DEPOSIT WITH THE BANK. At any time the Bank may require that all proceeds of Collateral received by the Debtor shall be held by the Debtor upon an express trust for the Bank, shall not be commingled with any other funds or property of the Debtor and shall be turned over to the Bank in precisely the form received (but endorsed by the Debtor, if necessary for collection) not later than the business day following the day of their receipt. All proceeds of Collateral received by the Bank directly or from the Debtor shall be applied against the obligations in such order and at such times as the Bank shall determine.
Appears in 2 contracts
Samples: Security Agreement (Universal Manufacturing Co), Business Security Agreement (Universal Manufacturing Co)
DEPOSIT WITH THE BANK. At any time the Bank may require that all proceeds of Collateral received by the Debtor shall be held by the Debtor upon an express trust for the Bank, shall not be commingled with any other funds or property of the Debtor and shall be turned over to the Bank in precisely the form received (but endorsed by the Debtor, if necessary for collection) not later than the business day following the day of their receipt. All proceeds of Collateral received by the Bank directly or from the Debtor shall be applied against the obligations Obligations in such order and at such times as the Bank shall determine.
Appears in 2 contracts
Samples: Business Security Agreement (Universal Manufacturing Co), Term Note (Oakridge Holdings Inc)
