Common use of Pay Over of Monies Clause in Contracts

Pay Over of Monies. In the event that the County receives any payment or property on or under the Subordinate Debts whether condemnation, insurance proceeds or in violation of the terms of this Agreement, such payments shall be held in trust by the County, and it will forthwith pay over or deliver the same to the Credit Union to be held by Credit Union as cash collateral securing the Credit Union Note or applied to the Credit Union Note.

Pay Over of Monies. In the event that the County receives any payment or property on or under the Subordinate Debts whether condemnation, insurance proceeds or in violation of the terms of this Agreement, such payments shall be held in trust by the County, and it will forthwith pay over or deliver the same to the Credit Union Bank to be held by Credit Union Bank as cash collateral securing the Credit Union Bank Note or applied to the Credit Union Bank Note.

Pay Over of Monies. In the event that the County receives any payment or property on or under the Subordinate Debts whether condemnation, insurance proceeds or in violation of the terms of this Agreement, such payments shall be held in trust by the County, and it will forthwith pay over or deliver the same to the Credit Union Bank to be held by Credit Union Bank as cash collateral securing the Credit Union Note Bank Loan or applied to the Credit Union NoteBank Loan.