Collections on Collateral Sample Clauses

Collections on Collateral. The Grantor shall have the right to receive dividends and other proceeds from the Collateral in the ordinary course of business so long as the Obligations are being paid to the Secured Party in accordance with the Program Documents. If any of the Obligations are not paid in accordance with the Program Documents, at the option of the Secured Party, the Grantor's right to receive dividends and other proceeds of the Collateral and to use or dispose of such proceeds shall terminate, and any and all dividends and proceeds then held or thereafter received on or on account of the Collateral will be held or received by the Grantor in trust for the Secured Party and immediately delivered in kind to the Secured Party (duly endorsed to the Secured Party, if required), to be applied to the Obligations or held as Collateral, as the Secured Party shall elect. Upon such an occurrence, the Secured Party shall have the right at all times to receive, receipt for, endorse, assign, deposit and deliver, in the name of the Secured Party or in the name of the Grantor, any and all checks, notes, drafts and other instruments for the payment of money constituting proceeds of or otherwise relating to the Collateral; and the Grantor hereby authorizes the Secured Party to affix, by facsimile signature or otherwise, the general or special endorsement of the Grantor, in such manner as the Secured Party shall deem advisable, to any such instrument in the event the same has been delivered to or obtained by the Secured Party without appropriate endorsement, and the Secured Party and any collecting bank are hereby authorized to consider such endorsement to be a sufficient, valid and effective endorsement by the Grantor, to the same extent as though it were manually executed by the duly authorized representative of the Grantor, regardless of by whom or under what circumstances or by what authority such endorsement actually is affixed, without duty of inquiry or responsibility as to such matters, and the Grantor hereby expressly waives demand, presentment, protest and notice of protest or dishonor and all other notices of every kind and nature with respect to any such instrument.
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Collections on Collateral. 7.1 Upon the occurrence and during the continuance of an Event of Default, the Trustee shall have the right from time to time to instruct the Authority and any other parties otherwise required to make payments to the Authority in connection with the Collateral to make such payments (including without limitation all proceeds, sums or other property arising out of the enforcement of any rights of the Authority with respect to the Collateral) instead directly to the Trustee or such other party or parties as the Trustee may designate. 7.2 If the Authority receives any such payments at any time when, pursuant to the provisions of this Section 7 or any notice delivered pursuant hereto, such payments should not have been accepted or should have been paid instead to another party, then such payments shall be received by the Authority in trust for, and shall be promptly deposited and delivered in kind to, the Trustee. The Trustee shall have the right to exercise all rights and remedies of the Authority under the Collateral Documents and to enforce the Senior Notes and the other Collateral Documents in accordance with the terms of the this Agreement.
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Collections on Collateral. 7.1 Upon the occurrence and during the continuance of an Event of Default, the Trustee shall have the right from time to time to instruct any party otherwise required to make payments to the Issuer in connection with the Collateral to make such payments (including without limitation all proceeds, sums or other property arising out of the enforcement of any rights of the Issuer with respect to the Collateral) instead directly to the Trustee or such other party or parties as the Trustee may designate for application to and satisfaction of the Secured Obligations. 7.2 If the Issuer receives any such payments at any time when, pursuant to the provisions of this SECTION 7 or any written notice delivered pursuant hereto, such payments should not have been accepted or should have been paid instead to another party, then such payments shall be received by the Issuer in trust for, and shall be promptly deposited and delivered in kind to, the Trustee. During the existence and continuance of an Event of Default, the Trustee shall have the right to exercise all rights and remedies of the Issuer under the Collateral Documents and to enforce the First Mortgage Notes and the other Collateral Documents in accordance with the terms of this Agreement.
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Collections on Collateral. All collections on the Collateral shall be directed to a lockbox at Bank and shall not be commingled with the Borrowers' other funds or be deposited in any bank account of the Borrowers (except for the Cash Collateral Account), or used in any manner except to pay the Obligations or for such other purposes as expressly permitted hereunder. All collections on the Collateral (other than the proceeds of the liquidation of Technical Metals and Q.P.I. Consumer, which shall be immediately applied to the balance of Borrowers' Obligations) shall be deposited in the Cash Collateral Account of the appropriate Borrower maintained at Bank for that purpose, over which the Bank alone shall have the sole power of withdrawal. In no event shall Bank be obligated to advance to Borrowers any amounts in excess of the collected balance in the Cash Collateral Account. Borrowers shall be entitled to use the funds in the Cash Collateral Account in Borrowers' ordinary course of business. The crediting of items deposited in the Cash Collateral Account to the reduction of the Obligations shall be conditioned upon final payment of the item and if any item is not so paid, the amount of any credit given for it may be charged to the Obligations or to any other deposit account of such Borrower, whether or not the item is returned.
