Common use of Proceeds of Accounts Clause in Contracts

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor shall, upon the request of the Agent, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agent) under arrangements, in form and substance satisfactory to the Agent pursuant to which such Obligor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Agent for deposit into the Collateral Account. All payments made to the Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Agent, as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor for and as the property of the Agent and shall not be commingled with any other funds or property of such Obligor.

Appears in 2 contracts

Samples: Credit Agreement (Canadian Forest Oil LTD), Security Agreement (Canadian Forest Oil LTD)

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Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor the Guarantor shall, upon the request of the Administrative Agent, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) under arrangements, in form and substance satisfactory to the Administrative Agent pursuant to which such Obligor the Guarantor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Administrative Agent for deposit into the Collateral Account. All payments made to the Administrative Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor the Guarantor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Agent, Guarantor shall as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor the Guarantor for and as the property of the Administrative Agent and shall not be commingled with any other funds or property of such Obligorthe Guarantor.

Appears in 2 contracts

Samples: Credit Agreement (Be Aerospace Inc), Credit Agreement (Be Aerospace Inc)

Proceeds of Accounts. At If so requested by the Collateral Agent at any time after the occurrence and during the continuance of an Event of Default, each Obligor shall, upon the request of the Agent, shall instruct all account debtors and other Persons obligated in respect of Accounts, Chattel Paper and General Intangibles, all Accounts obligors on Instruments and all counterparties in respect of the Assigned Agreements to make all payments in respect of the Accounts thereof either (a) directly to the Collateral Agent (by instructing that such payments be remitted to a post office box or deposit account which shall be in the name and under the control of the Collateral Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box or deposit account which shall be in the name and under the control of the Collateral Agent) under arrangements, in form and substance satisfactory to the Agent Collateral Agent, pursuant to which such Obligor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Collateral Agent for deposit into the Collateral Account. All payments made to the Collateral Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Collateral Agent, as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor for and as the property of the Collateral Agent and shall not be commingled with any other funds or property of such Obligor.

Appears in 2 contracts

Samples: Security Agreement (Itc Deltacom Inc), Security Agreement (Itc Deltacom Inc)

Proceeds of Accounts. At If requested by the Administrative Agent at any time after the occurrence and during the continuance of an Event of Default, each Obligor shall, upon the request of the Agent, shall instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) under arrangements, in form and substance satisfactory to the Agent Administrative Agent, pursuant to which such Obligor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Administrative Agent for deposit into the Collateral Account. All payments made to the Administrative Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Administrative Agent, as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor for and as the property of the Administrative Agent and shall not be commingled with any other funds or property of such Obligor.

Appears in 2 contracts

Samples: Security Agreement (Princeton Review Inc), Security Agreement (Student Advantage Inc)

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor the Company shall, upon the request of the Administrative Agent, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) under arrangements, in form and substance satisfactory to the Administrative Agent pursuant to which such Obligor the Company shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Administrative Agent for deposit into the Collateral Account. All payments made to the Administrative Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor the Company agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Agent, Company shall as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor the Company for and as the property of the Administrative Agent and shall not be commingled with any other funds or property of such Obligorthe Company.

Appears in 2 contracts

Samples: Credit Agreement (Be Aerospace Inc), Credit Agreement (Be Aerospace Inc)

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor the Company shall, upon the request of the Administrative Agent, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agentsuch other bank(s)) under arrangements, in form and substance satisfactory to the Administrative Agent pursuant to which such Obligor the Company shall have irrevocably instructed such other bank bank(s) (and such other bank bank(s) shall have agreed) to remit all proceeds of such payments (net of amounts applied by, or transferred to, such other bank(s) at the instruction of the Company to be used for the payment of operating expenses incurred by the Company in the ordinary course of its business and due and owing at the time of such application) directly to the Administrative Agent for deposit into the Collateral Account. All payments made to the Administrative Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor the Company agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Agent, Company shall as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor the Company for and as the property of the Administrative Agent and shall not be commingled with any other funds or property of such Obligorthe Company.

