Common use of Receipt of Payment Clause in Contracts

Receipt of Payment. In the event an Event of Default shall occur and be continuing and a Grantor (or any of its Affiliates, Subsidiaries, stockholders, directors, officers, employees or agents) shall receive any proceeds of Collateral, including without limitation monies, checks, notes, drafts or any other items of payment, each Grantor shall hold all such items of payment in trust for the Agent for the benefit of the Lenders, and as the property of the Agent for the benefit of the Lenders, separate from the funds and other property of such Grantor, and no later than the first Business Day following the receipt thereof, at the election of the Agent, such Grantor shall cause such Collateral to be forwarded to the Agent for its custody, possession and disposition on behalf of the Lenders in accordance with the terms hereof and of the other Loan Documents.

Receipt of Payment. In the event an Event of Default shall occur and be continuing and a Grantor (or any of its Affiliatesaffiliates, Subsidiariessubsidiaries, stockholders, directors, officers, employees or agents) shall receive any proceeds of Collateral, including without limitation monies, checks, notes, drafts or any other items of payment, each Grantor shall hold all such items of payment in trust for the Agent Agent, for the benefit of the Lenders, and as the property of the Agent Agent, for the benefit of the Lenders, separate from the funds and other property of such Grantor, and no later than the first Business Day following the receipt thereof, at the election of the Agent, such Grantor shall cause such Collateral the same to be forwarded to the Agent for its custody, custody and possession and disposition on behalf of the Lenders in accordance with the terms hereof and of the other Loan Documentsas additional Collateral.

Receipt of Payment. In the event an Event of Default shall occur and be continuing and a Grantor (or any of its Affiliatesaffiliates, Subsidiariessubsidiaries, stockholders, directors, officers, employees or agents) shall receive any proceeds of Collateral, including without limitation monies, checks, notes, drafts or any other items of payment, each Grantor shall hold all such items of payment in trust for the Agent Agent, for the benefit of the LendersSecured Parties, and as the property of the Agent Agent, for the benefit of the LendersSecured Parties, separate from the funds and other property of such Grantor, and no later than the first Business Day following the receipt thereof, at the election of the Agent, such Grantor shall cause such Collateral the same to be forwarded to the Agent for its custody, custody and possession and disposition on behalf of the Lenders in accordance with the terms hereof and of the other Loan Documentsas additional Collateral.

Receipt of Payment. In the event an Event of Default shall occur and ------------------ be continuing and a Grantor (or any of its Affiliatesaffiliates, Subsidiariessubsidiaries, stockholders, directors, officers, employees or agents) shall receive any proceeds of Collateral, including without limitation monies, checks, notes, drafts or any other items of payment, each Grantor shall hold all such items of payment in trust for the Agent Agent, for the benefit of the LendersSecured Parties, and as the property of the Agent Agent, for the benefit of the LendersSecured Parties, separate from the funds and other property of such Grantor, and no later than the first Business Day following the receipt thereof, at the election of the Agent, such Grantor shall cause such Collateral the same to be forwarded to the Agent for its custody, custody and possession and disposition on behalf of the Lenders in accordance with the terms hereof and of the other Loan Documentsas additional Collateral.

Receipt of Payment. In the event an Event of Default shall occur and be continuing and a Grantor (or any of its Affiliates, Subsidiariessubsidiaries, stockholders, directors, officers, employees or agents) shall receive any proceeds of Collateral, including without limitation monies, checks, notes, drafts or any other items of payment, each Grantor shall hold all such items of payment in trust for the Agent Lender for the benefit of the Lenders, and Secured Parties as the property of the Agent Lender for the benefit of the LendersSecured Parties, separate from the funds and other property of such Grantor, and no later than the first Business Day following the receipt thereof, at the election of the AgentLender, such Grantor shall cause such Collateral to be forwarded to the Agent Lender for its custody, possession and disposition on behalf of the Lenders in accordance with the terms hereof and of the other Loan Documents.

Receipt of Payment. In the event an Event of Default shall occur and be continuing and a Grantor (or any of its Affiliates, Subsidiaries, stockholders, directors, officers, employees or agents) shall receive any proceeds of Collateral, including without limitation monies, checks, notes, drafts or any other items of payment, each Grantor shall hold all such items of payment in trust for the Agent for the benefit of the LendersBanks, and as the property of the Agent for the benefit of the LendersBanks, separate from the funds and other property of such Grantor, and no later than the first Business Day following the receipt thereof, at the election of the Agent, such Grantor shall cause such Collateral to be forwarded to the Agent for its custody, possession and disposition on behalf of the Lenders Banks in accordance with the terms hereof and of the other Loan Documents.

Receipt of Payment. In the event an Event of Default shall occur and be continuing and a Grantor (or any of its Affiliatesaffiliates, Subsidiariessubsidiaries, stockholders, directors, officers, employees or agents) shall receive any proceeds of Collateral, including without limitation monies, checks, notes, drafts or any other items of payment, each Grantor shall hold all such items of payment in trust for the Agent for the benefit of the LendersSecured Parties, and as the property of the Agent for the benefit of the LendersSecured Parties, separate from the funds and other property of such Grantor, and no later than the first Business Day following the receipt thereof, at the election of the Agent, such Grantor shall cause such Collateral to be forwarded to the Agent for its custody, possession and disposition on behalf of the Lenders Secured Parties in accordance with the terms hereof and of the other Loan Documents.

Receipt of Payment. In the event an Event of Default shall occur and be continuing and a Grantor (or any of its Affiliatesaffiliates, Subsidiariessubsidiaries, stockholders, directors, officers, employees or agents) shall receive any proceeds of Collateral, including without limitation monies, checks, notes, drafts or any other items of payment, each the Grantor shall hold all such items of payment in trust for the Agent Agent, for the benefit of the LendersSecured Parties, and as the property of the Agent Agent, for the benefit of the LendersSecured Parties, separate from the funds and other property of such the Grantor, and no later than the first Business Day following the receipt thereof, at the election of the Agent, such the Grantor shall cause such Collateral the same to be forwarded to the Agent for its custody, custody and possession and disposition on behalf of the Lenders in accordance with the terms hereof and of the other Loan Documentsas additional Collateral.

Receipt of Payment. In the event an Event of Default shall occur and be continuing and a Grantor (or any of its Affiliates, Subsidiaries, stockholders, directors, officers, employees or agents) shall receive any proceeds of Collateral, including without limitation monies, checks, notes, drafts or any other items of payment, each Grantor shall hold all such items of payment in trust for the Agent for the benefit of the LendersBanks, and as the property of the Agent for the benefit of the LendersBanks, separate from the funds and other property of such Grantor, and no later than the first Business Day following the receipt thereof, at the election of the Agent, such Grantor shall cause such Collateral to be forwarded to the Agent for its custody, possession and disposition on behalf of the Lenders Banks in accordance with the terms hereof and of the other Loan Documents.

Receipt of Payment. In the event an Event of Default shall occur and be continuing and a Grantor (or any of its Affiliates, Subsidiaries, stockholders, directors, officers, employees or agents) shall receive any proceeds of Collateral, including without limitation monies, checks, notes, drafts or any other items of payment, each Grantor shall hold all such items of payment in trust for the Agent for the benefit of the LendersBanks, and as the property of the Agent for the benefit of the LendersBanks, separate from the funds and other property of such Grantor, and no later than the first Business Day following the receipt thereof, at the election of the Agent, such Grantor shall cause such Collateral to be forwarded to the Agent for its custody, possession and disposition on behalf of the Lenders Banks in accordance with the terms hereof and of the other Loan Documents.