Common use of Payments Received Clause in Contracts

Payments Received. Until the Pledgee has requested a transfer in accordance with Section 1.6(b) hereof, the Pledgor, subject to the terms of the Loan Documents, shall be entitled to exercise any and all rights, remedies and powers of the Pledgor under, and receive and retain any amounts paid or payable to the Pledgor under or pursuant to, the Project Agreement; thereafter, the Pledgee shall be entitled to exercise the Pledgor's rights, remedies or powers, and receive and retain amounts, under the Project Agreement, and all payments received by the Pledgor under or in connection with the Project Agreement shall be held in trust for the Pledgee, shall be segregated from the other funds of the Pledgor and shall, forthwith upon receipt by the Pledgor, be turned over to the Pledgee or the Designee in the same form as received by the Pledgor (duly endorsed by the Pledgor to the Pledgee or the Designee, as appropriate).