Appears in 1 contract

Samples: Security Agreement (United Stationers Supply Co)

Proceeds of Accounts. At If so requested by the Lender at any time after the occurrence and during the continuance of an Event of Default, each Obligor shall, upon the request of the Agent, Grantor shall instruct all account debtors and other Persons obligated in respect of Accounts, Chattel Paper and General Intangibles and all Accounts Grantors on Instruments to make all payments in respect of the Accounts thereof either (a) directly to the Agent Lender (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the AgentLender) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the AgentLender) under arrangements, in form and substance satisfactory to the Agent Lender, pursuant to which such Obligor Grantor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Agent Lender for deposit into the Collateral Account. All payments made to the AgentLender, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor Grantor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor Grantor shall, upon the request of the AgentLender, as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor Grantor for and as the property of the Agent Lender and shall not be commingled with any other funds or property of such ObligorGrantor.

Appears in 1 contract

Samples: Term Loan Agreement (Softquad Software LTD)

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor shall, upon the request The Subsidiary Guarantor shall within 90 days of the Agent, Effective Date instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the control of the Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agentsuch other bank(s)) under arrangements, in form and substance satisfactory to the Agent pursuant to which such Obligor the Subsidiary Guarantor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Agent for deposit into the Lxxxxxx Collateral Account. All payments made to the Agent, as provided in the preceding sentence, shall be immediately deposited in the Lxxxxxx Collateral Account. In addition to the foregoing, each Obligor the Subsidiary Guarantor agrees that, at any time after the occurrence and during the continuance of an Event of Default, that if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Agent, Subsidiary Guarantor shall as promptly as possible deposit such proceeds into the Lxxxxxx Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor the Subsidiary Guarantor for and as the property Property of the Agent and shall not be commingled with any other funds or property Property of such Obligorthe Subsidiary Guarantor.

Appears in 1 contract

Samples: Credit Agreement (United Stationers Supply Co)

Proceeds of Accounts. At Subject to the terms of the Intercreditor and Subordination Agreements, if so requested by the Collateral Agent at any time after the occurrence and during the continuance of an Event of Default, each Obligor shall, upon the request of the Agent, shall instruct all account debtors and other Persons obligated in respect of Accounts, Chattel Paper and General Intangibles, all Accounts obligors on Instruments and all counterparties in respect of the Assigned Agreements to make all payments Second Amended and Restated Security Agreement in respect of the Accounts thereof either (a) directly to the First Lien Collateral Agent (by instructing that such payments be remitted to a post office box or deposit account which shall be in the name and under the control of the First Lien Collateral Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box or deposit account which shall be in the name and under the control of the First Lien Collateral Agent) under arrangements, in form and substance satisfactory to the Agent First Lien Collateral Agent, pursuant to which such Obligor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the First Lien Collateral Agent for deposit into the Collateral Account. All payments made to the First Lien Collateral Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Collateral Agent, as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor for and as the property of the First Lien Collateral Agent and shall not be commingled with any other funds or property of such Obligor.

Appears in 1 contract

Samples: Security Agreement (Itc Deltacom Inc)

Proceeds of Accounts. At any time after the occurrence and -------------------- during the continuance of an Event of Default, each Obligor Debtor shall, upon the request of the Administrative Agent, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) ), or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) under arrangements, in form and substance satisfactory to the Agent Administrative Agent, pursuant to which such Obligor Debtor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Administrative Agent for deposit into the Collateral Account. All payments made to the Agent, Administrative Agent as provided in the preceding sentence, sentence shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor Debtor agrees that, at any time after the occurrence and during the continuance of an Event of Default, Default if the proceeds of any Pledged Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Agent, Debtor shall as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor Debtor for and as the property of the Administrative Agent and the Lenders and shall not be commingled with any other funds or property of such ObligorDebtor.

