Proceeds to be Turned Over To Lender. All Proceeds received by Lender hereunder during the continuance of an Event of Default shall be held by Lender in a Cash Collateral Account. All Proceeds while held by Lender in a Cash Collateral Account (or by the Grantor in trust for Lender) shall continue to be held as collateral security for the Secured Obligations and shall not constitute payment thereof until applied to the payment of the Secured Obligations.
Appears in 2 contracts
Samples: Security Agreement (Franklin Credit Management Corp/De/), Security Agreement (Franklin Credit Management Corp/De/)
Proceeds to be Turned Over To Lender. All Proceeds received by Lender hereunder during the continuance of an Event of Default shall be held by Lender in a Cash Collateral Account. All Proceeds while held by Lender in a Cash Collateral Account (or by the Grantor such Loan Party in trust for Lender) shall continue to be held as collateral security for the Secured Obligations and shall not constitute payment thereof until applied to the payment of the Secured Obligations.
Appears in 1 contract
Samples: Security Agreement (Franklin Credit Management Corp/De/)
Proceeds to be Turned Over To Lender. All Proceeds received by Lender hereunder during the continuance of an Event of a Forbearance Default shall be held by Lender in a Cash Collateral Account. All Proceeds while held by Lender in a Cash Collateral Account (or by the Grantor such Loan Party in trust for Lender) shall continue to be held as collateral security for the Secured Obligations and shall not constitute payment thereof until applied to the payment of the Secured Obligations.
Appears in 1 contract
Samples: Security Agreement (Franklin Credit Management Corp/De/)
