Common use of Collection of Accounts; Payments Clause in Contracts

Collection of Accounts; Payments. (a) Grantors shall make collection of all Accounts and other Collateral for Agent, shall receive all payments as Agent’s trustee, and shall immediately deliver all payments in their original form duly endorsed in blank into a Dominion Account. Agent or Agent’s designee may, at any time after the occurrence of an Event of Default, notify Account Debtors that the Accounts have been assigned to Agent and of 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 Grantors shall immediately deposit into a Dominion Account the cash which such Grantor receives. (c) All payments including immediately available funds received by Agent at a bank account designated by it, will be Agent’s sole property for its benefit and the benefit of the Lenders.

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