Appears in 1 contract

Samples: Security Agreement (Tmil Corp)

Proceeds of Accounts. At any time after If the occurrence and during Loan is not satisfied on or before the continuance of an Event of DefaultMaturity Date, each Obligor shall, upon the request as of the AgentMaturity Date, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Agent Fund (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the AgentFund) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the AgentFund) under arrangements, in form and substance satisfactory to the Agent Fund pursuant to which such Obligor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Agent Fund for deposit into the Collateral Account. All payments made to the AgentFund, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor agrees that, at any time that if (after the occurrence and Maturity Date or during the continuance pendancy of an any Event of Default, if Default or Default which by its nature cannot be cured) the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Agent, shall as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor for and as the property of the Agent Fund and shall not be commingled with any other funds or property of such Obligor.

Appears in 1 contract

Samples: Guarantee, Pledge and Security Agreement (Marquee Group Inc)

Proceeds of Accounts. At If so requested by the Collateral Agent at any time after the occurrence and during the continuance of an Event of Actionable Default, each Obligor shall, upon the request of the Agent, Grantor shall instruct all account debtors and other Persons obligated in respect of Accounts, Chattel Paper and General Intangibles and all Accounts obligors on Instruments to make all payments in respect of the Accounts thereof either (a) directly to the Collateral Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Collateral Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Collateral Agent) under arrangements, in form and substance satisfactory to the Agent Collateral Agent, pursuant to which such Obligor Grantor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Agent for deposit into the Collateral Account. All payments made to the Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor Grantor agrees that, at any time after the occurrence and during the continuance of an Event of Actionable Default, if the proceeds of any Pledged Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor the Grantor shall, upon the request of the Collateral Agent, as promptly as possible deposit remit such proceeds into to the Collateral AccountAgent. Until so deposited, all such proceeds shall be held in trust by such Obligor the Grantor for and as the property of the Collateral Agent and shall not be commingled with any other funds or property of the Grantor. Upon the occurrence and during the continuance of any Actionable Default, upon request of the Collateral Agent, the Grantor shall promptly notify (and the Grantor hereby authorizes the Collateral Agent so to notify) each account debtor in respect of any Accounts or Instruments that such ObligorPledged Collateral has been assigned to the Collateral Agent hereunder, and that any payments due or to become due in respect of such Pledged Collateral are to be made directly to the Collateral Agent.

Appears in 1 contract

Samples: Security and Pledge Agreement (ICO Global Communications (Holdings) LTD)

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Each Obligor shall, upon the request of the Agent-------------------- Collateral Agent made at any time that an Event of Default exists, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Collateral Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Collateral Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Collateral Agent) under arrangements, in form and substance satisfactory to the Collateral Agent pursuant to which such Obligor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Collateral Agent for deposit into the Collateral Account. All payments made to the Collateral Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor agrees that, at any time after the occurrence and during the continuance of an Event of Default, that if the proceeds Proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by itit at any time after the Collateral Agent makes such request, such Obligor shall, upon the request of the Agent, shall as promptly as possible deposit such proceeds Proceeds into the Collateral Account. Until so deposited, all such proceeds Proceeds shall be held in trust by such Obligor for and as the property of the Collateral Agent and shall not be commingled with any other funds or property of such Obligor.

Appears in 1 contract

Samples: Security Agreement (Smithfield Foods Inc)

Proceeds of Accounts. At If so requested by the Administrative Agent at any time after the occurrence and during the continuance of an Event of Default, each Obligor shall, upon the request of the Agent, shall instruct all account debtors and other Persons obligated in respect of Accounts, Chattel Paper and General Intangibles and all Accounts obligors on Instruments to make all payments in respect of the Accounts thereof either (a) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) under arrangements, in form and substance satisfactory to the Agent Administrative Agent, pursuant to which such Obligor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Administrative Agent for deposit into the Collateral Account. All payments made to the Administrative Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Administrative Agent, as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor Pledge and Security Agreement for and as the property of the Administrative Agent and shall not be commingled with any other funds or property of such Obligor.

