SECURITY PROCEEDS Clause Samples

SECURITY PROCEEDS. Each Security Party (other than the Agent) shall promptly pay all Security Proceeds recovered by it to the Agent. All Security Proceeds received, recovered or paid to the Agent will be held and applied by the Agent as follows: 30.6.1 to the extent such sums are not denominated in Swiss Francs, they will be converted by the Agent into the equivalent amount of Swiss Francs; and 30.6.2 the net Security Proceeds will then be credited to such account or accounts as the Agent thinks fit pending their application in accordance with Clause 30.7 (Application of Security Proceeds), the Agent being entitled to retain the net Security Proceeds in such account or accounts whilst any Obligor remains under any actual or contingent obligations under the Finance Documents and/or any member of the Group remains under any actual or contingent obligations under or in respect of the Secured Permitted Facilities.
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Related to SECURITY PROCEEDS

  • Proceeds of Collateral Borrowers shall request in writing and otherwise take all necessary steps to ensure that all payments on Accounts or otherwise relating to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account). If any Borrower or Subsidiary receives cash or Payment Items with respect to any Collateral, it shall hold same in trust for Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account.

  • Trust Account Proceeds Prior to the liquidation of the Trust Account in the event the Company has not completed a Business Combination as required by its Charter Documents (the “Termination Date”), interest income on the funds held in the Trust Account may be released to the Company from the Trust Account in accordance with the terms of the Trust Agreement to pay any taxes incurred by the Company, all as more fully described in the Prospectus.

  • Loan Proceeds Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set forth in Section 2.1.4.

  • Condemnation Proceeds all Condemnation Proceeds other than proceeds to be applied to the restoration or repair of the property subject to the related Mortgage or released to the related Mortgagor in accordance with the Servicing Standard, which proceeds shall be deposited by the Master Servicer into an Escrow Account and not deposited in the Collection Account;

  • Insurance Proceeds All proceeds of and any unearned premiums on any insurance policies covering the Property, including, without limitation, the right to receive and apply the proceeds of any insurance, judgments, or settlements made in lieu thereof, for damage to the Property;