Common use of Collection of Accounts and Payments Clause in Contracts

Collection of Accounts and Payments. Borrower will immediately deposit or cause the deposit of all remittances and proceeds of the Collateral in the identical form in which such payment was made, whether by cash or check, in special lock box account number 77-6132 with AMERICAN NATIONAL BANK, DEPT. 77-6132, CHI▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ ("DEPOSITORY BANK"). Borrower agrees that all payments made to such special account or otherwise received by Lender, whether on the Accounts or as proceeds of other Collateral or otherwise, will be the sole and exclusive property of Lender and will be applied on account of the Liabilities. On the same Business Day of Lender's receipt of funds eligible to be wired from the Depository Bank, Lender will credit (conditional upon final collection) all payments received against the Liabilities. Borrower and any Affiliates, shareholders, directors, officers, employees, agents of Borrower and all Persons acting for or in concert with Borrower shall, acting as trustee for Lender, receive, as the sole and exclusive property of Lender, any monies, checks, notes, drafts or any other payments relating to or proceeds of Accounts or other Collateral which come into their possession or under their control and immediately upon receipt, shall remit the same or cause the same to be remitted, in kind, to Lender, at Lender's address set forth in Section 10.10. Borrower agrees to pay to Lender any and all fees, costs and expenses (if any) which Lender incurs in connection with opening and maintaining the special account and depositing for collection by Lender any check or item of payment received or delivered to Depository Bank or Lender on account of the Liabilities and Borrower further agrees to reimburse Lender for any claims asserted by Depository Bank in connection with the special account or any returned or uncollected checks received by Depository Bank for deposit in the special account.

Collection of Accounts and Payments. Borrower shall establish lockboxes and blocked accounts (collectively, "Blocked Accounts") in Borrower's name with such banks ("Collecting Banks") as are acceptable to Agent (subject to irrevocable instructions acceptable to Agent as hereinafter set forth) to which all account debtors shall directly remit all payments on Accounts and in which Borrower will immediately deposit all payments made for Inventory or cause the deposit of all remittances and other payments constituting proceeds of the Collateral in the identical form in which such payment was made, whether by cash or check. The Collecting Banks shall acknowledge and agree, in special lock box account number 77-6132 with AMERICAN NATIONAL BANKa manner satisfactory to Agent, DEPT. 77-6132that all payments made to the Blocked Accounts are the sole and exclusive property of Agent, CHI▇▇▇▇for its benefit and for the benefit of Lenders, ▇▇ ▇▇▇▇▇-▇▇▇▇ ("DEPOSITORY BANK")and that the Collecting Banks have no right to setoff against the Blocked Accounts and that all such payments received will be promptly transferred to Agent's Account subject to the payment of the collecting Banks' fees, chargebacks and other customary exceptions, to the extent, if any, provided for in the documentation establishing the Blocked Accounts. Borrower hereby agrees that all payments made to such special account Blocked Accounts or otherwise received by Lender, Agent and whether on the Accounts or as proceeds of other Collateral or otherwise, otherwise will be the sole and exclusive property of Lender Agent, for the benefit of itself and will be applied on account of the LiabilitiesLenders. On the same Business Day of Lender's receipt of funds eligible Borrower shall irrevocably instruct each Collecting Bank to be wired from the Depository Bank, Lender will credit (conditional upon final collection) promptly transfer all payments received against or deposits to the LiabilitiesBlocked Accounts into Agent's Account. Borrower and If Borrower, or any if its Affiliates, shareholders, directors, officers, employees, agents of Borrower and all Persons or other Person acting for or in concert with Borrower shallBorrower, acting as trustee for Lender, receive, as the sole and exclusive property of Lender, shall receive any monies, checks, notes, drafts or any other payments relating to or and/or proceeds of Accounts or other Collateral which come into their possession Collateral, Borrower or under their control and such Person shall hold such instrument or funds in trust for Agent, and, immediately upon receiptreceipt thereof, shall remit the same or cause the same to be remitted, in kind, to Lender, the Blocked Accounts or to Agent at Lender's its address set forth in Section 10.10subsection 10.3 below. Borrower agrees to pay to Lender may amend any and all fees, costs and expenses (if any) which Lender incurs in connection with opening and maintaining the special account and depositing for collection by Lender any check one or item of payment received or delivered to Depository Bank or Lender on account more of the Liabilities Schedules referred in this Section 4 (subject to prior notice to Agent, as applicable) and Borrower further agrees any representation, warranty, or covenant contained herein which refers to reimburse Lender for any claims asserted such Schedule shall from and after the date of any such amendment refer to such Schedule as so amended; provided however, that in no event shall the amendment of any such Schedule constitute a waiver by Depository Bank in connection with Agent and Lenders of any Default or Event of Default that exists notwithstanding the special account or any returned or uncollected checks received by Depository Bank for deposit in the special accountamendment of such Schedule.