Appears in 1 contract

Samples: Pledge and Security Agreement (Isp Minerals LLC)

Proceeds of Accounts. At If so requested by the Administrative Agent at any time after the occurrence and during the continuance of an Event of Default, each Obligor shall, upon the request of the Agent, Debtor shall instruct all account debtors and other Persons obligated in respect of Accounts, Chattel Paper and General Intangibles and all Accounts obligors on Instruments to make all payments in respect of the Accounts thereof either (a) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agent) or (b) to one or more other banks any bank in the United States of America (specified by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agent) Administrative Agent under arrangements, in form and substance satisfactory to the Agent Administrative Agent, pursuant to which such Obligor the Debtor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Agent for deposit into the Collateral Account. All payments made to the Agent, Administrative Agent as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the Security Agreement foregoing, each Obligor the Debtor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor the Debtor shall, upon the request of the Administrative Agent, as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor the Debtor for and as the property of the Administrative Agent and shall not be commingled with any other funds or property of such Obligorthe Debtor.

Appears in 1 contract

Samples: Security Agreement (Great Wall Acquisition Corp)

Proceeds of Accounts. At any time after Except as permitted by Section 5.01(b) hereof, the occurrence and during the continuance of an Event of Default, each Obligor shall, upon the request of the Agent, Borrower shall instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Agent (by instructing that such payments be remitted to a BORROWER SECURITY AGREEMENT post office box which shall be in the name and under the control of the Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agent) under arrangements, in form and substance satisfactory to the Agent Agent, pursuant to which such Obligor the Borrower shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Agent for deposit into the Collateral Account. All payments made to the Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor the Borrower agrees that, at any time after the occurrence and during the continuance of an Event of Default, that if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Agent, Borrower shall as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor the Borrower for and as the property of the Agent (for the benefit of the Banks and the holders of Other Indebtedness) and shall not be commingled with any other funds or property of such Obligorthe Borrower.

Appears in 1 contract

Samples: Credit Agreement (Journal Register Co)

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of DefaultExcept as permitted by Section 5.01(b) hereof, each Obligor shall, upon the request of the Agent, Subsidiary Guarantor shall instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agent) under arrangements, in form and substance satisfactory to the Agent Agent, pursuant to which such Obligor Subsidiary Guarantor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Agent for deposit into the Collateral Account. All payments made to the Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor Subsidiary Guarantor agrees that, at any time after the occurrence and during the continuance of an Event of Default, that if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Agent, Subsidiary Guarantor shall as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor Subsidiary Guarantor for and as the property of the Agent (for the benefit of the Lenders) and shall not be commingled with any other funds or property of such ObligorSubsidiary Guarantor.

Appears in 1 contract

Samples: Guarantee Agreement (Journal Register Co)

Proceeds of Accounts. At Each Grantor shall, upon request of the Collateral Agent made at any time after the occurrence and during the continuance of that an Event of Default, each Obligor shall, upon the request of the AgentDefault exists, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Collateral Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Collateral Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Collateral Agent) under arrangements, in form and substance satisfactory to the Collateral Agent pursuant to which such Obligor Grantor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Collateral Agent for deposit into the Collateral Account. All payments made to the Collateral Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor Grantor agrees that, at any time after the occurrence and during the continuance of an Event of Default, that if the proceeds Proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by itit at any time after the Collateral Agent makes such request, such Obligor shall, upon the request of the Agent, Grantor shall as promptly as possible deposit such proceeds Proceeds into the Collateral Account. Until so deposited, all such proceeds Proceeds shall be held in trust by such Obligor Grantor for and as the property of the Collateral Agent and shall not be commingled with any other funds or property of such ObligorGrantor.

Appears in 1 contract

Samples: Security Agreement (Smithfield Foods Inc)

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor Subsidiary Guarantor shall, upon the request of the Administrative Agent, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the control of the Administrative Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agentsuch other bank(s)) under arrangements, in form and substance satisfactory to the Administrative Agent pursuant to which such Obligor Subsidiary Guarantor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Administrative Agent for deposit into the Subsidiary Guarantor Collateral Account. All payments made to the Administrative Agent, as provided in the preceding sentence, shall be immediately deposited in the Subsidiary Guarantor Collateral Account. In addition to the foregoing, each Obligor Subsidiary Guarantor agrees that, that at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Agent, Subsidiary Guarantor shall as promptly as possible deposit such proceeds into the Subsidiary Guarantor Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor each Subsidiary Guarantor for and as the property Property of the Administrative Agent and shall not be commingled with any other funds or property Property of such Obligoreach Subsidiary Guarantor.

