Common use of Lock Box; Collateral Account Clause in Contracts

Lock Box; Collateral Account. The Grantor will direct each of its Account Debtors or other obligors to make payments due under any Collateral directly to a special lock box to be established and maintained by Secured Party (the "Lockbox"). The Grantor hereby authorizes and directs Secured Party to deposit into a special collateral account to be established and maintained by Secured Party (the "Collateral Account") all checks, drafts and cash payments received in said Lockbox. All deposits from the Lockbox to the Collateral Account shall constitute proceeds of Collateral and shall not constitute payment of any Obligation. The Grantor agrees that it will promptly deliver to Secured Party, for deposit into said Collateral Account, all payments on Accounts and Chattel Paper received by it. All such payments shall be delivered to Secured Party in the form received (except for the Grantor's endorsement where necessary). Until so delivered, all payments on Accounts and Chattel Paper received by the Grantor shall be held in trust by the Grantor for and as the property of Secured Party and shall not be commingled with any funds or property of the Grantor.

Lock Box; Collateral Account. The Each Grantor will direct each of its Account Debtors or other obligors to make payments due under any Collateral directly to a special lock box to be established and maintained by Secured Party (the "Lockbox"). The Grantor Grantors hereby authorizes authorize and directs direct Secured Party to deposit into a special collateral account to be established and maintained by Secured Party (the "Collateral Account") all checks, drafts and cash payments received in said Lockbox. All deposits from the Lockbox to the Collateral Account shall constitute proceeds of Collateral and shall not constitute payment of any Obligation. The Grantor agrees Grantors agree that it will promptly deliver to Secured Party, for deposit into said Collateral Account, all payments on Accounts and Chattel Paper received by it. All such payments shall be delivered to Secured Party in the form received (except for the Grantor's Grantors' endorsement where necessary). Until so delivered, all payments on Accounts and Chattel Paper received by the Grantor Grantors shall be held in trust by the Grantor Grantors for and as the property of Secured Party and shall not be commingled with any funds or property of the GrantorGrantors.