Common use of Payments on Collateral Clause in Contracts

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. Without limiting the rights of the Agent Provider 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 Client under or in connection with any of the Collateral shall be held by the Debtor Client in trust for the AgentProvider, shall be segregated from other funds of the Debtor Client and shall forthwith upon receipt by the Debtor Client be turned over to the AgentProvider, in the same form as received by the Debtor Client (duly indorsed by the Debtor Client to the AgentProvider, if required to permit collection thereof by the AgentProvider); and (ii) all such payments received by the Agent Provider (whether from the Debtor Client or otherwise) may, in the sole discretion of the AgentProvider, be held by the Agent Provider as collateral security for, and/or then or at any time thereafter applied in whole or in part by the Agent Provider to the payment of, of the expenses and the Obligations as set forth in Section 5.11 hereof5.10.