Payments on Collateral. Without limiting the rights of the Agent under any other provision of this Security Agreement, if an Event of Default shall occur and be continuing:
(i) all payments received by the Debtor under or in connection with any of the Collateral shall be held by the Debtor in trust for the Agent, shall be segregated from other funds of the Debtor and shall forthwith upon receipt by the Debtor be turned over to the Agent, in the same form as received by the Debtor (duly indorsed by the Debtor to the Agent, if required to permit collection thereof by the Agent); and
(ii) all such payments received by the Agent (whether from the Debtor or otherwise) may, in the sole discretion of the Agent, be held by the Agent as collateral security for, and/or then or at any time thereafter applied in whole or in part by the Agent to the payment of, the expenses and the Obligations as set forth in Section 5.11 hereof.
Payments on Collateral. 18 Section 5.3
Payments on Collateral. Without limiting the rights of the Lender under any other provision of law or this Agreement, immediately upon and following the occurrence of an Event of Default:
(i) all payments received by the Debtor under or in connection with any of the Collateral shall be held by the Debtor in trust for the Lender, shall be segregated from other funds of the Debtor and shall forthwith upon receipt by the Debtor be turned over to the Lender, in the same form as received by the Debtor (duly indorsed by the Debtor to the Lender, if required to permit collection thereof by the Lender); and
(ii) all such payments received by the Lender (whether from the Debtor or with respect to the Collateral) shall be applied by the Lender to the payment of Obligations and any expenses as set forth in A.7.11 of this Agreement.
Payments on Collateral. Without limiting the rights of the ---------------------- Agent under any other provision of this Agreement, if an Event of Default shall occur and be continuing:
(a) The Agent may, or upon the request of the Agent each Grantor shall, notify Account Debtors obligated to make payments under any or all Receivables or General Intangibles that the Agent and the other Secured Parties have a security interest in such Collateral and that payments shall be made directly to, or to a Cash Collateral Account designated by, the Agent. Each Grantor will use all reasonable efforts to cause each Account Debtor to comply with the foregoing instruction. In furtherance of the foregoing, each Grantor authorizes the Agent (i) to ask for, demand, collect, receive and give acquittances and receipts for any and all amounts due and to become due under any Collateral and, in the name of such Grantor or its own name or otherwise, (ii) to take possession of, endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any Collateral (including by filing a Notice of Assignment, substantially in the form of Exhibit D-2, or any other instrument of document with any Governmental Authority) and (iii) to file any claim or take any other action in any court of law or equity or otherwise which it may deem appropriate for the purpose of collecting any amounts due under any Collateral;
(b) all payments received by any Grantor under or in connection with any of the Collateral shall be held by such Grantor in trust for the Agent, shall be segregated from other funds of such Grantor and shall forthwith upon receipt by such Grantor be turned over to the Agent, in the same form as received by such Grantor (duly indorsed by each Grantor to the Agent, if required to permit collection thereof by the Agent); and
(c) all such payments received by the Agent (whether from a Grantor or otherwise) may, in the sole discretion of the Agent, be held by the Agent as collateral security for, and/or then or at any time thereafter be applied in whole or in part by the Agent to the payment of the expenses and Secured Obligations as set forth in Section 6.11.
Payments on Collateral. Without limiting the rights of the Bank under any other provision of this Agreement, if a Default shall occur and be continuing:
(1) all payments received by the Borrower under or in connection with any of the Collateral shall be held by the Borrower in trust for the Bank, shall be segregated from other funds of the Borrower and shall forthwith upon receipt by the Borrower be turned over to the Bank, in the same form as received by the Borrower (duly indorsed by the Borrower to the Bank, if required to permit collection thereof by the Bank); and
(2) all such payments received by the Bank (whether from the Borrower or otherwise) may, in the sole discretion of the Bank, be held by the Bank as collateral security for, and then or at any time thereafter applied in whole or in part by the Bank to the payment of the expenses and Obligations as set forth in subsection (J), below.
Payments on Collateral. Without limiting the rights of the Seller under any other provision of the Security Agreement, if an Event of Default shall occur and be continuing:
(a) all payments received by the Buyer under or in connection with any of the Collateral shall be held by the Buyer in trust for the Seller, shall be segregated from other funds of the Buyer and shall forthwith upon receipt by the Buyer be turned over to the Seller, in the same form as received by the Buyer (duly indorsed by the Buyer to the Seller, if required to permit collection thereof by the Seller); and
(b) all such payments received by the Seller (whether from the Buyer or otherwise) may, in the sole discretion of the Seller, be held by the Seller as collateral security for, and/or then or at any time thereafter applied in whole or in part by the Seller to the payment of the expenses and Obligations as set forth in Section 5.10.
Payments on Collateral. Without limiting the rights of Lender under any other provision of the Security Agreement, if an Event of Default shall occur and be continuing:
(a) all payments received by Borrower under or in connection with any of the Collateral shall be held by Borrower in trust for Lender, shall be segregated from other funds of Borrower and shall forthwith upon receipt by Borrower be turned over to Lender, in the same form as received by Borrower (duly indorsed by Borrower to Lender, if required to permit collection thereof by Lender); and
(b) all such payments received by Lender (whether from Borrower or otherwise) may, in the sole discretion of Lender, be held by Lender as collateral security for, and/or then or at any time thereafter applied in whole or in part by Lender to the payment of the expenses and Obligations as set forth in Section 5.10.
Payments on Collateral. If it shall receive from any Person any amounts with respect to the Collateral, then, in accordance with this Agreement and the other Transaction Documents, it shall receive such payment in trust for the Agent (as secured party hereunder and under the other Transaction Documents) and from and after the occurrence and continuance of an Event of Default or as otherwise provided in the Transaction Documents, it shall immediately remit such amounts to the Agent.
Payments on Collateral. Without limiting the rights of Lender ---------------------- under any other provision of the Security Agreement, if an Event of Default shall occur and be continuing:
(a) all payments received by Lessee under or in connection with any of the Collateral shall be held by Lessee in trust for Lender, shall be segregated from other funds of Lessee and shall forthwith upon receipt by Lessee be turned over to Lender, in the same form as received by Lessee (duly indorsed by Lessee to Lender, if required to permit collection thereof by Lender); and
(b) all such payments received by Lender (whether from Lessee or otherwise) shall be applied in accordance with the terms and provisions of the Loan Documents.
Payments on Collateral. 37 Section 6.28 Maintenance of Vessels .....................................37 Section 6.29
