Status of Moneys Received. (a) All moneys received by the Collateral Agent shall, together with any interest thereon, until used or applied as herein provided, be held in trust for the purposes for which they were received, but (except as herein otherwise provided with respect to the funds referred to in paragraph (b) of this Section) need not be segregated in any manner from any other moneys, except to the extent required by law, and may be deposited by the Collateral Agent under such general conditions as may be prescribed by law in the Collateral Agent’s general banking department, and the Collateral Agent shall be under no liability for interest (other than any interest accrued pursuant to clause (b) of this §8.5) on any moneys received by it hereunder.
Appears in 4 contracts
Samples: Security Agreement (World Acceptance Corp), Subordinated Security Agreement (World Acceptance Corp), Security Agreement (World Acceptance Corp)
Status of Moneys Received. (a) All moneys received by the Collateral Agent shall, together with any interest thereon, until used or applied as herein provided, be held in trust for the purposes for which they were received, but (except as herein otherwise provided with respect to the funds referred to in paragraph (b) of this Section) need not be segregated in any manner from any other moneys, except to the extent required by law, and may be deposited by the Collateral Agent under such general conditions as may be prescribed by law in the Collateral Agent’s general banking department, and the Collateral Agent shall be under no liability for interest (other than any interest accrued pursuant to clause (b) of this §Section 8.5) on any moneys received by it hereunder.
Appears in 2 contracts
Samples: Security Agreement, Pledge and Indenture of Trust (World Acceptance Corp), Security Agreement, Pledge and Indenture of Trust (World Acceptance Corp)
