Income on Collateral Sample Clauses

Income on Collateral. Unless an Event of Default or failure by Pledgor to meet any of its obligations under Article IV or V has occurred and is continuing, Pledgor shall be entitled to receive for its own account all dividends, interest and, if any, principal and premium relating to all of the Collateral, unless the payment of such amounts to Pledgor would reduce the aggregate Pledge Value of the Collateral below the Pledge Value Requirement. The Collateral Agent agrees to remit to Pledgor on the Business Day received or the first Business Day thereafter all such payments received by it. If an Event of Default or failure by Pledgor to meet any of its obligations under Article IV or V has occurred and is continuing, all such payments made or accrued after and during the continuance of such default or failure shall be retained by the Collateral Agent, and any such payments which are received by Pledgor shall be received in trust for the benefit of Purchaser, shall be segregated from other funds of Pledgor and shall forthwith be paid over to the Collateral Agent. Any such payments so retained by, or paid over to, the Collateral Agent shall be held by the Collateral Agent as Collateral hereunder.
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Income on Collateral. All dividends, interest, principal and premium (if any), whether in the form of cash or other property relating to any of the Collateral shall be pledged, assigned and otherwise subject to the security interest hereunder as provided for in Article II and delivered as provided in Section 5.4 by Pledgor and shall be held as Collateral hereunder, unless and until released in accordance with Article V hereof.
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Income on Collateral. So long as no Event of Default exists, each Debtor may invoice and receive payment of any and all income or other revenue from the Collateral. Upon the occurrence of an Event of Default, each Debtor shall take such action as Secured Party may, subject to the rights of the holder of the Existing Senior Indebtedness (the “Senior Lender”) pursuant to any subordination or similar agreement then in effect between the Senior Lender and Secured Party (the “Subordination Agreement”), request so that all such income and revenue is paid directly to Secured Party and if such Debtor receives any such income or revenue, it shall hold the same in trust for Secured Party and shall, subject to the rights of the Senior Lender pursuant to the Subordination Agreement, promptly pay such income and revenue to Secured Party or as Secured Party may request.
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Income on Collateral. Notwithstanding the foregoing, unless and until Secured Party delivers Written Instructions to the contrary, in the event the Securities Intermediary receives any payment of interest, it shall (i) promptly forward any such amount received to the Pledgor according to the Pledgor's instructions and (ii) notify the Secured Party of such payment. The Secured Party may unilaterally alter the terms of this section 3(b) and retain all such interest payments by delivering Written Instructions to the Securities Intermediary at any time.
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Income on Collateral. If Borrower receives any income, rents, interest, profits, payments, or distributions on account of the Collateral, the same shall be held by Borrower in trust for Lender in the same medium in which received, shall not be commingled with any assets of Borrower, and shall be delivered to Lender in the form received, properly endorsed to permit collection, not later than the next Banking Day following the day of its receipt.
Sample 1

Related to Income on Collateral

  • Security Interests in Collateral To secure their Obligations under this Agreement and the other Loan Documents, the Loan Parties shall grant to the Collateral Agent, for its benefit and the ratable benefit of the other Secured Parties, a first-priority security interest in all of the Collateral pursuant to the Security Documents.

  • Impairment of Collateral Not use any material portion of the Collateral, or permit the same to be used, for any unlawful purpose, in any manner that is reasonably likely to materially adversely impair the value or usefulness of the Collateral, or in any manner inconsistent with the provisions or requirements of any policy of insurance thereon nor affix or install any accessories, equipment, or device on the Collateral or on any component thereof if such addition will materially impair the original intended function or use of the Collateral or such component.

  • Non-Reliance on Collateral Agent The Collateral Agent shall not be required to keep itself informed as to the performance or observance by the Purchase Contract Agent or any Holder of Securities of this Agreement, the Purchase Contract Agreement, the Securities or any other document referred to or provided for herein or therein or to inspect the properties or books of the Purchase Contract Agent or any Holder of Securities. The Collateral Agent shall not have any duty or responsibility to provide the Company with any credit or other information concerning the affairs, financial condition or business of the Purchase Contract Agent or any Holder of Securities (or any of their affiliates) that may come into the possession of the Collateral Agent or any of its affiliates.

  • Security Interest in Collateral The provisions of this Agreement and the other Loan Documents create legal and valid Liens on all of the Collateral in favor of the Administrative Agent, for the benefit of the Secured Parties, and such Liens constitute perfected and continuing Liens on the Collateral, securing the Secured Obligations, enforceable against the applicable Loan Party and all third parties, and having priority over all other Liens on the Collateral except in the case of (a) Permitted Encumbrances, to the extent any such Permitted Encumbrances would have priority over the Liens in favor of the Administrative Agent pursuant to any applicable law or agreement and (b) Liens perfected only by possession (including possession of any certificate of title) to the extent the Administrative Agent has not obtained or does not maintain possession of such Collateral.

  • Limitation on Liens on Collateral No Grantor will create, permit or suffer to exist, and each Grantor will defend the Collateral against, and take such other action as is necessary to remove, any Lien on the Collateral except Permitted Encumbrances, and will defend the right, title and interest of Agent and Lenders in and to any of such Grantor's rights under the Collateral against the claims and demands of all Persons whomsoever.

  • Release of Liens on Collateral (a) The Collateral Trustee’s Liens upon the Collateral will be automatically released:

  • Release of Lien on Collateral At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan has been the subject of a Discretionary Sale pursuant to Section 2.14, has been sold to the Seller as required under the Sale Agreement or has been sold pursuant to Section 6.5 or (iii) this Agreement terminates in accordance with Section 12.6, the Administrative Agent, as agent for the Secured Parties will, to the extent requested by the Collateral Manager, release its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral Manager, execute and deliver to the Collateral Manager any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral Manager’s obligations hereunder with respect to the Proceeds of any such sale.

  • Rights in Collateral; Priority of Liens Borrower and each other Loan Party own the property granted by it as Collateral under the Collateral Documents, free and clear of any and all Liens in favor of third parties. Upon the proper filing of UCC financing statements, and the taking of the other actions required by Lender, the Liens granted pursuant to the Collateral Documents will constitute valid and enforceable first, prior and perfected (to the extent that Liens on the Collateral can be perfected by the filing of UCC financing statements) Liens on the Collateral in favor of Lender.

  • Grant of General Security Interest in Collateral 3.1 As security for the Obligations of Debtor, Debtor hereby grants the Collateral Agent, for the benefit of the Lenders, a security interest in the Collateral.

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