INCOME FROM AND INTEREST ON COLLATERAL. Until default, the Debtor reserves the right to receive any Money constituting income from or interest on Collateral and if the Secured Party receives any such Money prior to default, the Secured Party shall either credit the same against the Indebtedness or pay the same promptly to the Debtor.
Appears in 2 contracts
Samples: Security Agreement (Identica Holdings Corp), Security Agreement (Eroomsystem Technologies Inc)
INCOME FROM AND INTEREST ON COLLATERAL. 11.1 Until default, the Debtor reserves the right to receive any Money money constituting income from or interest on Collateral and if the Secured Party receives any such Money money prior to default, the Secured Party shall either credit the same against the Indebtedness Obligations or pay the same promptly to the Debtor.
11.2 After default, the Debtor will not request or receive any money constituting income from or interest on Collateral and if the Debtor receives any such money in any event, the Debtor will hold such money in trust for the Secured Party and will pay the same promptly to the Secured Party.
Appears in 2 contracts
Samples: Exchange Agreement (Voice Mobility International Inc), Exchange Agreement Series a/B Loan (Voice Mobility International Inc)
INCOME FROM AND INTEREST ON COLLATERAL. 12.1 Until default, the Debtor reserves the right to receive any Money money constituting income from or interest on Collateral and if the Secured Party receives any such Money prior to money before default, the Secured Party shall either credit the same that money against the Indebtedness Obligations or pay the same it promptly to the Debtor.
Appears in 2 contracts
Samples: Loan Agreement (Niocorp Developments LTD), Security Agreement (Niocorp Developments LTD)
INCOME FROM AND INTEREST ON COLLATERAL. (a) Until default, the Debtor reserves the right to receive any Money constituting income from or interest on Collateral and if the Secured Party receives any such Money prior to default, the Secured Party shall either credit the same against the Indebtedness or pay the same promptly to the Debtor.
(b) After default, Debtor will not request or receive any Money constituting income from or interest on Collateral and if Debtor receives any such Money without any request by it, Debtor will pay the same promptly to the Secured Party.
Appears in 1 contract
Samples: Security Agreement (Braintech Inc)