Appears in 1 contract

Samples: Subsidiary Guarantee and Security Agreement (United Stationers Supply Co)

Proceeds of Accounts. At If so requested by the Lender at any time -------------------- after the occurrence and during the continuance of an Event of Default, each Obligor shall, upon the request of the Agent, Image2Web shall instruct all account debtors and other Persons obligated in respect of Accounts, Chattel Paper and General Intangibles and all Accounts obligors on Instruments to make all payments in respect of the Accounts thereof either (a) directly to the Agent Lender (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the AgentLender) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the AgentLender) under arrangements, in form and substance satisfactory to the Agent Lender, pursuant to which such Obligor Image2Web shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Agent Lender for deposit into the Collateral Account. All payments made to the AgentLender, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor Grantor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor Grantor shall, upon the request of the AgentLender, as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor Grantor for and as the property of the Agent Lender and shall not be commingled with any other funds or property of such ObligorGrantor.

Appears in 1 contract

Samples: Term Loan Agreement (Micrografx Inc)

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor Securing Party shall, upon the request of the Collateral Agent, to the extent that the Collateral Agent does not otherwise exercise dominion and control over the depository bank accounts of such Securing Party, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Collateral Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Collateral Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Collateral Agent) under arrangements, in form and substance reasonably satisfactory to the Collateral Agent pursuant to which such Obligor Securing Party shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Collateral Agent for deposit into the Collateral AccountAccount if required by the Collateral Agent. All payments made to the Collateral Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor Securing Party agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor Securing Party shall, upon the request of the Collateral Agent, as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor Securing Party for and as the property benefit of the Collateral Agent and shall not be commingled with any other funds or property of such ObligorSecuring Party.

Appears in 1 contract

Samples: Pledge and Security Agreement (Winstar Communications Inc)

Proceeds of Accounts. At If so requested by the Administrative Agent at any time after the occurrence and during the continuance of an Event of Default, each Obligor shall, upon the request of the Agent, shall instruct all account debtors and other Persons obligated in respect of Accounts, Chattel Paper and General Intangibles and all Accounts obligors on Instruments to make all payments in respect of the Accounts thereof either (ai) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) or (bii) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) under arrangements, in form and substance satisfactory to the Agent Administrative Agent, pursuant to which such Obligor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Administrative Agent for deposit into the Collateral Account. All payments made to the Administrative Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Administrative Agent, as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor for and as the property of the Administrative Agent and shall not be commingled with any other funds or property of such Obligor.

Appears in 1 contract

Samples: Joint Venture Agreement (Nextel Partners Inc)

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Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Each Obligor shall, upon the request of the AgentCollateral Agent made at any time that an Event of Default exists, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Collateral Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Collateral Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Collateral Agent) under arrangements, in form and substance satisfactory to the Collateral Agent pursuant to which such Obligor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Collateral Agent for deposit into the Collateral Account. All payments made to the Collateral Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor agrees that, at any time after the occurrence and during the continuance of an Event of Default, that if the proceeds Proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by itit at any time after the Collateral Agent makes such request, such Obligor shall, upon the request of the Agent, shall as promptly as possible deposit such proceeds Proceeds into the Collateral Account. Until so deposited, all such proceeds Proceeds shall be held in trust by such Obligor for and as the property of the Collateral Agent and shall not be commingled with any other funds or property of such Obligor.

Appears in 1 contract

Samples: Pledge and Security Agreement (Smithfield Foods Inc)

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor Subsidiary Guarantor shall, upon the request of the Administrative Agent, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the control of the Administrative Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agentsuch other bank(s)) under arrangements, in form and substance satisfactory to the Administrative Agent pursuant to which such Obligor Subsidiary Guarantor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Administrative Agent for deposit into the Subsidiary Guarantor Collateral Account. All payments made to the Administrative Agent, as provided in the preceding sentence, shall be immediately deposited in the Subsidiary Guarantor Collateral Account. In addition to the foregoing, each Obligor Subsidiary Guarantor agrees that, that at any time after the occurrence and during the continuance of an Event of DefaultDefault , if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Agent, Subsidiary Guarantor shall as promptly as possible deposit such proceeds into the Subsidiary Guarantor Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor each Subsidiary Guarantor for and as the property Property of the Administrative Agent and shall not be commingled with any other funds or property Property of such Obligoreach Subsidiary Guarantor.

