Common use of Duty To Hold In Trust Clause in Contracts

Duty To Hold In Trust. (a) Upon the occurrence of any Event of Default and at any time thereafter, each Debtor shall, upon receipt of any revenue, income, dividend, interest or other sums subject to the Security Interests, whether payable pursuant to the Transaction Documents (as defined in the Purchase Agreement) or otherwise, or of any check, draft, note, trade acceptance or other instrument evidencing an obligation to pay any such sum, hold the same in trust for the Secured Parties and shall forthwith endorse and transfer any such sums or instruments, or both, to the Agent, pro-rata in proportion to their respective then-currently issued and outstanding Principal Amount for application to the satisfaction of the Obligations.

Duty To Hold In Trust. (a) Upon the occurrence and during the continuation of any Event of Default Default, and at any time thereafterupon receipt of written notice from the Agent, each Debtor shall, upon receipt of any revenue, income, dividend, interest or other sums subject to the Security Interests, whether payable pursuant to the Transaction Documents (as defined in the Purchase Agreement) Notes or otherwise, or of any check, draft, note, trade acceptance or other instrument evidencing an obligation to pay any such sum, hold the same in trust for the Agent for the benefit of the Secured Parties and shall forthwith promptly endorse and transfer any such sums or instruments, or both, to the Agent, Agent for the benefit of the Secured Parties pro-rata in proportion to their respective then-currently issued and outstanding Principal Amount principal amount of Notes for application to the satisfaction of the ObligationsObligations (and if any Note is not outstanding, pro-rata in proportion to the initial purchases of the remaining Notes).

Duty To Hold In Trust. (a) Upon the occurrence and continuance of any Event of Default and at any time thereafterthat is not waived by the Holder or cured by the Company, each Debtor shall, upon receipt of any revenue, income, dividend, interest or other sums subject to the Security Interests, whether payable pursuant to the Transaction Documents (as defined in the Purchase Agreement) Debentures or otherwise, or of any check, draft, note, trade acceptance or other instrument evidencing an obligation to pay any such sum, hold the same in trust for the Secured Parties and shall forthwith endorse and transfer any such sums or instruments, or both, to the Agent, pro-who in turn shall remit the same to the Secured Parties, pro rata in proportion to their respective then-currently issued and outstanding Principal Amount principal amount of the remaining Debentures, for application to the satisfaction of the ObligationsObligations (and if any Debentures are not outstanding, pro rata in proportion to the initial purchases of the remaining Debentures).

Duty To Hold In Trust. (a) Upon the occurrence and during the continuance of any Event of Default and at any time thereafterupon receipt of Agent’s written demand for the following, each Debtor shall, shall upon receipt of any revenue, income, dividend, interest or other sums subject to the Security Interests, whether payable pursuant to the Transaction Documents (as defined in the Purchase Agreement) Notes or otherwise, or of any check, draft, note, trade acceptance or other instrument evidencing an obligation to pay any such sum, hold the same in trust for the Secured Parties and shall forthwith endorse and transfer any such sums or instruments, or both, to the Agent, pro-rata in proportion to their respective then-currently issued and outstanding Principal Amount principal amount of Notes for application to the satisfaction of the Obligations.

Duty To Hold In Trust. (a) Upon the occurrence and during the continuation of any Event of Default Default, and at any time thereafterupon receipt of written notice from the Agent, each Debtor shall, upon receipt of any revenue, income, dividend, interest or other sums subject to the Security Interests, whether payable pursuant to the Transaction Documents (as defined in the Purchase Agreement) Debentures or otherwise, or of any check, draft, note, trade acceptance or other instrument evidencing an obligation to pay any such sum, hold the same in trust for the Agent for the benefit of the Secured Parties and shall forthwith promptly endorse and transfer any such sums or instruments, or both, to the Agent, Agent for the benefit of the Secured Parties pro-rata in proportion to their respective then-currently issued and outstanding Principal Amount principal amount of Debentures for application to the satisfaction of the ObligationsObligations (and if any Debenture is not outstanding, pro-rata in proportion to the initial purchases of the remaining Debentures).

Duty To Hold In Trust. (a) Upon the occurrence of any Event of Default and at any time thereafter, each Debtor shall, upon receipt of any revenue, income, dividend, interest or other sums subject to the Security Interests, whether payable pursuant to the Transaction Documents (as defined in the Purchase Agreement) or otherwise, or of any check, draft, note, trade acceptance or other instrument evidencing an obligation to pay any such sum, hold the same in trust for the Secured Parties and shall forthwith endorse and transfer any such sums or instruments, or both, to the Agent, pro-rata in proportion to their respective then-currently issued and outstanding Principal Amount Shares for application to the satisfaction of the ObligationsObligations (and if any Shares are not outstanding, pro-rata in proportion to the shares of the Company’s common stock underlying the Notes and Warrants).

Duty To Hold In Trust. (a) Upon the occurrence of any Event of Default and at any time thereafterthereafter that such Event of Default remains continuing, each Debtor shall, upon receipt of any revenue, income, dividend, interest or other sums subject to the Security Interests, whether payable pursuant to the Transaction Documents (as defined in the Purchase Agreement) Debt Securities or otherwise, or of any check, draft, note, trade acceptance or other instrument evidencing an obligation to pay any such sum, hold the same in trust for the Secured Parties Purchasers and shall forthwith endorse and transfer any such sums or instruments, or both, to the Agent, pro-rata in proportion to their respective then-currently issued and outstanding Principal Amount for the ratable benefit of the Purchasers, for application to the satisfaction of the ObligationsObligations (and if any Debt Securities are not outstanding, pro-rata in proportion to the initial purchases of the remaining Debt Securities).

Duty To Hold In Trust. (a) Upon the occurrence and during the continuance of any Event of Default and at any time thereafterunless such Event of Default has been waived by the Agent, each Debtor shall, shall upon receipt of any revenue, income, dividend, interest or other sums subject to the Security Interests, whether payable pursuant to the Transaction Documents (as defined in the Purchase Agreement) Notes or otherwise, or of any check, draft, note, trade acceptance or other instrument evidencing an obligation to pay any such sum, hold the same in trust for the Secured Parties and shall forthwith endorse and transfer any such sums or instruments, or both, to the Agent, pro-rata in proportion to their respective then-currently issued and outstanding Principal Amount principal amount of Notes for application to the satisfaction of the ObligationsObligations (and if any Notes is not outstanding, pro-rata in proportion to the initial purchases of the remaining Notes).

Duty To Hold In Trust. (a) Upon the occurrence of any an Event of Default and at any time thereafterDefault, each Debtor shall, upon receipt of any revenue, income, dividend, interest or other sums subject to the Security InterestsInterest, whether payable pursuant to the Transaction Documents (as defined in the Purchase Agreement) Debenture or otherwise, or of any check, draft, note, trade acceptance or other instrument evidencing an obligation to pay any such sumsum (in each case, to the extent not subject to a Prior Lien), hold the same in trust for the Agent, for the benefit of the Secured Parties Parties, and shall forthwith endorse and transfer any such sums or instruments, or both, to the Agent, pro-rata in proportion to their respective then-currently issued and outstanding Principal Amount for the benefit of the Secured Parties, for application to the satisfaction of the ObligationsObligations as set forth in Section 9 hereof.