Cash Proceeds. If any Event of Default shall have occurred and be continuing, all proceeds of any Collateral received by Grantor consisting of cash, checks and other near-cash items (collectively, “Cash Proceeds”) shall be held by Grantor in trust for the Lender, segregated from other funds of Grantor, and shall, upon the exercise of remedies by the Lender, be turned over to the Lender in the exact form received by Grantor (duly indorsed by such Grantor to the Lender, if required) and held by the Lender in the Collateral Account. Any Cash Proceeds received by the Lender (whether from a Grantor or otherwise) may, in the sole discretion of the Lender, (A) be held by the Collateral as collateral security for the Secured Obligations (whether matured or unmatured) and/or (B) then or at any time thereafter may be applied by the Lender against the Secured Obligations then due and owing.
Appears in 4 contracts
Samples: Pledge and Security Agreement, Pledge and Security Agreement (Origin Bancorp, Inc. Attn: Chase Anderson), Pledge and Security Agreement (ServisFirst Bancshares, Inc.)
Cash Proceeds. If any Event of Default shall have occurred and be continuing, all proceeds of any Collateral received by Grantor consisting of cash, checks and other near-cash items (collectively, “Cash Proceeds”) shall be held by Grantor in trust for the Lender, segregated from other funds of Grantor, and shall, upon the exercise of remedies by the Lender, be turned over to the Lender in the exact form received by Grantor (duly indorsed by such Grantor to the Lender, if required) and held by the Lender in the Collateral Account. Any Cash Proceeds received by the Lender (whether from a Grantor or otherwise) may, in the sole discretion of the Lender, (A) be held by the Collateral Lender as collateral security for the Secured Obligations (whether matured or unmatured) and/or (B) then or at any time thereafter may be applied by the Lender against the Secured Obligations then due and owing.
Appears in 3 contracts
Samples: Pledge and Security Agreement (Bank of Commerce Holdings), Pledge and Security Agreement (Intermountain Community Bancorp), Pledge and Security Agreement (Ameris Bancorp)
Cash Proceeds. If any Event of Default shall have occurred and be continuing, all proceeds of any Collateral received by Grantor Borrower consisting of cash, checks and other near-cash items (collectively, “Cash Proceeds”) shall be held by Grantor Borrower in trust for the Lender, segregated from other funds of GrantorBorrower, and shall, upon the exercise of remedies by the Lender, be turned over to the Lender in the exact form received by Grantor Borrower (duly indorsed by such Grantor Borrower to the Lender, if required) and held by the Lender in the Collateral Account. Any Cash Proceeds received by the Lender (whether from a Grantor Borrower or otherwise) may, in the sole discretion of the Lender, (Ai) be held by the Collateral as collateral security for the Secured Obligations (whether matured or unmatured) and/or (Bii) then or at any time thereafter may be applied by the Lender against the Secured Obligations then due and owing.
Appears in 1 contract
Samples: Pledge and Security Agreement (CenterState Banks, Inc.)
