Common use of Electronic Proceeds of Collateral Clause in Contracts

Electronic Proceeds of Collateral. If any Account Debtor is to make payment to Borrower by wire transfer or other electronic funds-transfer mechanism, Borrower will direct such Account Debtor to make such payment directly to a bank account designated by Lender from time to time. In the event that Borrower otherwise receives any proceeds of Collateral from any person or entity in the form of a wire transfer or other electronic funds-transfer mechanism, Borrower will immediately pay such proceeds to Lender (or cause the same to be paid to Lender) by wire transfer.