Items Held in Trust. All items required to be paid or delivered to the Administrative Agent under this Article 3 shall, until so paid or delivered to the Administrative Agent, be held in trust for the benefit of the Administrative Agent and the Banks, as security for the payment and performance in full of the Obligations.
Items Held in Trust. Upon the occurrence and during the continuance of an Event of Default, Borrower agrees that all monies, checks, notes, instruments, drafts or other payments relating to or constituting proceeds of any accounts receivable or other Collateral of Borrower which comes into the possession or under the control of Borrower or of any employees, agents or other persons acting for or in concert with Borrower, shall be received and held in trust for Bank subject at all times to Bank’s security interest. Upon the occurrence and during the continuance of an Event of Default, at the request by Bank, immediately upon receipt thereof, Borrower and such other persons shall remit the same or cause the same to be remitted, in kind, to Bank. Borrower shall deliver or cause to be delivered to Bank, with the appropriate endorsement and assignment to Bank with full recourse to Borrower, all instruments, notes and chattel paper constituting an account receivable or proceeds thereof or other Collateral. Bank is granted a power of attorney by Borrower with full power of substitution upon the occurrence and during the continuance of an Event of Default to execute on behalf of Borrower and in Borrower’s name to endorse Borrower’s name on any check, draft, instrument, note or other item of payment or to take any other action or sign any document in order to effectuate the foregoing. Such power of attorney being coupled with an interest is irrevocable.
Items Held in Trust. Upon the occurrence of an Event of Default, each Obligor agrees that all monies, checks, notes, instruments, drafts or other payments relating to or constituting proceeds of any accounts receivable or other Collateral which come into the possession or under the control of an Obligor or any employees, agents or other persons acting for or in concert with any Obligor, shall be received and held in trust by the Collateral Agent, for the ratable benefit of the Secured Parties, and such items shall be the sole and exclusive property of the Collateral Agent, for the ratable benefit of the Secured Parties. Upon the occurrence of an Event of Default, at the request by the Required Lenders or Collateral Agent, immediately upon receipt thereof, the Obligors and such other persons shall remit the same or cause the same to be remitted, in kind, to the Collateral Agent, for the ratable benefit of the Secured Parties. Each Obligor shall deliver or cause to be delivered to the Collateral Agent, with appropriate endorsement and assignment to the Collateral Agent, for the ratable benefit of the Secured Parties, with full recourse to the Obligors, all instruments, notes and chattel paper constituting an account receivable or proceeds thereof or other Collateral. The Collateral Agent is granted a power of attorney by the Obligors with full power of substitution upon the occurrence of an Event of Default to execute on behalf of any Obligor and in such Obligor’s name or to endorse Obligor’s name on any check, draft, instrument, note or other item of payment or to take any other action or sign any document in order to effectuate the foregoing. Such power of attorney being coupled with an interest is irrevocable.
Items Held in Trust. All items required to be paid or delivered to the Agent under this Article 3 shall, until so paid or delivered to the Agent, be held in trust for the benefit of the Agent and the Lenders, as security for the payment and performance in full of the Obligations.
