Common use of Payments Under the Assigned Agreements Clause in Contracts

Payments Under the Assigned Agreements. (a) Upon the occurrence and during the continuation of a Specified Default at the request of the Administrative Agent, each Grantor agrees to instruct each other party to each Assigned Agreement (or such Assigned Agreements as the Administrative Agent shall specify) to which it is a party that all payments due or to become due under or in connection with such Assigned Agreement will be made directly to the Collateral Account. (b) All moneys received or collected pursuant to subsection (a) above shall be (i) released to the applicable Grantor on the terms set forth in Section 8 so long as no Specified Default shall have occurred and be continuing or (ii) if any Event of Default shall have occurred and be continuing, applied as provided in Section 24(b).