Common use of Proceeds Account Clause in Contracts

Proceeds Account. To the extent that any of the Secured Obligations may be contingent, unmatured or unliquidated (including, without limitation, with respect to undrawn amounts under any Letter of Credit), upon the occurrence and during the continuance of an Event of Default, Secured Party may, at its option, (i) retain the proceeds of any sale, collection, disposition or other realization upon the Collateral (or any portion thereof) in a special purpose non interest-bearing restricted deposit account (the "Proceeds Account") created and maintained by Secured Party for such purpose (which shall constitute a Deposit Account included within the Collateral hereunder) until such time as Secured Party may elect to apply such proceeds to the Secured Obligations, and Debtor agrees that such retention of such proceeds by Secured Party shall not be deemed strict foreclosure with respect thereto; (ii) in any reasonable manner elected by Secured Party, estimate the liquidated amount of any of the Secured Obligations that may be contingent, unmatured or unliquidated and apply the proceeds of the Collateral against such amount; or (iii) otherwise proceed in any manner permitted by applicable laws. Debtor agrees that the Proceeds Account shall be a blocked account and that upon the irrevocable deposit of funds into the Proceeds Account, Debtor shall not have any right of withdrawal with respect to such funds. Accordingly, Debtor irrevocably waives the right to make any withdrawal from the Proceeds Account and the right to instruct Secured Party to honor drafts against the Proceeds Account.

Proceeds Account. To the extent that any of the Secured Obligations may be contingent, unmatured or unliquidated (including, without limitation, including with respect to undrawn amounts under any Letter of Credit), Credit or contingent amounts due under any Specified Swap Contract) upon the occurrence and during the continuance of an Event of Default, Secured Party may, at its option, (i) retain the proceeds of any sale, collection, disposition or other realization upon the Collateral (or any portion thereof) in a special purpose non interest-bearing restricted deposit account (the "“Proceeds Account"”) created and maintained by Secured Party for such purpose (which shall constitute a Deposit Account included within the Collateral hereunder) until such time as Secured Party may elect to apply such proceeds to the Secured Obligations, and each Debtor agrees that such retention of such proceeds by Secured Party shall not be deemed strict foreclosure with respect thereto; (ii) in any reasonable manner elected by Secured Party, estimate the liquidated amount of any of the Secured Obligations that may be such contingent, unmatured or unliquidated claims and apply the proceeds of the Collateral against such amount; or (iii) otherwise proceed in any manner permitted by applicable lawsLaws. Each Debtor agrees that the Proceeds Account shall be a blocked account and that upon the irrevocable deposit of funds into the Proceeds Account, no Debtor shall not have any right of withdrawal with respect to such funds. Accordingly, each Debtor irrevocably waives until the termination of this Agreement and the Security Interest in accordance with Section 28 the right to make any withdrawal from the Proceeds Account and the right to instruct Secured Party to honor drafts against the Proceeds Account.

Proceeds Account. To the extent that any of the Secured Obligations may be contingent, unmatured or unliquidated (including, without limitation, including with respect to undrawn amounts under any Letter of Credit), Credit or contingent amounts due under any Swap Contract ) upon the occurrence and during the continuance of an Event of Default, Secured Party the Administrative Agent may, at its option, (i) retain the proceeds of any sale, collection, disposition or other realization upon the Collateral (or any portion thereof) in a special purpose non non-interest-bearing restricted deposit account (the "Form of Borrower Security Agreement “Proceeds Account"”) created and maintained by Secured Party the Administrative Agent for such purpose (which shall constitute a Deposit Account included within the Collateral hereunder) until such time as Secured Party the Administrative Agent may elect to apply such proceeds to the Secured Obligations, and the Debtor agrees that such retention of such proceeds by Secured Party the Administrative Agent shall not be deemed strict foreclosure with respect thereto; (ii) in any reasonable manner elected by Secured Partythe Administrative Agent, estimate the liquidated amount of any of the Secured Obligations that may be such contingent, unmatured or unliquidated claims and apply the proceeds of the Collateral against such amount; or (iii) otherwise proceed in any manner permitted by applicable lawsLaws. The Debtor agrees that the Proceeds Account shall be a blocked account and that upon the irrevocable deposit of funds into the Proceeds Account, the Debtor shall not have any right of withdrawal with respect to such funds. Accordingly, the Debtor irrevocably waives the right to make any withdrawal from the Proceeds Account and the right to instruct Secured Party the Administrative Agent to honor drafts against the Proceeds Account.

Proceeds Account. To the extent that any of the Secured Obligations may be contingent, unmatured or unliquidated (including, without limitation, including with respect to undrawn amounts under any Letter of Credit), Credit or contingent amounts due under any Swap Contract ) upon the occurrence and during the continuance of an Event of Default, Secured Party the Administrative Agent may, at its option, (i) retain the proceeds of any sale, collection, disposition or other realization upon the Collateral (or any portion thereof) in a special purpose non non-interest-bearing restricted deposit account (the "“Proceeds Account"”) created and maintained by Secured Party the Administrative Agent for such purpose (which shall constitute a Deposit Account included within the Collateral hereunder) until such time as Secured Party the Administrative Agent may elect to apply such proceeds to the Secured Obligations, and any Debtor agrees that such retention of such proceeds by Secured Party the Administrative Agent shall not be deemed strict foreclosure with respect thereto; (ii) in any reasonable manner elected by Secured Partythe Administrative Agent, estimate the liquidated amount of any of the Secured Obligations that may be such contingent, unmatured or unliquidated claims and apply the proceeds of the Collateral against such amount; or (iii) otherwise iii)otherwise proceed in any manner permitted by applicable lawsLaws. Each Debtor agrees that the Proceeds Account shall be a blocked account and that upon the irrevocable deposit of funds into the Proceeds Account, Debtor none of the Debtors shall not have any right of withdrawal with respect to such funds. Accordingly, each Debtor irrevocably waives the right to make any withdrawal from Form of Guarantor Security Agreement the Proceeds Account and the right to instruct Secured Party the Administrative Agent to honor drafts against the Proceeds Account.