Common use of Collections on Collateral Clause in Contracts

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.

Collections on Collateral. The (i) Each Grantor shall have hereby irrevocably authorizes Lender to notify each Person obligated with respect to any of the right Collateral, whether as account debtor or other obligor on any account, or otherwise (each such Person a “Collateral Obligor”), to receive 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 proceeds from the 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 in the ordinary course of business so long as the Obligations are being paid to the Secured Party in accordance with extent such payments are permitted by the Program 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. (ii) If any of the Obligations are not paid in accordance with the Program DocumentsCollateral Obligor fails or refuses to make payment on any Collateral when due, 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 deliverLender is authorized, in the its sole discretion, either in its own 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 take such action as Lender shall deem appropriate for the same extent as though collection of any such amounts. Regardless of any other provision hereof, Lender shall never be liable for its failure to collect, or for its failure to exercise diligence in the collection of, any amounts owed with respect to Collateral, nor shall it were manually executed by be under any duty whatever to anyone except Grantor to account for funds that it shall actually receive hereunder. Without limiting the duly authorized representative generality of the Grantorforegoing, regardless of by whom Lender shall have no responsibility for ascertaining any maturities, calls, conversions, exchanges, offers, tenders or under what circumstances similar matters relating to any Collateral, or by what authority such endorsement actually is affixed, without duty of inquiry or responsibility as to such matters, and the for informing 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 of such instrumentmatters (irrespective of whether Xxxxxx actually has, or may be deemed to have, knowledge thereof). (iii) The receipt of Lender to any Collateral Obligor shall be a full and complete release, discharge and acquittance to such Collateral Obligor, to the extent of any amount so paid to Lender.

Collections on Collateral. The (i) Each Grantor shall have hereby irrevocably authorizes Lender to notify each Person obligated with respect to any of the right Collateral as an issuer of Pledged Interests or otherwise (each such Person a “Collateral Obligor”), to receive 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 proceeds from the 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 in the ordinary course of business so long as the Obligations are being paid to the Secured Party in accordance with extent such payments are permitted by the Program 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. (ii) If any of the Obligations are not paid in accordance with the Program DocumentsCollateral Obligor fails or refuses to make payment on any Collateral when due, 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 deliverLender is authorized, in the its sole discretion, either in its own 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 take such action as Lender shall deem appropriate for the same extent as though collection of any such amounts. Regardless of any other provision hereof, Lender shall never be liable for its failure to collect, or for its failure to exercise diligence in the collection of, any amounts owed with respect to Collateral, nor shall it were manually executed by be under any duty whatever to anyone except Grantor to account for funds that it shall actually receive hereunder. Without limiting the duly authorized representative generality of the Grantorforegoing, regardless of by whom Lender shall have no responsibility for ascertaining any maturities, calls, conversions, exchanges, offers, tenders or under what circumstances similar matters relating to any Collateral, or by what authority such endorsement actually is affixed, without duty of inquiry or responsibility as to such matters, and the for informing 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 of such instrumentmatters (irrespective of whether Xxxxxx actually has, or may be deemed to have, knowledge thereof). (iii) The receipt of Lender to any Collateral Obligor shall be a full and complete release, discharge and acquittance to such Collateral Obligor, to the extent of any amount so paid to Lender.

Collections on Collateral. The Grantor Debtor shall have the right to use and ------------------------- to continue to make collections on and receive dividends and other proceeds from of all of the Collateral in the ordinary course of business so long as no Event of Default shall have occurred and be continuing. Upon the Obligations are being paid occurrence and during the continuance of an Event of Default, and subject to the Secured Party in accordance with the Program Documents. If any rights of the Obligations are not paid in accordance with the Program DocumentsImperial Bank, at the option of the Secured Party, the GrantorDebtor's right to make collections on and receive dividends and other proceeds of the Collateral and to use or dispose of such collections and proceeds shall terminate, and any and all dividends proceeds and proceeds collections, including all partial or total prepayments, then held or thereafter received on or on account of the Collateral will be held or received by the Grantor Debtor 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 electsame. Upon such the occurrence and during the continuance of an occurrenceEvent of Default, 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 GrantorDebtor, 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 Debtor hereby authorizes the Secured Party to affix, by facsimile signature or otherwise, the general or special endorsement of the Grantorit, 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 GrantorDebtor, to the same extent as though it were manually executed by the duly authorized representative officer of the GrantorDebtor, regardless of by whom or under what circumstances or by what authority such facsimile signature or other endorsement actually is affixed, without duty of inquiry or responsibility as to such matters, and the Grantor Debtor 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.

