Common use of Pledgor’s Obligations Upon Event of Default Clause in Contracts

Pledgor’s Obligations Upon Event of Default. If an Event of Default shall occur and be continuing (i) all payments received by Pledgor under or in connection with any of the Collateral shall be held by Pledgor in trust for Agent, shall be segregated from other funds of Pledgor and shall, forthwith upon receipt by Pledgor, be turned over to Agent or its designee in the same form as received by Pledgor (duly endorsed by Pledgor to Agent, if requested), (ii) any and all such payments so received by Agent or its designee (whether from Pledgor or otherwise) may, in the sole discretion of Agent or its designee, be held by Agent or such designee as collateral security for, and/or then or at any time thereafter be applied, subject only to the relevant provisions of the Promissory Notes or as otherwise may be required by applicable law, in whole or in part by Agent or its designee in the manner specified in Section 8, unless otherwise agreed to by the Holders in a writing delivered to Agent upon notice to Pledgor, at any time Agent may register the Collateral in the name of Agent or its nominee as pledgee.

Pledgor’s Obligations Upon Event of Default. If an Event of Default shall occur and be continuing then, following notice from Agent to Pledgor, (i) all payments received by Pledgor under or in connection with any of the Collateral shall be held by Pledgor in trust for Agent, shall be segregated from other funds of Pledgor and shall, forthwith upon receipt by Pledgor, be turned over to Agent or its designee in the same form as received by Pledgor (duly endorsed by Pledgor to Agent, if requested), and (ii) any and all such payments so received by Agent or its designee (whether from Pledgor or otherwise) may, in the sole discretion of Agent or its designee, be held by Agent or such designee as collateral security for, and/or then or at any time thereafter be applied, subject only to the relevant provisions of the Promissory Notes Credit Agreement or as otherwise may be required by applicable law, in whole or in part by Agent or its designee in the manner specified in Section 88 hereof, unless otherwise agreed to by the Holders Majority Lenders in a writing delivered to Agent upon notice to Pledgor, at any time Agent may register the Collateral in the name of Agent or its nominee as pledgeeAgent.