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Collections on Collateral. Notwithstanding the Security Interest which is granted pursuant to Section 2.1 hereof, and except as otherwise provided hereunder or in any Loan Document, Debtor shall have the right to use and to continue to make collections on and receive any payments of Proceeds which may be made to, or for the benefit of, Debtor with respect to any of the Collateral so long as no Event of Default shall have occurred and be continuing. Upon the occurrence and during the continuance of an Event of Default, at the option of Secured Party, and except as prohibited by applicable law, Debtor's right to make collections on and receive Proceeds of the Collateral and to use or dispose of such Proceeds shall terminate, and any and all Proceeds then held or thereafter received on or on account of the Collateral will be held or received by Debtor in trust for Secured Party and immediately delivered in kind to Secured Party.
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Collections on Collateral. So long as the Bank does not request that the Debtors on the Collateral be notified of the consignment thereof to Bank or that all collections be directed to a lock box at Bank, Borrower may make collections on the Collateral. In the Event of Default, all collections on the Collateral shall be the property of the Bank, shall be held in trust for the Bank by the Borrower and shall not be commingled with the Borrower's other funds or be deposited in any bank account of the Borrower , or used in any manner except to pay the Obligations. Upon an Event of Default, at Bank's discretion, the Bank may cause Borrower to immediately deposit all collections on the Collateral in a cash collateral account of Borrower maintained at Bank for that purpose, over which the Bank alone shall have the sole power of withdrawal. On a daily basis, Bank will apply all or part of the collected balance of the cash collateral account against the Obligations, the amount, order and method of such application to be in the sole discretion of Bank. In no event shall Bank be obligated to apply any funds deposited in the cash collateral account before the next business day after the day of deposit. Any part of the collected balance in the cash collateral account which the Bank elects not to apply to Borrower's obligations may be paid over and deposited by Bank to the Borrower's commercial account. The crediting of items deposited in the cash collateral account to the reduction of the Obligations shall be conditioned upon final payment of the item and if any item is not so paid, the amount of any credit given for it may be charged to the Obligations or to any other deposit account of the Borrower, whether or not the item is returned.
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Collections on Collateral. 7.1 Upon the occurrence and during the continuance of an Event of Default, the Trustee shall have the right from time to time to instruct the Tribal Party and any other parties otherwise required to make payments to a Tribal Party in connection with the Collateral to make such payments (including all proceeds, sums or other property arising out of the enforcement of any rights of a Tribal Party with respect to the Collateral) instead directly to the Trustee or such other party or parties as the Trustee may designate. 7.2 If a Tribal Party receives any such payments at any time when, pursuant to the provisions of this Section 7 or any notice delivered pursuant hereto, such payments should not have been accepted or should have been paid instead to another party, then such payments shall be received by the Tribal Party in trust for, and shall be promptly deposited and delivered in kind to, the Trustee. The Trustee shall have the right to exercise all rights and remedies of the Authority under the Collateral Documents and to enforce the Senior Notes and the other Collateral Documents in accordance with the terms of the this Agreement.
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Collections on Collateral. All collections on the Collateral shall be directed to a lock box at Bank. All collections on the Collateral shall be the property of Bank, shall be held in trust for Bank by Borrower and shall not be commingled with Borrower's other funds or be deposited in any bank account of Borrower (except for the Cash Collateral Account), or used in any manner except to pay the Obligations. Borrower immediately shall deposit any collections on the Collateral which are received by Borrower in the Cash Collateral Account maintained at Bank for that purpose, over which Bank alone shall have the sole power of withdrawal. On a daily basis, Bank will apply all or part of the collected balance of the Cash Collateral Account against the Obligations (to the extent outstanding), with the amount, order and method of such application to be in the sole discretion of Bank. In no event shall Bank be obligated to apply any funds deposited in the Cash Collateral Account before the second business day after the day of deposit. Any part of the collected balance in the Cash Collateral Account which Bank elects not to apply to Borrower's obligations shall be paid over and deposited by Bank to Borrower's commercial account. The crediting of items deposited in the Cash Collateral Account to the reduction of the Obligations shall be conditioned upon final payment of the item and if any item is not so paid, the amount of any credit given for it may be charged to the Obligations or to any other deposit account of Borrower, whether or not the item is returned.
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Related to Collections on Collateral