Collection of Accounts and Payments. Borrower shall establish lockboxes and blocked accounts (collectively, “Blocked Accounts”) in Borrower’s name with such banks (“Collecting Banks”) as are acceptable to the Agent (subject to irrevocable instructions acceptable to the Agent as hereinafter set forth) to which all account debtors shall directly remit all payments on Accounts and in which Borrower will immediately deposit all payments made for Inventory or cause the deposit of all remittances and other payments constituting proceeds of the Collateral in the identical form in which such payment was made, whether by cash or check. The Collecting Banks shall acknowledge and agree, in special lock box account number 77-6132 with AMERICAN NATIONAL BANKa manner satisfactory to the Agent, DEPT. 77-6132, CHI▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ ("DEPOSITORY BANK"). Borrower agrees that all payments made to the Blocked Accounts are the sole and exclusive property of the Agent, for the benefit of Lenders, and that the Collecting Banks have no right of setoff against the Blocked Accounts and that all such special account payments received will be promptly transferred to the Agent’s Account. Borrower hereby agrees that all payments received by the Agent, whether by cash, check, wire transfer or any other instrument, made to such Blocked Accounts or otherwise received by Lender, the Agent and whether on the Accounts or as proceeds of other Collateral or otherwise, otherwise will be the sole and exclusive property of Lender and will be applied on account the Agent, for the benefit of the LiabilitiesLenders. On the same Business Day of Lender's receipt of funds eligible Borrower shall irrevocably instruct each Collecting Bank to be wired from the Depository Bank, Lender will credit (conditional upon final collection) promptly transfer all payments received against or deposits to the LiabilitiesBlocked Accounts into the Agent’s Account. Borrower Borrower, and any of its Affiliates, shareholders, directors, officers, employees, agents of Borrower and all or other Persons acting for or in concert with Borrower Borrower, shall, acting as trustee for Lenderthe Agent, receive, as the sole and exclusive property of Lenderthe Agent, any monies, checks, notes, drafts or any other payments relating to or and/or proceeds of Accounts or other Collateral which come into their the possession or under their the control of Borrower or any of Borrower’s Affiliates, employees, agents or other Persons acting for or in concert with Borrower, and immediately upon receiptreceipt thereof, Borrower or such Persons shall remit the same or cause the same to be remitted, in kind, to Lender, the Blocked Accounts or to the Agent at Lender's its address set forth in Section 10.10. Borrower agrees to pay to Lender any and all fees, costs and expenses (if any) which Lender incurs in connection with opening and maintaining the special account and depositing for collection by Lender any check or item of payment received or delivered to Depository Bank or Lender on account of the Liabilities and Borrower further agrees to reimburse Lender for any claims asserted by Depository Bank in connection with the special account or any returned or uncollected checks received by Depository Bank for deposit in the special account10.4 below.

Collection of Accounts and Payments. Borrower shall establish a special account in Borrower's name with a bank acceptable to Lender in its reasonable discretion ("Depository Bank") to which Borrower shall direct all of its Account Debtors to remit all payments. In addition, if Borrower receives any remittances or proceeds of the Collateral, Borrower will immediately deposit or cause the deposit of all remittances and proceeds of the Collateral in the identical form in which such payment was made, whether by cash or check. Depository Bank shall acknowledge and agree, in a manner satisfactory to Lender, that all payments made to such special lock box account number 77-6132 with AMERICAN NATIONAL BANKare the sole and exclusive property of Lender, DEPT. 77-6132that Depository Bank has no right of setoff against the funds in such special account and that Depository Bank will wire, CHI▇▇▇▇or otherwise transfer immediately available funds in a manner satisfactory to Lender, ▇▇ ▇▇▇▇▇-▇▇▇▇ ("DEPOSITORY BANK")funds deposited in such special account to Lender on a daily basis as soon as such funds are collected. Borrower hereby agrees that all payments made to such special account or otherwise received by Lender, whether on the Accounts or as proceeds of other Collateral or otherwise, will be the sole and exclusive property of Lender and will be applied on account of the Liabilities. On the same Business Day of After such funds are received by Lender's receipt of funds eligible to be wired from the Depository Bank, Lender will immediately credit (conditional upon final collection) all payments received against through the Liabilitiesspecial account to the Loan Account. Borrower and any Affiliates, shareholders, directors, officers, employees, agents of Borrower and all Persons acting for or in concert with Borrower shall, acting as trustee for Lender, receive, as the sole and exclusive property of Lender, any monies, checks, notes, drafts or any other payments relating to or proceeds of Accounts or other Collateral which come into their possession or under their control and immediately upon receiptreceipt thereof, shall remit the same or cause the same to be remitted, in kind, to Lender, at Lender's address set forth in Section 10.1013.10. Borrower agrees to pay to Lender any and all fees, costs and expenses (if any) which Lender incurs in connection with opening and maintaining the special account and depositing for collection by Lender any check or item of payment received or delivered to Depository Bank or Lender on account of the Liabilities and Borrower further agrees to reimburse Lender for any claims asserted by Depository Bank in connection with the special account or any returned or uncollected checks received by Depository Bank for deposit in the special account.

