Common use of EARNINGS OF THE COLLATERAL Clause in Contracts

EARNINGS OF THE COLLATERAL. Any and all replacement or renewal certificates, Investment properties, instruments or other benefits in proceeds related to the Collateral that are received by Borrower, they shall be held by Borrower in trust for the Bank and immediately shall be delivered by Borrower to the Bank to be held as part of the Collateral. With respect to chattel paper and accounts, borrower agrees upon the request of the Bank (a) to direct each account debtor or lessee to make payments directly to the Bank and (b) to execute all notices, lockbox agreements and similar documents requested by the Bank to affect such payment. Whether or not an Event of Default has occurred, Borrower authorizes the Bank: (i) to receive any increase in or profits on the collateral (including, without limitation, any stock issued as a result of any stock split or dividend, any capital distribution and the like), and to hold the same as part of the Collateral; and (ii) to receive any payment or distribution on the collateral upon redemption by, or dissolution and liquidation of, the issuer, to surrender such collateral or any part thereof in exchange thereof; and to hold the net cash receipts from any such payment or distribution as part of the collateral. If Borrower receives any such increase, profits, payments or distributions, Borrower will receive and deliver same promptly to the Bank on the same terms and conditions set forth above respecting cash income or interest after and Event of Default, to be held by the Bank as part of the Collateral.