INCREASES, PROFITS, PAYMENTS OR DISTRIBUTIONS. 12.1 Whether or not default has occurred, the Debtor authorizes the Secured Party: a) to receive any increase in or profits on the Collateral (other than money) and to hold the same as part of the Collateral. Money so received shall be treated as income for the purposes of clause 12 hereof and dealt with accordingly, and b) to receive any payment or distribution upon redemption or retirement or upon dissolution and liquidation of the issuer of Collateral; to surrender such Collateral in exchange therefor; and to hold any such payment or distribution as part of Collateral. 12.2 If the Debtor receives any such increase or profits (other than money) or payments or distributions, the Debtor will deliver the same promptly to the Secured Party to be held by the Secured Party as herein provided.
Appears in 2 contracts
Samples: Exchange Agreement Series a/B Loan (Voice Mobility International Inc), Exchange Agreement (Voice Mobility International Inc)
INCREASES, PROFITS, PAYMENTS OR DISTRIBUTIONS. 12.1 13.1 Whether or not default has occurred, the Debtor authorizes the Secured Party:
(a) to receive any increase in or profits on the Collateral (other than money) and to hold the same as part of the Collateral. Money so received shall be treated as income for the purposes of clause paragraph 12 hereof of this Agreement and dealt with accordingly, and
(b) to receive any payment or distribution upon redemption or retirement or upon dissolution and liquidation of the issuer of Collateral; to surrender such Collateral in exchange therefor; and to hold any such payment or distribution as part of Collateral.
12.2 13.2 If the Debtor receives any such increase or profits (other than money) or payments or distributions, the Debtor will shall deliver the same promptly to the Secured Party to be held by the Secured Party as herein providedprovided in this Agreement.
Appears in 2 contracts
Samples: Loan Agreement (Niocorp Developments LTD), Security Agreement (Niocorp Developments LTD)
INCREASES, PROFITS, PAYMENTS OR DISTRIBUTIONS. 12.1 Whether or not 13.1 After a default has occurred, the Debtor authorizes the Secured Party:
(a) to receive any increase in or profits on the Collateral (other than money) and to hold the same as part of the Collateral. Money so received shall be treated as income for the purposes of clause paragraph 12 hereof of this Agreement and dealt with accordingly, and
(b) to receive any payment or distribution upon redemption or retirement or upon dissolution and liquidation of the issuer of Collateral; to surrender such Collateral in exchange therefortherefore; and to hold any such payment or distribution as part of Collateral.
12.2 13.2 If the Debtor receives any such increase or profits (other than money) or payments or distributionsdistributions after a default under this Agreement, the Debtor will shall deliver the same promptly to the Secured Party to be held by the Secured Party as herein providedprovided in this Agreement.
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INCREASES, PROFITS, PAYMENTS OR DISTRIBUTIONS. 12.1 Whether or not default has occurred, the Debtor authorizes the Secured Party:
(a) to receive any increase in or profits on the Collateral (other than money) and to hold the same as part of the Collateral. Money so received shall be treated as income for the purposes of clause paragraph 12 hereof of this Agreement and dealt with accordingly, ; and
(b) to receive any payment or distribution upon redemption or retirement or upon dissolution and liquidation of the issuer of Collateral; to surrender such Collateral in exchange therefor; and to hold any such payment or distribution as part of Collateral.
12.2 13.1 If the Debtor receives any such increase or profits (other than money) or payments or distributions, the Debtor will shall deliver the same promptly to the Secured Party to be held by the Secured Party as herein providedprovided in this Agreement.
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INCREASES, PROFITS, PAYMENTS OR DISTRIBUTIONS. 12.1 (a) Whether or not default has occurred, the Debtor authorizes the Secured Party:
a(i) to receive any increase in or profits on the Collateral (other than moneyMoney) and to hold the same as part of the Collateral. Money so received shall be treated as income for the purposes of clause 12 Clause 8 hereof and dealt with accordingly, and;
b(ii) to receive any payment or distribution upon redemption or retirement or upon dissolution and liquidation of the issuer of Collateral; to surrender such Collateral in exchange therefor; therefore and to hold any such payment or distribution as part of Collateral.
12.2 (b) If the Debtor receives any such increase or profits (other than moneyMoney) or payments or distributions, the Debtor will deliver the same promptly to the Secured Party to be held by the Secured Party as herein provided.
Appears in 1 contract
Samples: Security Agreement (Braintech Inc)