Monetary Collateral definition
Examples of Monetary Collateral in a sentence
In no event shall any such schedule or confirmatory assignment (or the absence thereof or omission of any Monetary Collateral therefrom) limit or in any way be construed as a waiver, limitation, or modification of the Liens or rights of Lender or the warranties, representations, and covenants of Borrower under this Agreement.
At Lender's request, all invoices and statements sent to any Obligated Party or any bailee, shall state that the relevant Monetary Collateral has been assigned to Lender and that any payments in respect thereof are payable directly and solely to Lender.
Borrower is authorized to collect Monetary Collateral on behalf of and in trust for Lender, in accordance with the terms hereof and at Borrower's expense; provided, however, that, after the occurrence of an Event of Default, Lender may modify or terminate such authority at any time, in its sole discretion, and may collect any of the Monetary Collateral directly.
Lender may modify or terminate such authority at any time irrespective of whether an Event of Default has occurred and directly collect any of the Monetary Collateral.
Borrower is authorized to collect Monetary Collateral on behalf of and in trust for Lender, at Borrower's expense, but such authority shall automatically terminate upon an Event of Default.
Each Credit Party is authorized to collect Monetary Collateral on behalf of and in trust for Lender, in accordance with the terms hereof and at such Credit Party's expense; provided, however, that, after the occurrence of an Event of Default, Lender may modify or terminate such authority at any time, in its sole discretion, and may collect any of the Monetary Collateral directly.
Without limiting the provisions of any other section of this Agreement, Borrower will promptly notify Lender, in writing, of Borrower's granting of credits, discounts, allowances, deductions, return authorizations or the like with respect to any Monetary Collateral.
Without limiting the provisions of any other section of this Agreement, Borrower will promptly notify Lender, in writing, of Borrower's granting of credits, discounts, allowances, deductions, return authorizations or the like with respect to any Monetary Collateral other than in the ordinary course of Borrower's business.
In the event that Lender is entitled to receive Monetary Collateral as set forth in Section 6.1 or pursuant to any of the other Loan Documents, and in the event Borrower receives payments or other proceeds of Collateral in the form of checks, wire transfer or other funds transfer mechanism, Borrower shall immediately transfer those funds to Lender.