Payments on Collateral Clause Samples

Payments on Collateral. 18 Section 5.3

Payments on Collateral. Upon the Borrower or TFCI (or any other Affiliate of Borrower or of TFCI or any Person acting for or in concert with the Borrower or TFCI) receiving any checks, notes, drafts, other instruments, cash, other monies or any other items of payment, representing payments on or otherwise with respect to or relating to any and all Receivables or any other Collateral, Borrower or TFCI, as the case may be, shall receive same in trust for the Lender and immediately upon receipt thereof shall (i) deliver same duly endorsed by Borrower or TFCI, as the case may be, for deposit, to Lender for immediate deposit in a cash collateral account established by the Lender (and same shall be deposited in such account), and (ii) if requested by the Lender, forward to the Lender, on a daily basis, copies of all such items and deposit slips related thereto, together with a collection report in form and substance satisfactory to the Lender. All such checks, notes, drafts, other instruments, cash, other monies or other items of payment shall be the sole and exclusive property of the Lender immediately upon receipt of such items by the Borrower or TFCI and shall (at all times), until actually applied to the payment of the Secured Obligations as hereinafter set forth, be part of the Collateral securing the payment and performance of the Secured Obligations. After allowing two (2) days for collection of checks and other instruments, the Lender will credit (conditional upon final collection) all such payments to such collateral account. Such collateral account shall be a blocked account to which the Lender shall have sole access and sole dominion and control. The amounts in such account shall (unless otherwise determined by the Lender) be drawn upon by the Lender (at any time and from time to time and without the need for notice) and applied to the (i) prepayment or payment of the Revolving Credit Loans, (ii) the payment of interest on the Revolving Credit Loans (and any other amounts then due hereunder), and (iii), if a Default or Event of Default is then continuing, to the payment (or prepayment) of any other Secured Obligations; provided, that, after such application by the Lender (and provided further, no Event of Default then exists hereunder) the Borrower or TFCI, as the case may be, shall be entitled to any remaining amounts in such account (provided, it is understood that any balances in such account shall not accrue interest in favor of the Borrower or TFCI). (Nothing contained ...

Payments on Collateral. Without limiting the rights of the Bank under any other provision of this Agreement, if a Default shall occur and be continuing: (1) all payments received by the Borrower under or in connection with any of the Collateral shall be held by the Borrower in trust for the Bank, shall be segregated from other funds of the Borrower and shall forthwith upon receipt by the Borrower be turned over to the Bank, in the same form as received by the Borrower (duly indorsed by the Borrower to the Bank, if required to permit collection thereof by the Bank); and (2) all such payments received by the Bank (whether from the Borrower or otherwise) may, in the sole discretion of the Bank, be held by the Bank as collateral security for, and then or at any time thereafter applied in whole or in part by the Bank to the payment of the expenses and Obligations as set forth in subsection (J), below.

Payments on Collateral. Without limiting the rights of Lender under any other provision of the Security Agreement, if an Event of Default shall occur and be continuing: (a) all payments received by Operating Tenant under or in connection with any of the Collateral shall be held by Operating Tenant in trust for Lender, shall be segregated from other funds of Operating Tenant and shall forthwith upon receipt by Operating Tenant be turned over to Lender, in the same form as received by Operating Tenant (duly indorsed by Operating Tenant to Lender, if required to permit collection thereof by Lender); and (b) all such payments received by Lender (whether from Operating Tenant or otherwise) may, in the sole discretion of Lender, be held by Lender as collateral security for, and/or then or at any time thereafter applied in whole or in part by Lender to the payment of the expenses and Obligations as set forth in Section 5.10.

Payments on Collateral. Without limiting the rights of Lender ---------------------- under any other provision of the Security Agreement, if an Event of Default shall occur and be continuing: (a) all payments received by Lessee under or in connection with any of the Collateral shall be held by Lessee in trust for Lender, shall be segregated from other funds of Lessee and shall forthwith upon receipt by Lessee be turned over to Lender, in the same form as received by Lessee (duly indorsed by Lessee to Lender, if required to permit collection thereof by Lender); and (b) all such payments received by Lender (whether from Lessee or otherwise) shall be applied in accordance with the terms and provisions of the Loan Documents.

Payments on Collateral. Without limiting the rights of Lender under any other provision of the Security Agreement, if an Event of Default shall occur and be continuing: (a) all payments received by Borrower under or in connection with any of the Collateral shall be held by Borrower in trust for Lender, shall be segregated from other funds of Borrower and shall forthwith upon receipt by Borrower be turned over to Lender, in the same form as received by Borrower (duly indorsed by Borrower to Lender, if required to permit collection thereof by Lender); and (b) all such payments received by Lender (whether from Borrower or otherwise) may, in the sole discretion of Lender, be held by Lender as collateral security for, and/or then or at any time thereafter applied in whole or in part by Lender to the payment of the expenses and Obligations as set forth in Section 5.10.

Payments on Collateral. If it shall receive from any Person any amounts with respect to the Collateral, then, in accordance with this Agreement and the other Transaction Documents, it shall receive such payment in trust for the Agent (as secured party hereunder and under the other Transaction Documents) and from and after the occurrence and continuance of an Event of Default or as otherwise provided in the Transaction Documents, it shall immediately remit such amounts to the Agent.

Payments on Collateral. 6 SECTION 3.1 Payments....................................................................... 6 SECTION 3.2

Payments on Collateral. Without limiting the rights of the Lender under any other provision of law or this Agreement, immediately upon and following the occurrence of an Event of Default: (i) all payments received by the Debtor under or in connection with any of the Collateral shall be held by the Debtor in trust for the Lender, shall be segregated from other funds of the Debtor and shall forthwith upon receipt by the Debtor be turned over to the Lender, in the same form as received by the Debtor (duly indorsed by the Debtor to the Lender, if required to permit collection thereof by the Lender); and (ii) all such payments received by the Lender (whether from the Debtor or with respect to the Collateral) shall be applied by the Lender to the payment of Obligations and any expenses as set forth in A.7.11 of this Agreement.