Common use of Accounts Collection Clause in Contracts

Accounts Collection. In the event that an Event of Default occurs and is continuing, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by Borrower shall be held in trust by Borrower for Bank, and, if requested by Bank, Borrower shall immediately deliver such receipts to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 4 contracts

Sources: Loan and Security Agreement (Aspen Technology Inc /De/), Export Import Bank Loan and Security Agreement (Ibasis Inc), Export Import Bank Loan and Security Agreement (Datawatch Corp)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing any Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by Each Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 4 contracts

Sources: Loan and Security Agreement (Immunicon Corp), Loan and Security Agreement (Kanbay International Inc), Loan and Security Agreement (Kanbay International Inc)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, (a) Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by , and (b) Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 3 contracts

Sources: Loan and Security Agreement (Harmonic Inc), Loan and Security Agreement (Harmonic Inc), Loan and Security Agreement (Alteon Websystems Inc)

Accounts Collection. In the event that When an Event of Default occurs and is continuingduring its continuance, Bank may notify any Person owing any Borrower money of Bank's ’s security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by Each Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 3 contracts

Sources: Loan and Security Agreement (Visual Networks Inc), Loan and Security Agreement (Visual Networks Inc), Loan and Security Agreement (Visual Networks Inc)

Accounts Collection. In the event that an Event of Default occurs and is continuing, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. Any After the occurrence of an Event of Default. any amounts received by Borrower shall be held in trust by Borrower for Bank, and, if requested by Bank, Borrower shall immediately deliver such receipts to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 2 contracts

Sources: Loan and Security Agreement (Critical Therapeutics Inc), Loan and Security Agreement (Critical Therapeutics Inc)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by In such case, Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 2 contracts

Sources: Loan and Security Agreement (Stereotaxis, Inc.), Loan and Security Agreement (Stereotaxis, Inc.)

Accounts Collection. In After the event that occurrence and during the continuance of an Event of Default occurs and is continuingDefault, Bank may notify any Person owing funds to Borrower money of Bank's security interest in the such funds and verify and/or collect the amount of the such Account. Any amounts received by Borrower shall be held in trust by collect all amounts owing to Borrower for Bank, andreceive in trust all payments as Bank's trustee, if requested by Bank, Borrower shall and immediately deliver such receipts payments to Bank in the their original form as received from the account debtor, with proper endorsements for deposit.

Appears in 2 contracts

Sources: Loan and Security Agreement (Cygnus Inc /De/), Loan and Security Agreement (Cardiac Pathways Corp)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing Borrower money of Bank's Bank s security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 2 contracts

Sources: Loan and Security Agreement (Hearme), Loan and Security Agreement (Hearme)

Accounts Collection. In Upon the event that occurrence and during the continuance of an Event of Default occurs and is continuingDefault, Bank may notify any Person owing funds to a Borrower money of Bank's security interest in the such funds and verify and/or collect the amount of the such Account. Any Borrowers shall collect all amounts received by Borrower shall be held in trust by owing to Borrower for Bank, receive in trust all payments as Bank's trustee, and, if requested or required by Bank, Borrower shall immediately deliver such receipts payments to Bank in the their original form as received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (Home Director Inc)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing Borrower money of Bank's ’s security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.. 9.4

Appears in 1 contract

Sources: Loan and Security Agreement (Tanisys Technology Inc)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested in writing by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit, within five (5) Business Days after such request.

Appears in 1 contract

Sources: Loan and Security Agreement (Hotjobs Com LTD)

Accounts Collection. In the event that If an Event of Default occurs has occurred and is continuing, Bank may notify any Person owing funds to Borrower money of Bank's security interest in the such funds and verify and/or collect the amount of the such Account. Any amounts received by Borrower shall be held in trust by collect all amounts owing to Borrower for Bank, andreceive in trust all payments as Bank's trustee, if requested by Bank, Borrower shall and immediately deliver such receipts payments to Bank in the their original form as received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (Cortech Inc)

Accounts Collection. In Upon the event that occurrence and during the continuance of an Event of Default occurs and is continuingDefault, the Bank may notify any Person owing funds to any Borrower money of the Bank's security interest in the such funds and verify and/or collect the amount of the such Account. Any amounts received by Each Borrower shall be held collect all amounts owing to such Borrower for the Bank, receive in trust all payments as the Bank's trustee, and if requested or required by Borrower for the Bank, and, if requested by Bank, Borrower shall immediately deliver such receipts payments to the Bank in the their original form as received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan Agreement (Moldflow Corp)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by After an Event of Default has occurred and while it is continuing, Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan Agreement (Ats Medical Inc)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing Borrower money of Bank's ’s security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by During the existence of an Event of Default, Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (Cell Genesys Inc)

Accounts Collection. In Upon the event that occurrence and during the continuance of an Event of Default occurs and is continuingDefault, Bank may notify any Person owing funds to either Borrower money of Bank's security interest in the such funds and verify and/or collect the amount of the such Account. Any Borrowers shall collect all amounts received by Borrower shall be held in trust by Borrower owing to Borrowers for Bank, andreceive in trust all payments as Bank's trustee, and if requested or required by Bank, Borrower shall immediately deliver such receipts payments to Bank in the their original form as received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan Agreement (Lionbridge Technologies Inc /De/)

