Common use of Proceeds to be Turned over to and Held by Agent Clause in Contracts

Proceeds to be Turned over to and Held by Agent. Except as otherwise provided in the Loan Agreement or this Agreement, all proceeds of any Collateral received by any Guarantor hereunder in cash or Cash Equivalents shall be held by such Guarantor in trust for the Agent and the Lenders, segregated from other funds of such Guarantor, and shall, promptly upon receipt by any Guarantor, be turned over to the Agent in the exact form received (with any necessary endorsement). All such proceeds of Collateral and any other proceeds of any Collateral received by the Agent in cash or Cash Equivalents shall be held by the Agent as collateral security for the Guaranteed Obligations and shall not constitute payment thereof until applied as provided in Section 8.4 of the Loan Agreement.

Proceeds to be Turned over to and Held by Agent. Except as otherwise provided in the Loan Agreement, this Agreement or this Agreementany other Transaction Document, all proceeds of any Collateral received by any Guarantor Grantor hereunder in cash or Cash Equivalents shall be held by such Guarantor Grantor in trust for the Agent and the Lenders, segregated from other funds of such Guarantor, Lenders and shall, upon Agent’s request during the continuance of an Event of Default, promptly upon receipt by any GuarantorGrantor, be segregated and turned over to the Agent in the exact form received (with any necessary endorsement). All such proceeds of Collateral and any other proceeds of any Collateral received by the Agent in cash or Cash Equivalents shall be held by the Agent as collateral security for the Guaranteed Secured Obligations and shall not constitute payment thereof until applied as provided to the Secured Obligations in Section 8.4 accordance with the relevant provisions of the Loan Agreement.