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.