Common use of Turnover of Proceeds Clause in Contracts

Turnover of Proceeds. Each Bank agrees that if at any time it shall receive the proceeds of any collateral or any proceeds thereof pursuant to the terms of the Security Documents or (b) if after an Event of Default shall have occurred and be continuing it shall receive any payment on account of the Loans, the L/C Obligations or any other amounts owing hereunder, under the other Loan Documents or the Interest Rate Protection Agreements (other than through application by the Administrative Agent in accordance with subsection 10.2), it shall promptly turn the same over to the Administrative Agent for application in accordance with the terms of subsection 10.2.

Turnover of Proceeds. Each Bank agrees that (a) if at any time -------------------- it shall receive the proceeds of any collateral or any proceeds thereof pursuant to the terms of the Security Documents or (b) if after an Event of Default shall have occurred and be continuing it shall receive any payment on account of the Loans, the L/C Obligations or any other amounts owing hereunder, under the other Loan Documents or the Interest Rate Protection Agreements (other than through application by the Administrative Agent in accordance with subsection 10.2), it shall promptly turn the same over to the Administrative Agent for application in accordance with the terms of subsection 10.2.