Common use of Disposition of Obligations Received Clause in Contracts

Disposition of Obligations Received. All purchase money and other obligations received by the Collateral Agent under this Article 11 shall be held by the Trustee as a part of the Collateral. Upon payment in cash or cash equivalents by or on behalf of the Company to the Collateral Agent of the entire unpaid principal amount of any such obligation, the Trustee shall or the Collateral Agent release and transfer such obligation and any mortgage securing the same upon receipt of any documentation that the Trustee may reasonably require. Any cash or cash equivalents received by the Collateral Agent in respect of the principal of any such obligations shall be held by the Collateral Agent as Trust Moneys under the Intercreditor Agreement subject to application as therein provided and as provided in the Security Agreements. All interest and other income on any such obligations, when received by the Collateral Agent shall be held and applied in accordance with the Intercreditor Agreement.