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Common use of Proceeds to be Turned Over To Agent Clause in Contracts

Proceeds to be Turned Over To Agent. If an Event of Default shall occur and be continuing, at the written request of the Agent, all proceeds of Collateral received by any Obligor consisting of cash, Cash Equivalents and checks shall be held in trust by such Obligor for the Secured Parties, and shall, forthwith upon receipt by such Obligor, be turned over to the Agent in the exact form received by such Obligor (duly endorsed by such Obligor to the Agent, if reasonably required). All such proceeds of Collateral received by the Agent under this Section 7.10.3 shall be held by the Agent in a Dominion Account maintained under its control (as defined in and subject to Section 9-104 of the New York UCC). All such Proceeds while held by the Agent in a Dominion Account (or by such Obligor for the Secured Parties) shall continue to be held as collateral security for all the Obligations and shall not constitute payment thereof until applied as provided in the Loan Documents.

Appears in 2 contracts

Samples: Loan, Security and Guarantee Agreement (National CineMedia, Inc.), Loan, Security and Guarantee Agreement (Applied Optoelectronics, Inc.)

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Proceeds to be Turned Over To Agent. If an Event of Default shall occur and be continuing, at the written request of the Agent, all proceeds of Collateral Proceeds received by any Obligor the Pledgor consisting of cash, Cash Equivalents cash equivalents, checks and checks other near-cash items shall be held by the Pledgor in trust by such Obligor for the Secured Parties, segregated from other funds of the Pledgor, and shall, forthwith upon receipt request by such Obligorthe Administrative Agent, be turned over to the Administrative Agent in the exact form received by such Obligor the Pledgor (duly endorsed by such Obligor the Pledgor to the Administrative Agent, if reasonably required). All such proceeds of Collateral Proceeds received by the Administrative Agent under this Section 7.10.3 hereunder shall be held by the Administrative Agent in a Dominion Collateral Account maintained under its control (as defined in sole dominion and subject to Section 9-104 of the New York UCC)control. All such Proceeds while held by the Administrative Agent in a Dominion Collateral Account (or by such Obligor the Pledgor in trust for the Secured Parties) shall continue to be held as collateral security for all the Secured Obligations and shall not constitute payment thereof until applied as provided in the Loan DocumentsSection 5.2.

Appears in 1 contract

Samples: Pledge Agreement (Peabody Energy Corp)

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Proceeds to be Turned Over To Agent. If an Event of Default shall occur and be continuing, at the written request of the Agent, all proceeds of Collateral Proceeds received by any Obligor the Pledgor constituting Cash Account Collateral hereunder and consisting of cash, Cash Equivalents checks and checks other near-cash items shall be held by the Pledgor in trust by such Obligor for the Secured PartiesAgent and the Lenders, segregated from other funds of the Pledgor, and shall, forthwith upon receipt by such Obligorthe Pledgor, be turned over to the Agent in the exact form received by such Obligor the Pledgor (duly endorsed indorsed by such Obligor the Pledgor to the Agent, if reasonably required). All such proceeds of Collateral Proceeds received by the Agent under this Section 7.10.3 hereunder shall be held by the Agent in a Dominion Account collateral account maintained under its control (as defined in sole dominion and subject to Section 9-104 of the New York UCC)control. All such Proceeds while held by the Agent in a Dominion Account collateral account (or by such Obligor the Pledgor in trust for the Secured PartiesAgent and the Lenders) shall continue to be held as collateral security for all the Pledgor Obligations and shall not constitute payment thereof until applied as provided in the Loan DocumentsSection 6.3.

Appears in 1 contract

Samples: Guarantee and Pledge Agreement (155 East Tropicana, LLC)

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