its 93 Subsidiaries set forth in any Lockbox Agreement (including without limitation issuing irrevocable directions to all Account Debtors to remit payments in respect of Accounts to the lockboxes or accounts established with the Collateral Agent or pursuant to any Lockbox Agreement).
Appears in 3 contracts
Sources: Credit Agreement (Northwestern Steel & Wire Co), Credit Agreement (Northwestern Steel & Wire Co), Credit Agreement (Northwestern Steel & Wire Co)