Dominion of Funds. (a) The Loan shall be on dominion of funds. Borrower shall direct all Account Debtors, and any other party liable to Borrower for any type of payment, to mail all payments due Borrower to a post office box owned by HCA at a bank acceptable to HCA (“Lockbox Bank”). The Lockbox Bank shall periodically pick up, open and process the contents of the envelopes mailed to the post office box. All payments shall be deposited into a cash collateral account owned by HCA (“CCA”); Borrower shall have no right to withdraw any funds from the CCA, all of Borrower’s funds therein belong to HCA. All other documents included in the envelopes shall be delivered to Borrower together with a manifest from the Lockbox Bank setting forth the collections received by the Lockbox Bank on such date. HCA shall deduct the funds deposited into the CCA and apply same in accordance with the terms of Section 3.2 of this Agreement. HCA and its representatives shall have an irrevocable power of attorney coupled with an interest to endorse any checks or items, in Borrower’s name, delivered or required to be delivered to the post office box. If, notwithstanding HCA’s instructions to an Account Debtor, Borrower receives payments directly from an Account Debtor, Borrower agrees not to commingle such remittances with any of its other funds or property, and will hold the funds separate and apart from its own funds or property, in trust for HCA, and immediately deliver same to the post office box in the form received. HCA shall process the envelope and its contents as if same had been mailed directly to the post office box by the Account Debtor. Any Account Debtors that remit payments to Borrower electronically shall be instructed to remit funds to the CCA. If Borrower receives any funds into its operating account via electronic transfer, it will immediately wire those funds to the CCA.
Dominion of Funds. All collections of any nature and kind, including payments and deposits received by Lender and proceeds subject to the liens and security interests of Lender, including, without limitation, proceeds realized from the Collateral, will be turned over to Lender in the form received or, if applicable, deposited into a lockbox or blocked account designated by Lender.
Dominion of Funds. All collections through the lockbox arrangement shall be deposited into a Cash Collateral Account. If any Borrower makes collections on any of the Collateral, it shall hold such collections in trust for Lender or the proceeds received therefrom and turn over all checks, drafts, cash and other remittances and proceeds each Business Day to be deposited in the Cash Collateral Account. All collected funds in the Cash Collateral Accounts on a daily basis will be transferred by means of ACH transfer, wire transfer or other electronic transfer to a designated account in Lender's name and under its sole dominion and control ("Lender's Account"). Provided that no Pending Default or Event of Default has occurred and is continuing or will occur as the result of such transfer, two (2) Business Days after written request of GLCA, **** which account shall be pledged to Lender and subject to a control agreement in favor of Lender. Lender shall have the right to withdraw funds from any Cash Collateral Account to pay any portion of unpaid fees and expenses due to Lender and to reduce the outstanding principal balance under the Loan to an amount that does not exceed the Borrowing Base.
Dominion of Funds. Borrower shall at its sole expense establish and maintain (and Bank, at Bank’s option, may establish and maintain at Borrower’s expense): (a) an United States Post Office lock box (the “Lock Box”), to which Bank shall have exclusive access and control. Borrower expressly authorizes Bank, from time to time, to remove contents from the Lock Box, for disposition in accordance with this Agreement. Borrower agrees to notify all account debtors and other parties obligated to Borrower that all payments made to Borrower (other than payments by electronic funds transfer) shall be remitted, for the credit of Borrower, to the Lock Box, and Borrower shall include a like statement on all invoices; and (b) an interest bearing deposit account with Bank which shall be titled as designated by Bank (the “Cash Collateral Account”) to which Bank shall have exclusive access and control. Borrower agrees to notify all account debtors and other parties obligated to Borrower that all payments made to Borrower by electronic funds transfer shall be remitted to the Cash Collateral Account, and Borrower, at Bank’s request, shall include a like statement on all invoices. Borrower shall execute all documents and authorizations as required by Bank to establish and maintain the Lock Box and the Cash Collateral Account.
Dominion of Funds. Within fifteen days of the date of execution of this Agreement, establish and thereafter maintain, until all Obligations are paid in full, a deposit account control agreement (a “DACA”), with a bank(s) acceptable to Lender. Borrowers must notify all Account Debtors in respect to Collections (and upon Lender’s request, provide written evidence to document than the notice has been given) to remit all payments made by ACH or electronic funds transfer to the deposit account that is subject to the DACA (the “Blocked Account”). Lender will have the right, at any time, to contact directly any Account Debtors to ensure that payments on their Accounts owing to Borrower are directed to the Blocked Account. If at any time any Collections are received by Borrower (including before the DACA is in place or after it is place and an Account Debtor fails to follow Borrower’s instructions to remit payments to the Blocked Account), Borrower will hold those payments as trustee of an express trust, for Lender’s benefit and those payments, including checks or drafts, may not be commingled with Borrowers’ other funds and will be deposited promptly by Borrower to the Blocked Account. Borrower hereby grants to Lender a lien and security interest upon all items and balances held in the Blocked Account as security for the payment of the Obligations.
