Common use of Deposit of Funds Advanced Clause in Contracts

Deposit of Funds Advanced. Except as otherwise provided for in this Section 3.3 and Section 3.4 hereof, Agent shall deposit the proceeds of each Advance into Borrower's general operating account with Agent and Borrower hereby authorizes such deposits by Agent. At the request of Agent following an Event of Default, Borrower shall open and maintain a non-interest bearing loan checking account with Agent (the "Loan Checking Account"), and during the continuance of such Event of Default, Agent shall deposit the proceeds of each Advance into the Loan Checking Account, and Borrower hereby authorizes such deposits by Agent. Agent shall disburse any Advance from the Loan Checking Account in accordance with the provisions of this Agreement. During the continuance of such Event of Default, Net Sales Proceeds (Actual) paid to Agent pursuant to Section 6.3.1 and not applied against payment of the Outstanding Advances shall also be deposited into the Loan Checking Account.

Deposit of Funds Advanced. Except as otherwise provided for in this Section 3.3 and Section 3.4 hereof, Agent shall deposit the proceeds of each Advance into Borrower's ’s general operating account with Agent and Borrower hereby authorizes such deposits by Agent. At the request of Agent following an Event of Default, Borrower shall open and maintain a non-interest bearing loan checking account with Agent (the "“Loan Checking Account"”), and during the continuance of such Event of Default, Agent shall deposit the proceeds of each Advance into the Loan Checking Account, and Borrower hereby authorizes such deposits by Agent. Agent shall disburse any Advance from the Loan Checking Account in accordance with the provisions of this Agreement. During the continuance of such Event of Default, Net Sales Proceeds (Actual) paid to Agent pursuant to Section 6.3.1 and not applied against payment of the Outstanding Advances shall also be deposited into the Loan Checking Account.