Common use of Establishment of Collateral Accounts Clause in Contracts

Establishment of Collateral Accounts. The Collateral Agent shall establish and maintain at one of its banking offices in California, (or upon written notice to the Secured Creditors, such other banking office as it may select, so long as its lien is continuously maintained as contemplated herein) the following two segregated accounts: (i) an account of the Company entitled the “WD-40 Company Intercreditor Disbursement Account” (the “Intercreditor Disbursement Account”); and (ii) an account of the Company entitled the “WD-40 Company L/C Holding Account” (the “L/C Holding Account”). Each such account will be held by the Collateral Agent as provided in this Agreement and shall at all times be in the exclusive possession of, and under the control of, the Collateral Agent, as agent for the Secured Creditors. Neither the Company, any Affiliate Guarantor nor any their respective subsidiaries shall have rights to any such account or to any amounts on deposit therein, except the right to receive amounts, if any, in accordance with clause FIFTH of Section 4.1(e). The Company hereby grants and assigns to the Collateral Agent, for the benefit of the Secured Creditors, as collateral security for the Secured Obligations, all of the Company’s right, title and interest in and to the Collateral Accounts, all funds from time to time maintained therein, all investments thereof, all interest, dividends and other amounts earned thereon and all proceeds thereof.

Establishment of Collateral Accounts. The Collateral Agent shall establish and maintain at one of its banking offices in California, (or upon written notice to the Secured Creditors, such other banking office as it may select, so long as its lien is continuously maintained as contemplated herein) the following two segregated accounts:account(s): (i) an account of the Company entitled the “WD-40 Northwest Pipe Company Intercreditor Disbursement Account” (the “Intercreditor Disbursement Account”); and (ii) an account of the Company entitled the “WD-40 Northwest Pipe Company L/C Holding Account” (the “L/C Holding Account”). Each such account will be held by the Collateral Agent as provided in this Agreement and shall at all times be in the exclusive possession of, and under the exclusive control of, the Collateral Agent, as agent for the Secured Creditors. Neither the Company, any Affiliate Guarantor other Credit Party nor any their respective subsidiaries subsidiary of the Company or such other Credit Party shall have rights to any such account or to any amounts on deposit therein, except the right to receive amounts, if any, in accordance with clause FIFTH FOURTH of Section 4.1(e4.1(d). The Each of the Company and the other Credit Parties hereby grants and assigns to the Collateral Agent, for the benefit of the Secured Creditors, as collateral security for the Secured Obligations, all of the Company’s or such other Credit Party’s right, title and interest in and to the Collateral Accounts, all funds from time to time maintained therein, all investments thereof, all interest, dividends and other amounts earned thereon and all proceeds thereof.

Establishment of Collateral Accounts. The Collateral Agent shall establish and maintain at one of its banking offices office in CaliforniaPortland, Oregon, (or upon written notice to the Secured Creditors, such other banking office in the State of Oregon as it may select, so long as its lien is continuously maintained as contemplated herein) the following two segregated accounts:account(s): (i) an account of the Company entitled the “WD-40 Northwest Pipe Company Intercreditor Disbursement Account” (the “Intercreditor Disbursement Account”); and (ii) an account of the Company entitled the “WD-40 Northwest Pipe Company L/C Holding Account” (the “L/C Holding Account”). Each such account will be held by the Collateral Agent as provided in this Agreement and shall at all times be in the exclusive possession of, and under the exclusive control of, the Collateral Agent, as agent for the Secured Creditors. Neither the Company, any Affiliate Guarantor other Credit Party nor any their respective subsidiaries subsidiary of the Company or such other Credit Party shall have rights to any such account or to any amounts on deposit therein, except the right to receive amounts, if any, in accordance with clause FIFTH FOURTH of Section 4.1(e4.1(d). The Each of the Company and the other Credit Parties hereby grants and assigns to the Collateral Agent, for the benefit of the Secured Creditors, as collateral security for the Secured Obligations, all of the Company’s or such other Credit Party’s right, title and interest in and to the Collateral Accounts, all funds from time to time maintained therein, all investments thereof, all interest, dividends and other amounts earned thereon and all proceeds thereof.

Establishment of Collateral Accounts. The Collateral Agent shall establish and maintain at one of its banking offices office in CaliforniaPortland, Oregon, (or upon written notice to the Secured Creditors, such other banking office in the State of Oregon as it may select, so long as its lien is continuously maintained as contemplated herein) the following two segregated accounts:account(s): (i) an account of the Company entitled the “WD-40 "Northwest Pipe Company Intercreditor Disbursement Account” " (the “"Intercreditor Disbursement Account”"); and (ii) an account of the Company entitled the “WD-40 "Northwest Pipe Company L/C Holding Account” " (the “"L/C Holding Account”"). Each such account will be held by the Collateral Agent as provided in this Agreement and shall at all times be in the exclusive possession of, and under the exclusive control of, the Collateral Agent, as agent for the Secured Creditors. Neither the Company, any Affiliate Guarantor other Credit Party nor any their respective subsidiaries subsidiary of the Company or such other Credit Party shall have rights to any such account or to any amounts on deposit therein, except the right to receive amounts, if any, in accordance with clause FIFTH FOURTH of Section 4.1(e4.1(d). The Each of the Company and the other Credit Parties hereby grants and assigns to the Collateral Agent, for the benefit of the Secured Creditors, as collateral security for the Secured Obligations, all of the Company’s 's or such other Credit Party's right, title and interest in and to the Collateral Accounts, all funds from time to time maintained therein, all investments thereof, all interest, dividends and other amounts earned thereon and all proceeds thereof.