Common use of Proceeds and Collection of Accounts Clause in Contracts

Proceeds and Collection of Accounts. (a) It is recognized and intended that all Receipts constitute Collateral and proceeds of Collateral. A portion of the Receivables Collateral consists of Receipts. (b) Whether or not any Liabilities are then outstanding, the Borrower shall cause each of the Borrower's Account Debtors to forward all Receipts proceeds of the Receivables Collateral directly to a lock box, blocked account, or similar recipient designated by the Lender and over which the Lender has sole access and control. (c) All Receipts and collections of the Receivables Collateral which, notwithstanding the provisions of Subsection 7-1(b) are received by the Borrower or come under the control of the Borrower shall be held in trust by such Borrower for the Lender; shall not be commingled with any of the Borrower's other funds; and shall be deposited and/or transferred only to such lock box, blocked account, or similar recipient designated by the Lender pursuant to Subsection 7-1(b), above, or as otherwise instructed by the Lender.

Proceeds and Collection of Accounts. (a) It is recognized and intended that all Receipts constitute Collateral and proceeds of Collateral. A portion of the Receivables Collateral consists of Receipts. (b) Whether or not any Liabilities are then outstanding, the each Borrower shall cause each of the Borrower's Account Debtors to forward all Receipts proceeds of the Receivables Collateral directly to a lock box, blocked account, or similar recipient designated by the Lender and over which the Lender has sole access and control. (c) All Receipts and collections of the Receivables Collateral which, notwithstanding the provisions of Subsection 78-1(b) are received by the any Borrower or come under the control of the any Borrower shall be held in trust by such Borrower for the Lender; shall not be commingled with any of the such Borrower's other funds; and shall be deposited and/or transferred only to such lock box, blocked account, or similar recipient designated by the Lender pursuant to Subsection 78-1(b), above, or as otherwise instructed by the Lender.

Proceeds and Collection of Accounts. (a) It is recognized and intended that all Receipts constitute Collateral and proceeds of Collateral. A portion of the Receivables Collateral consists of Receipts. (b) Whether or not any Liabilities are then outstanding, the each Borrower shall cause each of the Borrower's Account Debtors to forward all Receipts proceeds of the Receivables Collateral directly to a lock box, blocked account, or similar recipient designated by the Lender Administrative Agent and over which the Lender Administrative Agent has sole access and control. (c) All Receipts and collections of the Receivables Collateral which, notwithstanding the provisions of Subsection 79-1(b) are received by the any Borrower or come under the control of the any Borrower shall be held in trust by such Borrower for the LenderLenders; shall not be commingled with any of the such Borrower's other funds; and shall be deposited and/or transferred only to such lock box, blocked account, or similar recipient designated by the Lender Administrative Agent pursuant to Subsection 79-1(b), above, or as otherwise instructed by the LenderAdministrative Agent.