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.
Appears in 2 contracts
Sources: Security Agreement (Apple Hospitality Two Inc), Security Agreement (Apple Hospitality Two Inc)