Collection of Accounts and Payments. Borrower shall establish lockboxes or blocked accounts (collectively, "Blocked Accounts") in Borrower's name with such banks ("Collecting Banks") as are acceptable to Agent (subject to irrevocable instructions acceptable to Agent as hereinafter set forth) to which all account debtors shall directly remit all payments on Accounts and in which Borrower will immediately deposit all payments made for Inventory or cause the deposit of all remittances and other payments constituting proceeds of the Collateral in the identical form in which such payment was made, whether by cash or check. The Collecting Banks shall acknowledge and agree, in special lock box account number 77-6132 with AMERICAN NATIONAL BANKa manner satisfactory to Agent, DEPT. 77-6132that all payments made to the Blocked Accounts are the sole and exclusive property of Agent, CHI▇▇▇▇for the benefit of Lenders, ▇▇ ▇▇▇▇▇-▇▇▇▇ ("DEPOSITORY BANK")and that the Collecting Banks have no right to setoff against the Blocked Accounts and that all such payments received will be promptly transferred to Agent's Account. Borrower hereby agrees that all payments made to such special account Blocked Accounts or otherwise received by Lender, Agent and whether on the Accounts or as proceeds of other Collateral or otherwise, otherwise will be the sole and exclusive property of Lender and will be applied on account Agent, for the benefit of the LiabilitiesLenders. On the same Business Day of Lender's receipt of funds eligible Borrower shall irrevocably instruct each Collecting Bank to be wired from the Depository Bank, Lender will credit (conditional upon final collection) promptly transfer all payments received against or deposits to the LiabilitiesBlocked Accounts into Agent's Account. Borrower and If Borrower, or any if its Affiliates, shareholders, directors, officers, employees, agents of Borrower and all Persons or other Person acting for or in concert with Borrower shallBorrower, acting as trustee for Lender, receive, as the sole and exclusive property of Lender, shall receive any monies, checks, notes, drafts or any other payments relating to or and/or proceeds of Accounts or other Collateral which come into their possession Collateral, Borrower or under their control and such Person shall hold such instrument or funds in trust for Agent, and, immediately upon receiptreceipt thereof, shall remit the same or cause the same to be remitted, in kind, to Lender, the Blocked Accounts or to Agent at Lender's its address set forth in Section 10.10subsection 10.3 below. Borrower agrees to pay to Lender may amend any and all fees, costs and expenses (if any) which Lender incurs in connection with opening and maintaining the special account and depositing for collection by Lender any check one or item of payment received or delivered to Depository Bank or Lender on account more of the Liabilities Schedules referred in this Section 4 (subject to prior notice to Agent, as applicable) and Borrower further agrees any representation, warranty, or covenant contained herein which refers to reimburse Lender for any claims asserted such Schedule shall from and after the date of any such amendment refer to such Schedule as so amended; provided however, that in no event shall the amendment of any such Schedule constitute a 28 37 waiver by Depository Bank in connection with Agent and Lenders of any Default or Event of Default that exists notwithstanding the special account or any returned or uncollected checks received by Depository Bank for deposit in the special accountamendment of such Schedule.

