Common use of MONETARY COLLATERAL Clause in Contracts

MONETARY COLLATERAL. Each Credit Party is authorized to collect Monetary Collateral on behalf of and in trust for Lender, in accordance with the terms hereof and at such Credit Party's expense; provided, however, that, after the occurrence of an Event of Default, Lender may modify or terminate such authority at any time, in its sole discretion, and may collect any of the Monetary Collateral directly. Each Credit Party will, at such Credit Party's expense and in the manner requested by Lender from time to time, direct that Monetary Collateral be (or, if received by such Credit Party, will immediately cause the same in kind to be) (a) sent to a post office box designated by Lender and maintained in the name of Lender or a Credit Party, but in either case as to which access is limited solely to Lender, and/or (b) deposited into a bank account maintained in the name of Lender and/or into a blocked bank account under arrangements with the depository bank under which all funds deposited to such blocked bank account are required to be transferred to Lender. In connection with the foregoing, the Credit Parties will execute such post office box and/or blocked bank account agreements as Lender requires.