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.
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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. 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. (i)Each Grantor hereby irrevocably authorizes Lender to notify each Person obligated with respect to any of the Collateral, whether as account debtor or other obligor on any account, or otherwise (each such Person a “Collateral Obligor”), to make payment directly to Lender and Lender may take control of the proceeds paid to Lender. Upon such notice from Lender, each Collateral Obligor is hereby authorized and directed by Grantor to make payments on any of the Collateral (including, without limitation, dividends and other distributions) directly to Lender, regardless of whether Grantor was previously making collections thereon. Until such notice is given, Grantor is authorized to retain and expend all payments made on Collateral to the extent such payments are permitted by the Loan Documents. Xxxxxx agrees with Grantors that Xxxxxx shall not elect to exercise these rights unless an Event of Default has occurred and is continuing.
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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.
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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.
Sample 1
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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.

  • Release of Liens on Collateral (a) The Collateral Trustee’s Liens upon the Collateral will be automatically released:

  • Limitation on Liens on Collateral No Grantor will create, permit or suffer to exist, and each Grantor will defend the Collateral against, and take such other action as is necessary to remove, any Lien on the Collateral except Permitted Encumbrances, and will defend the right, title and interest of Agent and Lenders in and to any of such Grantor's rights under the Collateral against the claims and demands of all Persons whomsoever.

  • Distributions on Pledged Collateral So long as the Purchase Contract Agent is the registered owner of the Pledged Preferred Securities, it shall receive all payments thereon. If the Pledged Preferred Securities are reregistered, such that the Collateral Agent becomes the registered holder, all payments of the Stated Amount of or, if applicable, the appropriate Applicable Ownership Interest (as specified in clause (A) of the definition of such term) of the Treasury Portfolio, or cash distributions on, the Pledged Preferred Securities or on the appropriate Applicable Ownership Interest (as specified in clause (B) of the definition of such term) of the Treasury Portfolio, as the case may be, and all payments of the principal of, or cash distributions on, any Pledged Treasury Securities received by the Collateral Agent that are properly payable hereunder shall be paid by the Collateral Agent by wire transfer in same day funds:

  • Grant of General Security Interest in Collateral 3.1 As security for the Obligations of Debtor, Debtor hereby grants the Collateral Agent, for the benefit of the Lenders, a security interest in the Collateral.

  • 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.

  • Application of Proceeds from Collateral All proceeds from each sale of, or other realization upon, all or any part of the Collateral by any Secured Party after an Event of Default arises shall be applied as follows:

  • 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.

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