Collections by Pledgors. The Collateral Agent may, by notice to a Pledgor, direct it to, and thereupon such Pledgor shall, receive all proceeds of Collateral in trust for the Collateral Agent, not commingle the same with any other property or funds of such Pledgor and, unless the Collateral Agent shall have otherwise instructed such Pledgor, deliver or cause to be delivered all such proceeds in the exact form received, together with any necessary endorsements, to the Collateral Agent or to such Person or Persons as the Collateral Agent may designate.
Appears in 2 contracts
Sources: Security Agreement (Orthovita Inc), Pledge and Security Agreement (Molecular Insight Pharmaceuticals, Inc.)