Common use of Proceeds to be Turned Over To Agent Clause in Contracts

Proceeds to be Turned Over To Agent. In addition to the rights of the Agent and the Banks specified in subsection 5.3 of this Agreement, if an Event of Default shall occur and be continuing, all Proceeds received by the Pledgor consisting of cash, checks and cash equivalents shall upon the Agent's request be held by the Pledgor in trust for the Agent and the Banks, segregated from other funds of the Pledgor, and shall, upon the Agent's request (it being understood that the exercise of remedies by the Agent or the Banks in connection with an Event of Default under subsection 10(f) of the Credit Agreement shall be deemed to constitute a request by the Agent for the purposes of this sentence) forthwith upon receipt by the Pledgor be turned over to the Agent in the exact form received by the Pledgor (duly indorsed by the Pledgor to the Agent, if required) and held by the Agent in a Collateral Account maintained under the sole dominion and control of the Agent and on terms and conditions satisfactory to the Agent. All Proceeds held by the Agent in a Collateral Account (or by the Pledgor in trust for the Agent and the Banks) shall, subject to subsection 9.3 of this Agreement, continue to be held as collateral security for all the Obligations and shall not constitute payment thereof until applied as provided in subsection 9.3 of this Agreement.

Proceeds to be Turned Over To Agent. In addition to the rights of the Agent and the Banks specified in subsection 5.3 of this Agreement, if an Event of Default shall occur and be continuing, all Proceeds received by the Pledgor Borrower consisting of cash, checks and cash equivalents shall upon the Agent's request be held by the Pledgor Borrower in trust for the Agent and the Banks, segregated from other funds of the PledgorBorrower, and shall, upon the Agent's request (it being understood that the exercise of remedies by the Agent or the Banks in connection with an Event of Default under subsection 10(f) of the Credit Agreement shall be deemed to constitute a request by the Agent for the purposes of this sentence) forthwith upon receipt by the Pledgor Borrower be turned over to the Agent in the exact form received by the Pledgor Borrower (duly indorsed by the Pledgor Borrower to the Agent, if required) and held by the Agent in a Collateral Account maintained under the sole dominion and control of the Agent and on terms and conditions satisfactory to the Agent. All Proceeds held by the Agent in a Collateral Account (or by the Pledgor Borrower in trust for the Agent and the Banks) shall, subject to subsection 9.3 of this Agreement, continue to be held as collateral security for all the Obligations and shall not constitute payment thereof until applied as provided in subsection 9.3 of this Agreement.

Proceeds to be Turned Over To Agent. In addition to the rights of the Agent and the Banks Lenders specified in subsection 5.3 with respect to payments of this AgreementAccounts, if an Event of Default shall occur and be continuing, upon notice from the Agent at the direction of the Required Lenders, all Proceeds received by the Pledgor consisting of cash, checks and other near-cash equivalents items shall upon the Agent's request be held by the Pledgor in trust for the Agent and the BanksLenders, segregated from other funds of the Pledgor, and shall, upon the Agent's request (it being understood that the exercise of remedies by the Agent or the Banks in connection with an Event of Default under subsection 10(f) of the Credit Agreement shall be deemed to constitute a request by the Agent for the purposes of this sentence) forthwith upon receipt by the Pledgor Pledgor, be turned over to the Agent in the exact form received by the Pledgor (duly indorsed by the Pledgor to the Agent, if required) and held by the Agent in a Collateral Account maintained under the sole dominion and control of the Agent and on terms and conditions satisfactory to the Agent. All Proceeds while held by the Agent in a Collateral Account (or by the Pledgor in trust for the Agent and the BanksLenders) shall, subject to subsection 9.3 of this Agreement, shall continue to be held as collateral security for all the Obligations and shall not constitute payment thereof until applied as provided in subsection 9.3 of this Agreement8.3.