Collections on Collateral. The Except as provided to the contrary in Section 7.03 and in the Credit Agreement, each Grantor shall have the right to use and to continue to make collections on and receive dividends and other proceeds from of all of the Collateral in the ordinary course of business so long as no Event of Default shall have occurred and be continuing. Upon the Obligations are being paid to occurrence and during the Secured Party in accordance with the Program Documents. If any continuance of the Obligations are not paid in accordance with the Program Documentsan Event of Default, at the option of the Secured PartyAgent, the such Grantor's right to make collections on and receive dividends and other proceeds of the Collateral and to use or dispose of such collections and proceeds shall terminate, and any and all dividends dividends, proceeds and proceeds collections, including all partial or total prepayments, then held or thereafter received on or on account of the Collateral will be held or received by the such Grantor in trust for the Secured Party and immediately delivered in kind to the Secured Party Agent (duly endorsed to the Secured PartyAgent, if required), to be applied to the Obligations or held as Collateral, as the Secured Party Agent shall elect. Upon such the occurrence and during the continuance of an occurrenceEvent of Default, the Secured Party Agent shall have the right at all times to receive, receipt for, endorse, assign, deposit and deliver, in the name of the Secured Party Agent or the Lenders or in the name of the each 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 each Grantor hereby authorizes the Secured Party Agent to affix, by facsimile signature or otherwise, the general or special endorsement of the such Grantor, in such manner as the Secured Party Agent shall deem advisable, to any such instrument in the event the same has been delivered to or obtained by the Secured Party Agent without appropriate endorsement, and the Secured Party Agent and any collecting bank are hereby authorized to consider such endorsement to be a sufficient, valid and effective endorsement by the such Grantor, to the same extent as though it were manually executed by the duly authorized representative of the such 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 each 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.

Collections on Collateral. The Except as provided to the contrary in the Credit Agreement, each Grantor shall have the right to use and to continue to make collections on and receive dividends and other proceeds from all of the Collateral in the ordinary course of business so long as no Event of Default shall have occurred and be continuing. Upon the Obligations are being paid to occurrence and during the Secured Party in accordance with the Program Documents. If any continuance of the Obligations are not paid in accordance with the Program Documentsan Event of Default, at the option of the Secured PartyAdministrative Agent, the each Grantor's ’s right to make collections on and receive dividends and other proceeds of the Collateral and to use or dispose of such collections and proceeds shall terminate, and any and all dividends dividends, proceeds and proceeds collections, including all partial or total prepayments, then held or thereafter received on or on account of the Collateral will be held or received by the such Grantor in trust for the Secured Party Parties and immediately promptly delivered in kind to the Secured Party Collateral Agent (duly endorsed to the Secured PartyCollateral Agent, if required), to be applied to the Obligations or held as Collateral, as the Secured Party Collateral Agent shall elect. Upon such the occurrence and during the continuance of an occurrenceEvent of Default, the Secured Party Collateral Agent shall at its election have the right at all times to receive, receipt for, endorse, assign, deposit and deliver, in the name of the Secured Party Administrative Agent, the Collateral Agent or the Lenders or in the name of the GrantorGrantors, 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 each Grantor hereby authorizes the Secured Party Collateral Agent to affix, by facsimile signature or otherwise, the general or special endorsement of the such Grantor, in such manner as the Secured Party Collateral Agent shall deem advisable, to any such instrument in the event the same has been delivered to or obtained by the Secured Party Collateral Agent without appropriate endorsement, and the Secured Party Collateral Agent and any collecting bank are hereby authorized to consider such endorsement to be a sufficient, valid and effective endorsement by the such Grantor, to the same extent as though it were manually executed by the duly authorized representative of the such 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 each 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.