Common use of Swap Payments Clause in Contracts

Swap Payments. they will ensure that any Swap Payments shall be paid to the Operating Accounts (in pro rata shares between them) provided that, on the occurrence of a Default the Borrowers shall forthwith, and the Security Agent may during such time, instruct the persons from whom any Swap Payments are then payable, to pay the same to the Security Agent or as it may direct and any Swap Payments which are then in the hands of the Borrowers’ agents shall be deemed to have been received by them for the use and on behalf of the Security Agent;

Swap Payments. they it will ensure that any Swap Payments shall be paid to the Operating Accounts (in pro rata shares between them) or either of them provided that, on the occurrence of a Default the Borrowers each Borrower shall forthwith, and the Security Agent may during such time, instruct the persons from whom any Swap Payments are then payable, to pay the same to the Security Agent or as it may direct and any Swap Payments which are then in the hands of the Borrowers’ ' agents shall be deemed to have been received by them for the use and on behalf of the Security Agent;