Accounts Collection. In Upon the event that occurrence and during the continuance of an Event of Default occurs and is continuingDefault, Bank may notify any Person owing funds to any Borrower money of Bank's security interest in the such funds and verify and/or collect the amount of the such Account. Any Upon the occurrence and during the continuance of an Event of Default, Borrowers shall collect all amounts received by Borrower shall be held in trust by owing to any Borrower for Bank, andreceive in trust all payments as Bank's trustee, if requested by Bank, Borrower shall and immediately deliver such receipts payments to Bank in the their original form as received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (Maxwell Technologies Inc)

Accounts Collection. In Upon the event that occurrence and during the continuance of an Event of Default occurs and is continuingDefault, Bank may notify any Person owing funds to Borrower money of Bank's security interest in the such funds and verify and/or collect the amount of the such Account. Any amounts received by , and Borrower shall be held in trust by collect all amounts owing to Borrower for Bank, andreceive in trust all payments as Bank's trustee, and if requested or required by Bank, Borrower shall immediately deliver such receipts payments to Bank in the their original form as received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (Bluestone Software Inc)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by After the occurrence and during the continuance of an Event of Default, Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (Novacept Inc)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by When an Event of Default occurs and continues, Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (Epicedge Inc)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by Upon the occurrence and continuation of an Event of Default, Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (Clarent Corp/Ca)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, -------------------- Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (Bio Imaging Technologies Inc)

Accounts Collection. In the event that an Event of Default occurs and is continuing, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. Any After the occurrence of an Event of Default, and, if requested by Bank, any amounts received by Borrower shall be held in trust by Borrower for Bank, and, if requested by Bank, Borrower shall immediately deliver such receipts to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (Athenahealth Inc)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing either Borrower money of Bank's ’s security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by Borrower shall be held Upon the occurrence and during the continuance of an Event of Default, Borrowers must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (Xenogen Corp)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by While any Obligations are outstanding, Borrower shall be held deemed to collect all payments in trust by Borrower for Bank, Bank and, if requested by BankBank in its good faith business judgment, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (Vascular Solutions Inc)

Accounts Collection. In Upon the event that occurrence and during the ------------------- continuance of an Event of Default occurs and is continuingDefault, Bank may notify any Person owing funds to any Borrower money of Bank's security interest in the such funds and verify and/or collect the amount of the such Account. Any amounts received by Each Borrower shall be held in trust by collect all amounts owing to such Borrower for Bank, andreceive in trust all payments as Bank's trustee, and if requested or required by Bank, Borrower shall immediately deliver such receipts payments to Bank in the their original form as received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (SQL Financials International Inc /De)

Accounts Collection. In During the event that time an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (Plumtree Software Inc)

Accounts Collection. In Upon the event that occurrence and during the continuance of an Event of Default occurs and is continuingDefault, Bank may notify any Person owing funds to any Borrower money of Bank's security interest in the such funds and verify and/or collect the amount of the such Account. Any amounts received by Each Borrower shall be held in trust by collect all amounts owing to any Borrower for Bank, andreceive in trust all payments as Bank's trustee, and if requested or required by Bank, Borrower shall immediately deliver such receipts payments to Bank in the their original form as received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (Isky Inc)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing Borrower money of Bank's ’s security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by Upon the occurrence and during the continuance of an Event of Default, Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (Xenogen Corp)

Accounts Collection. In Upon the event that occurrence and during the continuance of an Event of Default occurs and is continuingDefault, Bank may notify any Person owing funds to Borrower money of Bank's security interest in the such funds and verify and/or collect the amount of the such Account. Any amounts received by Borrower shall be held in trust by collect all amounts owing to Borrower for Bank, andreceive in trust all payments as Bank's trustee, and if requested or required by Bank, Borrower shall immediately deliver such receipts payments to Bank in the their original form as received from the account debtor, with proper endorsements for deposit.. 24

Appears in 1 contract

Sources: Loan and Security Agreement (Concord Communications Inc)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (Sonoma Systems)

Accounts Collection. In the event that If an Event of Default occurs has occurred and is continuing, Bank may notify any Person owing funds to a Borrower money of Bank's security interest in the such funds and verify and/or collect the amount of the such Account. Any amounts received by After the occurrence and during the continuance of an Event of Default, Borrower shall be held in trust by collect all amounts owing to Borrower for Bank, andreceive in trust all payments as Bank's trustee, if requested by Bank, Borrower shall and immediately deliver such receipts payments to Bank in the their original form as received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (MSC Software Corp)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtorAccount Debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Loan and Security Agreement (Viewlocity Inc)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing any Borrower money of Bank's ’s security interest in the funds and verify and/or collect the amount of the Account. Any amounts received by Borrower shall be held Borrowers must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Sources: Term Loan and Security Agreement (Allied Motion Technologies Inc)