  • Limitations on Dispositions of Collateral The Debtor will not sell, transfer, lease, or otherwise dispose of any of the Collateral, or attempt, offer or contract to do so other than dispositions of Inventory in the ordinary course of the Debtor’s business; provided, however that the Debtor will be allowed to grant licenses to its products and related documentation in the ordinary course of business and to establish or provide for escrows of related intellectual property in connection therewith.

  • Limitation on Liens on Collateral Such Grantor shall not create, incur or permit to exist, will defend the Collateral against, and will take such other action as is necessary to remove, any Lien or claim on or to the Collateral, other than Liens permitted pursuant to the Credit Agreement and the other Loan Documents, and will defend the right, title and interest of the Collateral Agent and the other Secured Parties and the other holders of the Secured Obligations in and to any of the Collateral against the claims and demands of all Persons whomsoever.

  • Compromises and Collection of Collateral The Grantors and the Administrative Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the foregoing, each Grantor agrees that the Administrative Agent may at any time and from time to time, if an Event of Default has occurred and is continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Administrative Agent in its sole discretion shall determine or abandon any Receivable, and any such action by the Administrative Agent shall be commercially reasonable so long as the Administrative Agent acts in good faith based on information known to it at the time it takes any such action.

  • Non-Reliance on Collateral Agent The Collateral Agent shall not be required to keep itself informed as to the performance or observance by the Purchase Contract Agent or any Holder of Securities of this Agreement, the Purchase Contract Agreement, the Securities or any other document referred to or provided for herein or therein or to inspect the properties or books of the Purchase Contract Agent or any Holder of Securities. The Collateral Agent shall not have any duty or responsibility to provide the Company with any credit or other information concerning the affairs, financial condition or business of the Purchase Contract Agent or any Holder of Securities (or any of their affiliates) that may come into the possession of the Collateral Agent or any of its affiliates.

  • Security Interests in Collateral To secure their Obligations under this Agreement and the other Loan Documents, the Loan Parties shall grant to the Collateral Agent, for its benefit and the ratable benefit of the other Secured Parties, a first-priority security interest in all of the Collateral pursuant to the Security Documents.

  • Rights in Collateral; Priority of Liens Borrower and each other Loan Party own the property granted by it as Collateral under the Collateral Documents, free and clear of any and all Liens in favor of third parties. Upon the proper filing of UCC financing statements, and the taking of the other actions required by Lender, the Liens granted pursuant to the Collateral Documents will constitute valid and enforceable first, prior and perfected (to the extent that Liens on the Collateral can be perfected by the filing of UCC financing statements) Liens on the Collateral in favor of Lender.

