Following an Event of Default. under the Letter of Credit Agreement (subject to Clause 11 (Remedies upon Default; Application of Collateral)), any proceeds of Collateral when first received by or on behalf of the Debtor shall be deposited by or on behalf of the Debtor in the form so received in the Custodial Account, and until so deposited shall be held in trust for and as the Security Agent’s and Secured Parties’ property and shall not be commingled with the Debtor’s or any other Person’s other funds or properties.
Appears in 2 contracts
Samples: Letter of Credit and Reimbursement Agreement (Arch Capital Group Ltd.), Letter of Credit and Reimbursement Agreement (Arch Capital Group Ltd.)
