Proceeds to be Turned Over To Collateral Trustee. If an Applicable Notice of Event of Default shall be in effect, all Proceeds paid in respect of any Collateral received by any Grantor consisting of cash, checks and other similar items shall be held by such Grantor in trust for the Collateral Trustee, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to the Collateral Trustee in the exact form received by such Grantor (duly indorsed by such Grantor to the Collateral Trustee, if required) subject to the Pari Passu Intercreditor Agreement.
Appears in 3 contracts
Samples: Collateral Agreement (Tenneco Inc), Collateral Agreement (Tenneco Inc), Collateral Agreement (Tenneco Inc)
Proceeds to be Turned Over To Collateral Trustee. If an Applicable Notice of Event of Default shall be in effect, all Proceeds paid in respect of any Collateral received by any Grantor consisting of cash, checks and other similar items shall be held by such Grantor in trust for the Collateral Trustee, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to the Collateral Trustee in the exact form received by such Grantor (duly indorsed by such Grantor to the Collateral Trustee, if required) subject to the Pari Passu Intercreditor AgreementAgreements.
Appears in 2 contracts
Samples: Collateral Agreement (Tenneco Inc), Collateral Agreement (Tenneco Inc)