Collections on Accounts. Prior to the occurrence of an Event of Default, the Secured Party hereby authorizes Debtor to collect the Accounts. At any time following and during the continuance of any Event of Default, the Secured Party may curtail or terminate said authority at any time and itself, or by its agents, collect all Accounts, and any payments of Accounts collected by Debtor shall be held by Debtor in trust for the Secured Party, segregated from other funds of Debtor. All Proceeds, while held by the Secured Party (or by Debtor in trust for the Secured Party) shall continue to be Collateral securing all of the Secured Obligations and shall not constitute payment thereof until applied as hereinafter provided.
Appears in 8 contracts
Samples: Amended and Restated Security Agreement (Primeenergy Corp), Security Agreement (Primeenergy Corp), Security Agreement (Primeenergy Corp)
