Common use of Delivery of Cash Clause in Contracts

Delivery of Cash. Following the occurrence and during the continuation of an Event of Default, the Company shall promptly deliver all cash, proceeds, cheques, drafts, orders and other instruments for the payment of money received on account of any of the Contracts in the form received (properly endorsed, but without recourse, for collection where required) to the Collateral Agent and shall not commingle any such collections or proceeds with its other funds or property and shall, subject to the terms of the Intercreditor Agreement, hold the same upon an express trust for and on behalf of the Collateral Agent until delivered provided that, to the extent that the Intercreditor Agreement remains operative, the Company shall be relieved of its obligations under this clause 7.5 to the extent that it fulfils its obligations under clause 7.5 (Delivery of Cash) of the Other Vessel 1 Assignment of Contracts.

Delivery of Cash. Following the occurrence and during the continuation of an Event of Default, the Company shall promptly deliver all cash, proceeds, cheques, drafts, orders and other instruments for the payment of money received on account of any of the Contracts in the form received (properly endorsed, but without recourse, for collection where required) to the Collateral Agent and shall not commingle any such collections or proceeds with its other funds or property and shall, subject to the terms of the Intercreditor Agreement, hold the same upon an express trust for and on behalf of the Collateral Agent until delivered provided that, to the extent that the Intercreditor Agreement remains operative, the Company shall be relieved of its obligations under this clause 7.5 to the extent that it fulfils its obligations under clause 7.5 (Delivery of Cash) of the Other Vessel 1 2 Assignment of Contracts.