Collection of Accounts and Payments. Borrower and Lender shall establish lockboxes and depository accounts ("Lender's Depository Accounts") with such banks as are acceptable to Lender to which all account debtors shall directly remit all payments on Accounts and in which Borrower will immediately deposit all payments made for Inventory or cause the deposit of all remittances and other payments constituting proceeds of the Collateral in the identical form in which such payment was made, whether by cash or check, in special lock box account number 77-6132 with AMERICAN NATIONAL BANK, DEPT. 77-6132, CHI▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ ("DEPOSITORY BANK"). Borrower hereby agrees that all payments received by Lender, whether by cash, check, wire transfer or any other instrument, made to such special account Lender Depository Accounts or otherwise received by Lender, Lender and whether on the Accounts or as proceeds of other Collateral or otherwise, otherwise will be the sole and exclusive property of Lender and will be applied on account of the LiabilitiesLender. On the same Business Day of Lender's receipt of funds eligible to be wired from the Depository BankBorrower, Lender will credit (conditional upon final collection) all payments received against the Liabilities. Borrower and any of its Affiliates, shareholders, directors, officers, employees, agents of Borrower and all agents, or other Persons acting for or in concert with Borrower Borrower, shall, acting as trustee for Lender, receive, as the sole and exclusive property of Lender, any monies, checks, notes, drafts or any other payments relating to or and/or proceeds of Accounts or other Collateral which come into their the possession or under their the control of Borrower or any of Borrower's Affiliates, employees, agents or other Persons acting for or in concert with Borrower,and immediately upon receiptreceipt thereof, Borrower or such Persons shall remit the same or cause the same to be remitted, in kind, to Lender, the Lender Depository Account or to Lender at Lender's its address set forth in Section 10.10. Borrower agrees to pay to Lender any and all fees, costs and expenses (if any) which Lender incurs in connection with opening and maintaining the special account and depositing for collection by Lender any check or item of payment received or delivered to Depository Bank or Lender on account of the Liabilities and Borrower further agrees to reimburse Lender for any claims asserted by Depository Bank in connection with the special account or any returned or uncollected checks received by Depository Bank for deposit in the special accountsubsection 9.6 below.

Collection of Accounts and Payments. Borrower and Lender shall establish lockboxes and depository accounts ("LENDER'S DEPOSITORY ACCOUNTS") with such banks as are acceptable to Lender to which all account debtors shall directly remit all payments on Accounts and in which Borrower will immediately deposit all payments made for Inventory or cause the deposit of all remittances and other payments constituting proceeds of the Collateral in the identical form in which such payment was made, whether by cash or check, in special lock box account number 77-6132 with AMERICAN NATIONAL BANK, DEPT. 77-6132, CHI▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ ("DEPOSITORY BANK"). Borrower hereby agrees that all payments received by Lender, whether by cash, check, wire transfer or any other instrument, made to such special account Lender Depository Accounts or otherwise received by Lender, Lender and whether on the Accounts or as proceeds of other Collateral or otherwise, otherwise will be the sole and exclusive property of Lender and will be applied on account of the LiabilitiesLender. On the same Business Day of Lender's receipt of funds eligible to be wired from the Depository BankBorrower, Lender will credit (conditional upon final collection) all payments received against the Liabilities. Borrower and any of its Affiliates, shareholders, directors, officers, employees, agents of Borrower and all agents, or other Persons acting for or in concert with Borrower shall, acting as trustee for Lender, receive, as the sole and exclusive property of Lender, any monies, checks, notes, drafts or any other payments relating to or and/or proceeds of Accounts or other Collateral which come into their the possession or under their the control of Borrower or any of Borrower's Affiliates, employees, agents or other Persons acting for or in concert with Borrower, and immediately upon receiptreceipt thereof, Borrower or such Persons shall remit the same or cause the same to be remitted, in kind, to Lender, the Lender Depository Account or to Lender at Lender's its address set forth in Section 10.10. Borrower agrees to pay to Lender any and all fees, costs and expenses (if any) which Lender incurs in connection with opening and maintaining the special account and depositing for collection by Lender any check or item of payment received or delivered to Depository Bank or Lender on account of the Liabilities and Borrower further agrees to reimburse Lender for any claims asserted by Depository Bank in connection with the special account or any returned or uncollected checks received by Depository Bank for deposit in the special accountsubsection 8.5 below.

