Segregation of Funds. All payments which are received by Borrower or Guarantor in connection with the Collateral contrary to any provision of this Agreement, the Guarantee or the Basic Documents shall be held by Borrower or Guarantor, as the case may be, in trust for Lender, segregated from all other funds of Borrower or Guarantor, as the case may be, and shall forthwith upon receipt by Borrower or Guarantor, as the case may be, be turned over to Lender in the exact form received by Borrower or Guarantor, respectively (duly endorsed by Borrower or Guarantor to Lender, if required), to be applied to the Obligations and Other RF Obligations.
Appears in 6 contracts
Samples: Credit and Security Agreement (Long Beach Holdings Corp), Credit and Security Agreement (Long Beach Holdings Corp), Credit and Security Agreement (Long Beach Holdings Corp)
Segregation of Funds. All payments which are received by Borrower or Guarantor in connection with the Collateral contrary to any provision of this Agreement, the Guarantee or the Basic Documents shall be held by Borrower or Guarantor, as the case may be, in trust for Lender, segregated from all other funds of Borrower or Guarantor, as the case may be, and shall forthwith upon receipt by Borrower or Guarantor, as the case may be, be turned over to Lender in the exact form received by Borrower or Guarantor, respectively (duly endorsed by Borrower or Guarantor to Lender, if required), to be applied to the Obligations and Other RF Obligationsobligations.
Appears in 1 contract
Samples: Credit and Security Agreement (Long Beach Holdings Corp)