Appears in 1 contract

Samples: Subsidiary Guarantee and Security Agreement (United Stationers Supply Co)

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor the Guarantor shall, upon the request of the Administrative Agent, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) under arrangements, in form and substance satisfactory to the Administrative Agent pursuant to which such Obligor the Guarantor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Administrative Agent for deposit into the Collateral Account. All payments made to the Administrative Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor the Guarantor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Series A Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Agent, Guarantor shall as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor the Guarantor for and as the property of the Administrative Agent and shall not be commingled with any other funds or property of such Obligorthe Guarantor.

Appears in 1 contract

Samples: Guarantee and Security Agreement (Be Aerospace Inc)

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor shall, upon the request of the Administrative Agent, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) or (b) to one or more other banks lenders in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) under arrangements, in form and substance satisfactory to the Administrative Agent pursuant to which such Obligor shall have irrevocably instructed such other bank lender (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Administrative Agent for deposit into the Collateral Account. All payments made to the Administrative Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Administrative Agent, as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor for and as the property of the Administrative Agent and shall not be commingled with any other funds or property of such Obligor.

Appears in 1 contract

Samples: Security Agreement (Sinclair Broadcast Group Inc)

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor the Company shall, upon the request of the Administrative Agent, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agentsuch other bank(s)) under arrangements, in form and substance satisfactory to the Agent pursuant to which such Obligor the Company shall have irrevocably instructed such other bank bank(s) (and such other bank bank(s) shall have agreed) to remit all proceeds of such payments (net of amounts applied by, or transferred to, such other bank(s) at the instruction of the Company to be used for the payment of operating expenses incurred by the Company in the ordinary course of its business and due and owing at the time of such application) directly to the Agent for deposit into the Collateral Account. All payments made to the Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor the Company agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Agent, Company shall as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor the Company for and as the property of the Agent and shall not be commingled with any other funds or property of such Obligorthe Company.

Appears in 1 contract

Samples: Security Agreement (United Stationers Supply Co)

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor Securing Party shall, upon the request of the Administrative Agent, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) under arrangements, in form and substance satisfactory to the Administrative Agent pursuant to which such Obligor Securing Party shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Administrative Agent for deposit into the Collateral Account. All payments made to the Administrative Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor Securing Party agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor Securing Party shall, upon the request of the Administrative Agent, as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor Securing Party for and as the property of the Administrative Agent and shall not be commingled with any other funds or property of such ObligorSecuring Party.

Appears in 1 contract

Samples: Credit Agreement (Premier Parks Inc)

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor Debtor shall, upon the request of the Administrative Agent, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) under arrangements, in form and substance satisfactory to the Agent Administrative Agent, pursuant to which such Obligor Debtor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Administrative Agent for deposit into the Collateral Account. All payments made to the Administrative Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor Debtor agrees that, at any time after the occurrence and during the continuance of an Event of Default, Default if the proceeds of any Pledged Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Agent, Debtor shall as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor Debtor for and as the property of the Administrative Agent and the Lenders and shall not be commingled with any other funds or property of such ObligorDebtor.

Appears in 1 contract

Samples: Security Agreement (Imco Recycling Inc)

Proceeds of Accounts. At If so requested by the Administrative Agent at any time after the occurrence and during the continuance of an Event of Default, each Obligor shall, upon the shall within five Business Days following such request of the Agent, instruct all account debtors and other Persons obligated in respect of Accounts, Chattel Paper and General Intangibles constituting any of the Collateral hereunder, and all Accounts obligors on Instruments constituting any of the Collateral hereunder, to make all payments in respect of the Accounts thereof either (a) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) under arrangements, in form and substance satisfactory to the Agent Administrative Agent, pursuant to which such Obligor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Administrative Agent for deposit into the Lender Collateral Account. All payments made to the Administrative Agent, as provided in the preceding sentence, shall be immediately deposited in the Lender Collateral Account. In addition to the foregoing, each Obligor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of AccountsAccounts to the extent constituting part of the Collateral) shall be received by it, such Obligor shall, upon the request of the Administrative Agent, as promptly as possible deposit such proceeds into the Lender Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor for and as the property of the Administrative Agent and shall not be commingled with any other funds or property of such Obligor.