  • Remedies; Disposition of the Collateral If any Event of Default shall have occurred and be continuing, then any Collateral repossessed by the Collateral Agent under or pursuant to Section 7.1 hereof and any other Collateral whether or not so repossessed by the Collateral Agent, may be sold, assigned, leased or otherwise disposed of under one or more contracts or as an entirety, and without the necessity of gathering at the place of sale the property to be sold, and in general in such manner, at such time or times, at such place or places and on such terms as the Collateral Agent may, in compliance with any mandatory requirements of applicable law, determine to be commercially reasonable. Any of the Collateral may be sold, leased or otherwise disposed of, in the condition in which the same existed when taken by the Collateral Agent or after any overhaul or repair at the expense of the relevant Assignor which the Collateral Agent shall determine to be commercially reasonable. Any such disposition which shall be a private sale or other private proceedings permitted by such requirements shall be made upon not less than 10 days' prior written notice to the relevant Assignor specifying the time at which such disposition is to be made and the intended sale price or other consideration therefor, and shall be subject, for the 10 days after the giving of such notice, to the right of the relevant Assignor or any nominee of such Assignor to acquire the Collateral involved at a price or for such other consideration at least equal to the intended sale price or other consideration so specified. Any such disposition which shall be a public sale permitted by such requirements shall be made upon not less than 10 days' prior written notice to the relevant Assignor specifying the time and place of such sale and, in the absence of applicable requirements of law, shall be by public auction (which may, at the Collateral Agent's option, be subject to reserve), after publication of notice of such auction (where required by applicable law) not less than 10 days prior thereto. The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which the sale may be so adjourned. To the extent permitted by any such requirement of law, the Collateral Agent may bid for and become the purchaser of the Collateral or any item thereof, offered for sale in accordance with this Section without accountability to the relevant Assignor. If, under mandatory requirements of applicable law, the Collateral Agent shall be required to make disposition of the Collateral within a period of time which does not permit the giving of notice to the relevant Assignor as hereinabove specified, the Collateral Agent need give such Assignor only such notice of disposition as shall be reasonably practicable in view of such mandatory requirements of applicable law. Each Assignor agrees to do or cause to be done all such other acts and things as may be reasonably necessary to make such sale or sales of all or any portion of the Collateral valid and binding and in compliance with any and all applicable laws, regulations, orders, writs, injunctions, decrees or awards of any and all courts, arbitrators or governmental instrumentalities, domestic or foreign, having jurisdiction over any such sale or sales, all at such Assignor's expense.

  • Security Interest in Collateral The provisions of this Agreement and the other Loan Documents create legal and valid Liens on all of the Collateral in favor of the Administrative Agent, for the benefit of the Secured Parties, and such Liens constitute perfected and continuing Liens on the Collateral, securing the Secured Obligations, enforceable against the applicable Loan Party and all third parties, and having priority over all other Liens on the Collateral except in the case of (a) Permitted Encumbrances, to the extent any such Permitted Encumbrances would have priority over the Liens in favor of the Administrative Agent pursuant to any applicable law or agreement and (b) Liens perfected only by possession (including possession of any certificate of title) to the extent the Administrative Agent has not obtained or does not maintain possession of such Collateral.

  • Application of Proceeds of Collateral Except as provided in subsection 2.4B(iii)(a) with respect to prepayments from Net Asset Sale Proceeds, all proceeds received by Administrative Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral under any Collateral Document may, in the discretion of Administrative Agent, be held by Administrative Agent as Collateral for, and/or (then or at any time thereafter) applied in full or in part by Administrative Agent against, the applicable Secured Obligations (as defined in such Collateral Document) in the following order of priority: (a) To the payment of all costs and expenses of such sale, collection or other realization, including reasonable compensation to Administrative Agent and its agents and counsel, and all other expenses, liabilities and advances made or incurred by Administrative Agent in connection therewith, and all amounts for which Administrative Agent is entitled to indemnification under such Collateral Document and all advances made by Administrative Agent thereunder for the account of the applicable Loan Party, and to the payment of all costs and expenses paid or incurred by Administrative Agent in connection with the exercise of any right or remedy under such Collateral Document, all in accordance with the terms of this Agreement and such Collateral Document; (b) thereafter, to the extent of any excess such proceeds, to the payment of all other such Secured Obligations for the ratable benefit of the holders thereof; and (c) thereafter, to the extent of any excess such proceeds, to the payment to or upon the order of such Loan Party or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

  • Proceeds of Collateral Borrowers shall request in writing and otherwise take all necessary steps to ensure that all payments on Accounts or otherwise relating to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account). If any Borrower or Subsidiary receives cash or Payment Items with respect to any Collateral, it shall hold same in trust for Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account.

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