COLLECTION ACCOUNT BLOCKAGE Clause Samples
COLLECTION ACCOUNT BLOCKAGE. Following any Collection Account Blockage Date and during the continuance of the Default giving rise thereto, (i) all payments received by any Agent, all collection of accounts receivable received by the Collateral Agent and all proceeds of other Collateral received by the Collateral Agent, whether through payment or otherwise, will be the sole property of the Collateral Agent for the benefit of the Holders of Secured Obligations and will be deemed to be received by the Collateral Agent for application to the Secured Obligations.
COLLECTION ACCOUNT BLOCKAGE. Following any Collection Account Blockage Date and during the continuance of the Default giving rise thereto, (i) all payments received by the Agent, all collection of Receivables received by the Agent and all proceeds of other Collateral received by the Agent, whether through payment or otherwise, will be the sole property of the Agent for the benefit of the Holders of Secured Obligations and will be deemed to be received by the Agent for application to the Obligations.