Proceeds to be Turned Over To the Lender. When a Default or an Event of Default has occurred and is continuing all Proceeds (as defined in the Code) received by the Borrower consisting of cash, checks and other near-cash items shall be held by the Borrower in trust for the Lender, segregated from other funds of the Borrower, and shall, forthwith upon receipt by the Borrower, be turned over to the Lender in the exact form received by the Borrower (duly indorsed by the Borrower to the Lender, if required) and held by the Lender in the Collateral Account. All Proceeds while held by the Lender in the Collateral Account (or by the Borrower in trust for the Lender) shall continue to be held as collateral security for all the Secured Obligations and shall not constitute payment thereof until applied as provided in subsection 4.3(b).
Appears in 4 contracts
Samples: Credit and Security Agreement (Crescent Operating Inc), Credit and Security Agreement (Crescent Operating Inc), Credit and Security Agreement (Crescent Operating Inc)
Proceeds to be Turned Over To the Lender. When a Default or an Event of Default has occurred and is continuing all Proceeds (as defined in the Code) received by the Borrower consisting of cash, checks and other near-cash items shall be held by the Borrower in trust for the Lender, segregated from other funds of the Borrower, and shall, forthwith upon receipt by the Borrower, be turned over to the Lender in the exact form received by the Borrower (duly indorsed by the Borrower to the Lender, if required) and held by the Lender in the Collateral Account. All Proceeds while held by the Lender in the Collateral Account (or by the Borrower in trust for the Lender) shall continue to be held as collateral security for all the Secured Obligations and shall not constitute payment thereof until applied as provided in subsection 4.3(b).Secured
Appears in 3 contracts
Samples: Credit and Security Agreement (Crescent Operating Inc), Credit and Security Agreement (Crescent Operating Inc), Credit and Security Agreement (Crescent Operating Inc)
Proceeds to be Turned Over To the Lender. When a Default or an Event of Default has occurred and is continuing all Proceeds (as defined in the Code) of the Collateral received by the Borrower consisting of cash, checks and other near-cash items shall be held by the Borrower in trust for the Lender, segregated from other funds of the Borrower, and shall, forthwith upon receipt by the Borrower, be turned over to the Lender in the exact form received by the Borrower (duly indorsed by the Borrower to the Lender, if required) and held by the Lender in the Collateral Account. All Proceeds while held by the Lender in the Collateral Account (or by the Borrower in trust for the Lender) shall continue to be held as collateral security for all the Secured Obligations and shall not constitute payment thereof until applied as provided in subsection 4.3(b).
Appears in 1 contract
Samples: Credit and Security Agreement (Crescent Operating Inc)
Proceeds to be Turned Over To the Lender. When a Default or an Event of Default has occurred and is continuing all Proceeds (as defined in the Code) received by the Borrower consisting of cash, checks and other near-cash items shall be held by the Borrower in trust for the Lender, segregated from other funds of the Borrower, and shall, forthwith upon receipt by the Borrower, be turned over to the Lender in the exact form received by the Borrower (duly indorsed endorsed by the Borrower to the Lender, if required) and held by the Lender in the Collateral Account. All Proceeds while held by the Lender in the Collateral Account (or by the Borrower in trust for the Lender) shall continue to be held as collateral security for all the Secured Obligations and shall not constitute payment thereof until applied as provided in subsection 4.3(b).
Appears in 1 contract
Samples: Credit and Security Agreement (Crescent Operating Inc)
Proceeds to be Turned Over To the Lender. When a Default or an Event of Default has occurred and is continuing all Proceeds (as defined in the Code) received by the Borrower consisting of cash, checks and other near-cash items shall be held by the Borrower in trust for the Lender, segregated from other funds of the Borrower, and shall, forthwith upon receipt by the Borrower, be turned over to the Lender in the exact form received by the Borrower (duly indorsed endorsed by the Borrower to the Lender, if required) and held by the Lender in the Collateral Account. All Proceeds while held by the Lender in the Collateral Account (or by the Borrower in trust for the Lender) shall continue to be held as collateral security for all the Secured Obligations and shall not constitute payment thereof until applied as provided in subsection 4.3(b).
Appears in 1 contract
Samples: Credit and Security Agreement (Crescent Operating Inc)
Proceeds to be Turned Over To the Lender. When In addition to the rights of the Lender specified in subsection 7.3 with respect to payments of Receivables, when a Default or an Event of Default has occurred and is continuing all Proceeds (as defined in the Code) received by the Borrower consisting of cash, checks and other near-cash items shall be held by the Borrower in trust for the Lender, segregated from other funds of the Borrower, and shall, forthwith upon receipt by the Borrower, be turned over to the Lender in the exact form received by the Borrower (duly indorsed by the Borrower to the Lender, if required) and held by the Lender in the Collateral Account. All Proceeds while held by the Lender in the Collateral Account (or by the Borrower in trust for the Lender) shall continue to be held as collateral security for all the Secured Obligations and shall not constitute payment thereof until applied as provided in subsection 4.3(b)10.3.
Appears in 1 contract
