Borrower’s Receipt of Proceeds. Upon the occurrence and during the continuation of an Event of Default, all amounts and proceeds (including instruments and writings) received by Borrower in respect of the Collateral shall be received in trust for the benefit of Credit Union hereunder and, upon the written request of Credit Union, shall be segregated from other property of Borrower and shall be forthwith delivered to Credit Union in the same form as so received (with any necessary endorsement) and applied to the Indebtedness in accordance with the Loan Documents.
Appears in 3 contracts
Samples: Loan and Security Agreement (Ministry Partners Investment Company, LLC), Loan Agreement (Ministry Partners Investment Company, LLC), Loan and Security Agreement (Ministry Partners Investment Company, LLC)
Borrower’s Receipt of Proceeds. Upon the occurrence and during the continuation of an Event of Default, all amounts and proceeds (including instruments and writings) received by Borrower in respect of the any Collateral shall be received in trust by Borrower for the benefit of Credit Union hereunder and, upon the written request of Credit Union, Lender and shall be segregated from all other property of Borrower and shall be forthwith delivered to Credit Union Lender in the same form as so received (with any necessary endorsementendorsements) and applied to the Indebtedness Obligations in accordance with the Loan Documents.
Appears in 2 contracts
Samples: Revolving Line of Credit Loan Agreement (Friedman Industries Inc), Revolving Line of Credit Loan Agreement (Friedman Industries Inc)
