INCOME FROM AND INTEREST ON COLLATERAL. 7.1 Until the occurrence of an Event of Default (as defined in Section 10.1), the Guarantor reserves the right to receive any money constituting income from or interest on the Collateral and if the Secured Party receives any such money before the occurrence of an Event of Default, the Secured Party shall either credit the amount of such money against the Obligations or pay the amount of such money promptly to the Guarantor. 7.2 Upon the occurrence of an Event of Default, the Guarantor shall not request or receive any money constituting income from or interest on the Collateral and if the Guarantor receives any such money in any event, the Guarantor shall hold that money in trust for the Secured Party and shall pay the amount of that money promptly to the Secured Party.
Appears in 4 contracts
Samples: General Security Agreement (Liquid Media Group Ltd.), Securities Purchase Agreement (Trident Brands Inc), Purchase Agreement (Trident Brands Inc)
INCOME FROM AND INTEREST ON COLLATERAL. 7.1 Until the occurrence of an Event of Default (as defined in Section 10.1)Default, the Guarantor reserves the right to receive any money constituting income from or interest on the Collateral and if the Secured Party receives any such money before the occurrence of an Event of Default, the Secured Party shall either credit the amount of such that money against the Obligations or pay the amount of such money it promptly to the Guarantor.
7.2 Upon After the occurrence of an Event of Default, the Guarantor shall not request or receive any money constituting income from or interest on the Collateral and if the Guarantor receives any such money in any event, the Guarantor shall hold that money in trust for the Secured Party and shall pay the amount of that money it promptly to the Secured Party.
Appears in 1 contract
Samples: General Security Agreement (Lithium Exploration Group, Inc.)