Appears in 1 contract

Samples: Lender Security Agreement (Panamsat Corp /New/)

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor Securing Party shall, upon the request of the Administrative Agent, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Amended and Restated Pledge and Security Agreement ----------------------------- Accounts either (a) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) under arrangements, in form and substance satisfactory to the Administrative Agent pursuant to which such Obligor Securing Party shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Administrative Agent for deposit into the Collateral Account. All payments made to the Administrative Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor Securing Party agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor Securing Party shall, upon the request of the Administrative Agent, as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor Securing Party for and as the property of the Administrative Agent and shall not be commingled with any other funds or property of such ObligorSecuring Party.

Appears in 1 contract

Samples: Pledge and Security Agreement (Commonwealth Aluminum Corp)

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor Debtor shall, upon the request of the Agent, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agent) under arrangements, in form and substance satisfactory to the Agent Agent, pursuant to which such Obligor Debtor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Agent for deposit into the Collateral Account. All payments made to the Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor Debtor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Pledged Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Agent, Debtor shall as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor Debtor for and as the property of the Agent and the Lenders and shall not be commingled with any other funds or property of such ObligorDebtor.

Appears in 1 contract

Samples: Security Agreement (Advanced Radio Telecom Corp)

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor Debtor shall, upon the request of the Administrative Agent, instruct all account debtors Account Debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) ), or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) under arrangements, in form and substance satisfactory to the Agent Administrative Agent, pursuant to which such Obligor Debtor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Administrative Agent for deposit into the Collateral Account. All payments made to the Agent, Administrative Agent as provided in the preceding sentence, sentence shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor Debtor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Pledged Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Agent, Debtor shall as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor Debtor for and as the property of the Administrative Agent and the Secured Parties and shall not be commingled with any other funds or property of such ObligorDebtor.

Appears in 1 contract

Samples: Security Agreement (Tuesday Morning Corp/De)

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor Debtor shall, upon the request of the Agent, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agent) under arrangements, in form and substance satisfactory to the Agent Agent, pursuant to which such Obligor Debtor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Agent for deposit into the Collateral Account. All payments made to the Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor Debtor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Pledged Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Agent, Debtor shall as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor for and as the property of the Agent and shall not be commingled with any other funds or property of such Obligor.such

Appears in 1 contract

Samples: Security Agreement (Renaissance Cosmetics Inc /De/)

Proceeds of Accounts. At If so requested by the Collateral Agent at any time after the occurrence and during the continuance of an Event of Default, each Obligor shall, upon the request of the Agent, shall instruct all account debtors and other Persons obligated in respect of Accounts, Chattel Paper and General Intangibles and all Accounts obligors on Instruments to make all payments in respect of the Accounts thereof either (a) directly to the Collateral Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Collateral Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Collateral Agent) under arrangements, in form and substance satisfactory to the Agent Collateral Agent, pursuant to which such Obligor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Collateral Agent for deposit into the Collateral Account. All payments made to the Collateral Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Collateral Agent, as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor for and as the property of the Collateral Agent and shall not be commingled with any other funds or property of such Obligor.

Appears in 1 contract

Samples: Security Agreement (Daystar Technologies Inc)

Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor the Company shall, upon the request of the Agent, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Agent) under arrangements, in form and substance satisfactory to the Agent pursuant to which such Obligor the Company shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Agent for deposit into the Collateral Account. All payments made to the Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, each Obligor the Company agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Revolving Credit Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, such Obligor shall, upon the request of the Agent, Company shall as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Obligor the Company for and as the property of the Agent and shall not be commingled with any other funds or property of such Obligorthe Company.

Appears in 1 contract

Samples: Credit Agreement (Be Aerospace Inc)

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