Dominion of Funds. Borrower agrees to collect and enforce payment of all Accounts until Agent directs Borrower to the contrary and, from and after such direction, Borrower agrees to fully and promptly cooperate with and assist Agent or any other person as Agent may designate (the "DOMINION BANK") in the collection and enforcement of all Accounts. Immediately upon notice to such effect by Agent to Borrower and at all times thereafter, Borrower shall (a) indorse to the Dominion Bank and forthwith deliver to the Dominion Bank all payments received by Borrower on Accounts or from the sale of any Inventory or arising from any other rights or interests of Borrower therein, in the form received by Borrower without commingling with any funds belonging to Borrower, and (b) forthwith deliver to the Dominion Bank all property in Borrower's possession or hereafter coming into Borrower's possession through any enforcement of any such rights or interests. All payments so received by the Dominion Bank shall be applied in payment of any Obligations then due and owing, first to interest, then to principal (in inverse order of their maturities if principal amounts are due in installments) and the surplus, if any, shall be available to Borrower.
Dominion of Funds. The lock-box account required pursuant to Section 7.10(a) hereof shall have been established.
Dominion of Funds. Borrowers (all except Leasing) acknowledge and agree they shall hold in express trust for Standard Federal and immediately surrender in the form received all of their cash inflows to Standard Federal by depositing such inflows into account #1054400337 maintained at Standard Federal ("Cash Collateral Account"). One hundred percent of Borrowers' (all except Leasing) cash inflows will be applied to those Borrowers' Line of Credit Loan. Subject to maintaining an advisory Line of Credit Limit equal to or greater than the balance owing on the Line of Credit Loan made available by Standard Federal to Borrowers (all except Leasing), and provided there are no further defaults under the terms of the Forbearance Agreement, as amended, and no further defaults under the Loan Documents, Bank may, in its sole discretion, continue to advance to those Borrowers under the Line of Credit Loan, in accordance with the Loan Documents and the Forbearance Agreement, as amended, through January 30, 2002. In the event the balance on the Line of Credit Loan exceeds the then applicable Line of Credit Limit at any time, no advances will be allowed. Each borrowing request or accounts receivable collection must be accompanied by a borrowing base report, in form satisfactory to Standard Federal, with a minimum of one report per week.
Dominion of Funds. Promptly, and in any event within five (5) days after, request by the Agent at any time after any Event of Default has occurred, each Loan Party shall establish a dominion of funds arrangement with the Agent pursuant to the Agent’s standard dominion of funds agreement (collectively, the “Dominion of Funds”) into which thereafter each Loan Party will immediately deposit all collections of Accounts, payments made for services rendered or other payments constituting proceeds of collateral in the identical form in which such payment was made, whether by cash or check. All payments made to the Dominion of Funds shall be the sole and exclusive property of Agent (for the account of the Banks) and no persons shall have a right to setoff against the Dominion of Funds. Subject to the Dominion of Funds agreement, the Agent shall have the exclusive right to determine how, when and in what amounts payments and chargebacks shall be applied through the Dominion of Funds, and such determinations shall be conclusive upon Banks and the Loan Parties.
Dominion of Funds. All collections through the lockbox arrangement shall be deposited into a Cash Collateral Account. If any Borrower makes collections on any of the Collateral, it shall hold such collections in trust for Lender or the proceeds received therefrom and turn over all checks, drafts, cash and other remittances and proceeds each Business Day to be deposited in the Cash Collateral Account. All collected funds in the Cash Collateral Accounts on a daily basis will be transferred by means of ACH transfer, wire transfer or other electronic transfer to a designated account in Lender's name and under its sole dominion and control ("Lender's Account"). Provided that no Pending Default or Event of Default has occurred and is continuing or will occur as the result of such transfer, two (2) Business Days after written request of GLCA, Lender will transfer collected funds from Lender's Account to GLCA's operating account, [*] at Xxxxxx Bank, which account shall be pledged to Lender and subject to a control agreement in favor of Lender. Lender shall have the right to withdraw funds from any Cash Collateral Account to pay any portion of unpaid fees and expenses due to Lender and to reduce the outstanding principal balance under the Loan to an amount that does not exceed the Borrowing Base.
