Collateral hereunder Sample Clauses
The 'Collateral hereunder' clause defines the assets or property pledged by a party as security for obligations under the agreement. It typically specifies what constitutes collateral, how it must be maintained, and the rights of the secured party in the event of default, such as the ability to seize or sell the collateral. This clause ensures that the lender or counterparty has a form of protection or recourse if the other party fails to fulfill their contractual obligations, thereby reducing credit risk and encouraging compliance.
Collateral hereunder. It is hereby understood and agreed that all Lenders shall be deemed directly affected by an amendment, waiver or other modification of the type described in the preceding clauses (C), (D), (E), (F) and (G) of the preceding sentence.
Collateral hereunder. All dividends, interest, principal or other distributions received by any Grantor contrary to the provisions of this Section 3.06 shall be held in trust for the benefit of the U.S. Collateral Agent, shall be segregated from other property or funds of such Grantor and shall be forthwith delivered to the U.S. Collateral Agent upon demand in the same form as so received (with any necessary endorsement). Any and all money and other property paid over to or received by the U.S. Collateral Agent pursuant to the provisions of this paragraph (b) shall be retained by the U.S. Collateral Agent in an account (which may be a non-interest bearing account) to be established by the U.S. Collateral Agent upon receipt of such money or other property and shall be applied in accordance with the provisions of Section 5.02. After all Events of Default have been cured or waived and the applicable Grantor or Grantors have delivered to the General Administrative Agent certificates to that effect, the U.S. Collateral Agent shall, promptly after all such Events of Default have been cured or waived, repay to each Grantor all dividends, interest, principal or other distributions that such Grantor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) of this Section 3.06 and that remain in such account (it being acknowledged and agreed that the U.S. Collateral Agent shall not have any obligation to invest any monies or other properties contained in such account).