Collateral Account. (a) If, notwithstanding the instructions to debtors to make payments to the Lockbox, the Borrower receives any payments on Receivables, the Borrower shall deposit such payments into the Collateral Account. Until so deposited, the Borrower shall hold all such payments in trust for and as the property of the Lender and shall not commingle such payments with any of its other funds or property.
Appears in 14 contracts
Samples: And Security Agreement (Technology Flavors & Fragrances Inc), Credit and Security Agreement (Fourth Shift Corp), Credit and Security Agreement (Naturade Inc)
Collateral Account. (a) If, notwithstanding the instructions to debtors to make payments to the Lockbox, the Borrower receives any payments on ReceivablesReceivables or other proceeds of Collateral, the Borrower shall deposit such payments and proceeds into the Collateral Account. Until so deposited, the Borrower shall hold all such payments and proceeds in trust for and as the property of the Lender and shall not commingle such payments with any of its other funds or property.
Appears in 2 contracts
Samples: Credit and Security Agreement (Futech Interactive Products Inc), Credit and Security Agreement (Heartland Technology Inc)
Collateral Account. (a) If, notwithstanding the instructions to debtors to make payments to the Lockbox, the Borrower receives any payments on ReceivablesReceivables or other proceeds of the Collateral, the Borrower shall deposit such payments or proceeds into the Collateral Account. Until so deposited, the Borrower shall hold all such payments and proceeds in trust for and as the property of the Lender and shall not commingle such payments with any of its other funds or property.
Appears in 2 contracts
Samples: Credit and Security Agreement (Rmed International Inc), Credit and Security Agreement (Rmed International Inc)
Collateral Account. (a) If, notwithstanding the instructions to debtors to make payments to the Lockbox, the any Borrower receives any payments on Receivables, the that Borrower shall deposit such payments into the Collateral Account. Until so deposited, the each Borrower shall hold all such payments in trust for and as the property of the Lender and shall not commingle such payments with any of its other funds or property.
Appears in 1 contract
Samples: Credit and Security Agreement (Eagle Geophysical Inc)
Collateral Account. (a) If, notwithstanding the instructions to debtors to make payments to the LockboxLockboxes, the Borrower receives any payments on Receivables, the Borrower shall deposit such payments into the Collateral Account. Until so deposited, the Borrower shall hold all such payments in trust for and as the property of the Lender and shall not commingle such payments with any of its other funds or property.
Appears in 1 contract
Samples: Credit and Security Agreement (Organic Food Products Inc)
Collateral Account. (a) If, notwithstanding the instructions to debtors to make payments to the Lockbox, the either Borrower receives any payments on Receivables, the such Borrower shall deposit such payments into the applicable Collateral Account. Until so deposited, the such Borrower shall hold all such payments in trust for and as the property of the Lender and shall not commingle such payments with any of its other funds or property.
Appears in 1 contract
Samples: Credit and Security Agreement (Medical Dynamics Inc)
Collateral Account. (a) If, notwithstanding the instructions to debtors to make payments to the Lockbox, any of the Borrower Borrowers receives any payments on Receivables, the that Borrower shall deposit such payments into the Collateral Account. Until so deposited, the Borrower Borrowers shall hold all such payments in trust for and as the property of the Lender and shall not commingle such payments with any of its other funds or property.
Appears in 1 contract
Samples: Credit and Security Agreement (Nu Kote Holding Inc /De/)
Collateral Account. (a) If, notwithstanding the instructions to debtors to make payments to the Lockbox, the Borrower receives any payments on ReceivablesReceivables (other than the Receivables of First Team Sports GmbH), the Borrower shall deposit such payments into the Collateral Account or Custodial Account. Until so deposited, the Borrower shall hold all such payments in trust for and as the property of the Lender and shall not commingle such payments with any of its other funds or property.
Appears in 1 contract
Samples: Credit and Security Agreement (First Team Sports Inc)
Collateral Account. (ai) If, notwithstanding the instructions to debtors to make payments to the Lockbox, the Borrower receives any payments on Receivables, the The Borrower shall also deposit such payments into all cash proceeds of Collateral directly to the Collateral Account. Until so deposited, the Borrower shall hold all such payments and cash proceeds in trust for and as the property of the Lender and shall not commingle such payments property with any of its other funds or property. All deposits in the Collateral Account shall constitute proceeds of Collateral and shall not constitute payment of the Obligations.
Appears in 1 contract
Collateral Account. (a) If, notwithstanding the instructions to debtors to make payments to the Lockbox, the Borrower receives any payments on ReceivablesReceivables or other proceeds of Collateral, the Borrower shall promptly deposit such payments and proceeds into the Collateral Account. Until so deposited, the Borrower shall hold all such payments and proceeds in trust for and as the property of the Lender and shall not commingle such payments with any of its other funds or property.
Appears in 1 contract
Collateral Account. (a) If, notwithstanding the instructions to debtors to make payments to the Lockbox, the Borrower receives any payments on Receivables, the Borrower shall deposit such payments into the Collateral Account. Until so deposited, the Borrower shall hold all such payments in trust for and as the property of the Lender and shall not commingle such payments with any of its other funds or property.
Appears in 1 contract
