Common use of Collection of Accounts, Proceeds of Collateral Clause in Contracts

Collection of Accounts, Proceeds of Collateral. To expedite collection, Borrower shall endeavor in the first instance to make collection of its Accounts for Lender. All remittances received by Borrower in respect of Accounts, together with the proceeds of any other Collateral, shall be held as Lender's property by Borrower as trustee of an express trust for Lender's benefit and Borrower shall immediately deposit same in kind in the Dominion Account. Lender retains the right at all times after the occurrence of a Default or an Event of Default to notify Account Debtors that Accounts have been assigned to Lender and to collect Accounts directly in its own name and to charge the collection costs and expenses, including reasonable attorneys' fees to Borrower.

Appears in 4 contracts

Samples: Loan and Security Agreement (Black Warrior Wireline Corp), Loan and Security Agreement (Advanced Technical Products Inc), Loan and Security Agreement (Advanced Technical Products Inc)

AutoNDA by SimpleDocs

Collection of Accounts, Proceeds of Collateral. To expedite collection, Borrower shall endeavor in the first instance to make collection of its Accounts for Lender. All remittances received by Borrower in respect on account of Accounts, together with the proceeds of any other Collateral, shall be held as Lender's property by Borrower as trustee of an express trust for Lender's benefit and Borrower shall immediately deposit same in kind in the Dominion Account. Lender retains the right at all times after the occurrence of a Default or an Event of Default to notify Account Debtors that Accounts have been assigned to Lender and to collect Accounts directly in its own name and to charge the collection costs and expenses, including reasonable attorneys' fees to Borrower.

Appears in 2 contracts

Samples: Loan and Security Agreement (First Aviation Services Inc), Loan and Security Agreement (Union Drilling Inc)

Collection of Accounts, Proceeds of Collateral. To expedite collection, Borrower shall endeavor in the first instance to make collection of its Accounts for Lender. All remittances received by Borrower in respect on account of Accounts, together with the proceeds of any other Collateral, shall be held as Lender's property by Borrower as trustee of an express trust for Lender's benefit benefit, and Borrower shall immediately deposit same in kind in the Dominion Account, except as otherwise permitted in this Agreement. Lender retains the right at all times after the occurrence of a Default or an Event of Default to notify Account Debtors that Accounts have been assigned to Lender and to collect Accounts directly in its own name and to charge the collection costs and expenses, including reasonable attorneys' fees to Borrower. Lender has no duty to protect, insure, collect or realize upon the Accounts or preserve rights therein.

Appears in 2 contracts

Samples: Loan and Security Agreement (Eagle Supply Group Inc), Loan and Security Agreement (Eagle Supply Group Inc)

Collection of Accounts, Proceeds of Collateral. To expedite collection, Borrower Borrowers shall endeavor in the first instance to make collection of its their Accounts for Lender. All remittances Payment Items received by any Borrower in respect of its Accounts, together with the proceeds of any other Collateral, shall be held as Lender's property by such Borrower as trustee of an express trust for Lender's benefit benefit, and such Borrower shall immediately deposit same in kind in the a Dominion Account. Lender retains the right at all times after the occurrence of a Default or an Event of Default to notify Account Debtors that Accounts have been assigned to Lender and to collect Accounts directly in its own name and to charge to Borrowers the collection costs and expenses, including reasonable attorneys' fees to Borrowerfees.

Appears in 1 contract

Samples: Loan and Security Agreement (Atlantic Premium Brands LTD)

Collection of Accounts, Proceeds of Collateral. To expedite collection, Borrower shall endeavor in the first instance to make collection of its Accounts for Lender. All remittances received by Borrower in respect on account of Accounts, together with the proceeds of any other Collateral, shall be held as Lender's property by Borrower as trustee of an express trust for Lender's benefit and Borrower shall immediately deposit same in kind in the Dominion Account. Lender retains the right at all times after the occurrence of a Default or an Event of Default to notify Account Debtors that Accounts have been assigned to Lender and to collect Accounts directly in its own name, or in the name of Lender's agent, and to charge the collection costs and expenses, including reasonable attorneys' fees to Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Media Sciences International Inc)

Collection of Accounts, Proceeds of Collateral. To expedite collection, Borrower Borrowers shall endeavor in the first instance to make collection of its their Accounts for Lender. All remittances received by Borrower in respect Borrowers on account of Accounts, together with the proceeds of any other Collateral, shall be held as Lender's property by Borrower Borrowers as trustee of an express trust for Lender's benefit benefit, and Borrower Borrowers shall immediately deposit same in kind in the Dominion Account, except as otherwise permitted in this Agreement. Lender retains the right at all times after the occurrence of a Default or an Event of Default to notify Account Debtors that Accounts have been assigned to Lender and to collect Accounts directly in its own name and to charge the collection costs and expenses, including reasonable attorneys' fees to BorrowerBorrowers. Lender has no duty to protect, insure, collect or realize upon the Accounts or preserve rights therein.

Appears in 1 contract

Samples: And Consolidated Loan and Security Agreement (Eagle Supply Group Inc)

AutoNDA by SimpleDocs

Collection of Accounts, Proceeds of Collateral. To expedite collection, Borrower shall endeavor in the first instance to make collection of its Accounts for Lender. All remittances received by Borrower in respect on account of Accounts, together with the proceeds of any other Collateral, shall be held as Lender's property by Borrower as trustee of an express trust for Lender's benefit and Borrower shall immediately deposit same in kind in the Dominion Account. Lender retains the right at all times after the occurrence of a Default or an Event of Default to notify Account Debtors that Accounts have been assigned to Lender and to collect Accounts directly in its own name and to charge the collection costs and expenses, including reasonable attorneys' fees to Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Rowecom Inc)

Collection of Accounts, Proceeds of Collateral. To expedite collection, Borrower Borrowers shall endeavor in the first instance to make collection of its their Accounts for Lender. All remittances received by any Borrower in respect on account of Accounts, together with the proceeds of any other Collateral, shall be held as Lender's property by such Borrower as trustee of an express trust for LenderXxxxxx's benefit and such Borrower shall immediately deposit same in kind in the Dominion Account. Lender Xxxxxx retains the right at all times after the occurrence of a Default or an Event of Default to notify Account Debtors that Accounts have been assigned to Lender and to collect Accounts directly in its own name and to charge the collection costs and expenses, including reasonable attorneys' fees fees, to BorrowerBorrowers.

Appears in 1 contract

Samples: Loan and Security Agreement (Vista 2000 Inc)

Collection of Accounts, Proceeds of Collateral. To expedite collection, Borrower Borrowers shall endeavor in the first instance to make collection of its their Accounts for Lender. All remittances received by Borrower in respect Borrowers on account of Accounts, together with the proceeds of any other Collateral, shall be held as Lender's property by Borrower Borrowers as trustee trustees of an express trust for Lender's benefit and Borrower Borrowers shall immediately deposit same in kind in the Dominion Account. Lender retains the right at all times after the occurrence of a Default or an Event of Default to notify Account Debtors that Accounts have been assigned to Lender and to collect Accounts directly in its own name, or in the name of Lender's agent, and to charge the collection costs and expenses, including reasonable attorneys' fees to BorrowerBorrowers.

Appears in 1 contract

Samples: Loan and Security Agreement (Measurement Specialties Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.