Common use of Collection of Accounts; Payments Clause in Contracts

Collection of Accounts; Payments. (a) The Grantor shall make collection of all Contracts, Accounts and other Collateral for the Collateral Agent, shall receive all payments as the Collateral Agent’s trustee, and shall immediately deliver all payments in their original form duly endorsed in blank into a Dominion Account. The Collateral Agent or the Collateral Agent’s designee may, at any time after the occurrence of an Event of Default, notify Contract Debtors that the Contracts have been assigned to the Collateral Agent and of the Collateral Agent’s Lien therein, and may collect them directly and charge the collection costs and expenses to the Loan Account as a Revolving Loan. (b) If sales of Grantor’s Inventory are made or services are rendered for cash, the Grantor shall immediately deposit into a Dominion Account the cash which Grantor receives. (c) All payments including immediately available funds received by the Collateral Agent at a bank account designated by it, will be the Collateral Agent’s sole property for its benefit and the benefit of the Lenders.

Collection of Accounts; Payments. (a) The Grantor Grantors shall make collection of all Contracts, Accounts and other Collateral for the Collateral Agent, shall receive all payments as the Collateral Agent’s trustee, and shall immediately deliver all payments in their original form duly endorsed in blank into a Dominion Account. The Collateral Agent or the Collateral Agent’s designee may, at any time after the occurrence of an Event of Default, notify Contract Debtors that the Contracts have been assigned to the Collateral Agent and of the Collateral Agent’s Lien therein, and may collect them directly and charge the collection costs and expenses to the Loan Account as a Revolving Loan. (b) If sales of any Grantor’s Inventory are made or services are rendered for cash, the Grantor Grantors shall immediately deposit into a Dominion Account the cash which such Grantor receives. (c) All payments including immediately available funds received by the Collateral Agent at a bank account designated by it, will be the Collateral Agent’s sole property for its benefit and the benefit of the Lenders.