Common use of Program Payments Clause in Contracts

Program Payments. Notwithstanding anything to the contrary herein, ▇▇▇▇▇▇▇ shall have a first and prior security interest in Universal’s rights to any Program Payments that are owed from time to time but have not been paid to Universal. ▇▇▇▇▇▇▇ shall have the right to offset any Program Payments owed to Universal by ▇▇▇▇▇▇▇ from time to time against amounts owed by Universal to ▇▇▇▇▇▇▇, including without limitation in the event of Universal’s bankruptcy. For clarification, following receipt by Universal of Program Payments paid or delivered by ▇▇▇▇▇▇▇, such amounts shall no longer constitute Program Payments and shall become funds in which KeyBank shall have the first and prior security interest.