Collection of Accounts and Payments. Borrower shall establish lockboxes and blocked accounts (collectively, "Blocked Accounts") in Borrower's name with such banks ("Collecting Banks") as are acceptable to Collateral Agent (subject to irrevocable instructions acceptable to Collateral Agent as hereinafter set forth) to which all account debtors shall directly remit all payments on Accounts and in which Borrower will immediately deposit all payments made for Inventory or cause the deposit of all remittances and other payments constituting proceeds of the Collateral in the identical form in which such payment was made, whether by cash or check. The Collecting Banks shall acknowledge and agree, in special lock box account number 77-6132 with AMERICAN NATIONAL BANKa manner satisfactory to Collateral Agent, DEPT. 77-6132, CHI▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ ("DEPOSITORY BANK"). Borrower agrees that all payments made to the Blocked Accounts are the sole and exclusive property of Collateral Agent, for the benefit of Agents and Lenders, and that the Collecting Banks have no right of setoff 66 72 against the Blocked Accounts and that all such special account payments received will be promptly transferred to Agent's Account. Borrower hereby agrees that all payments received by Collateral Agent, whether by cash, check, wire transfer or any other instrument, made to such Blocked Accounts or otherwise received by Lender, Collateral Agent and whether on the Accounts or as proceeds of other Collateral or otherwise, otherwise will be the sole and exclusive property of Lender Collateral Agent, for the benefit of Agents and will be applied on account of the LiabilitiesLenders. On the same Business Day of Lender's receipt of funds eligible Borrower shall irrevocably instruct each Collecting Bank to be wired from the Depository Bank, Lender will credit (conditional upon final collection) promptly transfer all payments received against or deposits to the LiabilitiesBlocked Accounts into Agent's Account. Borrower Borrower, and any of its Affiliates, shareholders, directors, officers, employees, agents of Borrower and all or other Persons acting for or in concert with Borrower Borrower, shall, acting as trustee for LenderCollateral Agent, receive, as the sole and exclusive property of LenderCollateral Agent, any monies, checks, notes, drafts or any other payments relating to or and/or proceeds of Accounts or other Collateral which come into their the possession or under their the control of Borrower or any of Borrower's Affiliates, employees, agents or other Persons acting for or in concert with Borrower, and immediately upon receiptreceipt thereof, Borrower or such Persons shall remit the same or cause the same to be remitted, in kind, to Lender, the Blocked Accounts or to Collateral Agent at Lender's its address set forth in Section 10.10. Borrower agrees to pay to Lender any and all fees, costs and expenses (if any) which Lender incurs in connection with opening and maintaining the special account and depositing for collection by Lender any check or item of payment received or delivered to Depository Bank or Lender on account of the Liabilities and Borrower further agrees to reimburse Lender for any claims asserted by Depository Bank in connection with the special account or any returned or uncollected checks received by Depository Bank for deposit in the special accountsubsection 10.4 below.

Collection of Accounts and Payments. Borrower shall establish blocked accounts (collectively, "Blocked Accounts") in Borrower's name with such banks ("Collecting Banks") as are reasonably acceptable to Agent into which Borrower will immediately promptly deposit all payments made for Inventory or cause the deposit of all remittances and other payments constituting proceeds of the Collateral in the identical form in which such payment was made, whether by cash or check. The Collecting Banks shall acknowledge and agree, in special lock box account number 77-6132 with AMERICAN NATIONAL BANKa manner satisfactory to Agent, DEPT. 77-6132, CHI▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ ("DEPOSITORY BANK"). Borrower agrees that all payments made to the Blocked Accounts are the sole and exclusive property of Agent, for the benefit of Lenders, and that the Collecting Banks have no right of setoff against the Blocked Accounts. Borrower hereby agrees that all payments received by Agent, whether by cash, check, wire transfer or any other instrument, made to such special account Blocked Accounts or otherwise received by Lender, Agent and whether on the Accounts or as proceeds of other Collateral or otherwise, otherwise will be the sole and exclusive property of Lender and will be applied on account Agent, for the benefit of the LiabilitiesLenders. On the same Business Day of Lender's receipt of funds eligible to be wired from the Depository BankBorrower, Lender will credit (conditional upon final collection) all payments received against the Liabilities. Borrower and any of its Affiliates, shareholders, directors, officers, employees, agents of Borrower and all or other Persons acting for or in concert with Borrower Borrower, shall, acting as trustee for LenderAgent, receive, as the sole and exclusive property of LenderAgent, any monies, checks, notes, drafts or any other payments payment relating to or and/or constituting proceeds of Accounts or other Collateral which come into their the possession or under their the control of Borrower or any of Borrower's Affiliates, employees, agents or other Persons acting for or in concert with Borrower, and immediately upon receiptreceipt thereof, Borrower or such Persons shall remit the same or cause the same to be remitted, in kind, to Lender, at Lender's address set forth in Section 10.10. Borrower agrees to pay to Lender any and all fees, costs and expenses (if any) which Lender incurs in connection with opening and maintaining the special account and depositing for collection by Lender any check or item of payment received or delivered to Depository Bank or Lender on account of the Liabilities and Borrower further agrees to reimburse Lender for any claims asserted by Depository Bank in connection with the special account or any returned or uncollected checks received by Depository Bank for deposit in the special account.the