Common use of Proceeds of Accounts Clause in Contracts

Proceeds of Accounts. The Borrower shall instruct all account debtors and other Persons obligated in respect of all Accounts (including all obligors in respect of the HELOCs) to make all payments in respect of the Accounts either (a) directly to the Lender (by instructing that such payments be remitted to a post office box which shall be under the control of the Lender) 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 under the control of the Lender) under arrangements, in form and substance satisfactory to the Lender, pursuant to which 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 Lender for deposit into the Collateral Account. All payments made to the Lender, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, the Borrower agrees that if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, the 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 the Borrower for and as the property of the Lender and shall not be commingled with any other funds or property of the Borrower.

Proceeds of Accounts. The Borrower Company shall within 90 days of the Closing Date instruct all account debtors and other Persons obligated in respect of all Accounts (including all obligors in respect of the HELOCs) to make all payments in respect of the Accounts either (a) directly to the Lender 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 LenderAgent) 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 Lendersuch other bank(s)) under arrangements, in form and substance satisfactory to the Lender, Agent pursuant to which the Borrower 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 directly to the Lender Agent for deposit into the Collateral Account. All payments made to the LenderAgent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, the Borrower Company agrees that if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, the Borrower 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 the Borrower Company for and as the property of the Lender Agent and shall not be commingled with any other funds or property of the BorrowerCompany.

Proceeds of Accounts. The Except as permitted by Section 5.01(b) hereof, the Borrower shall instruct all account debtors and other Persons obligated in respect of all Accounts (including all obligors in respect of the HELOCs) to make all payments in respect of the Accounts either (a) directly to the Lender 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 LenderAgent) 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 LenderAgent) under arrangements, in form and substance satisfactory to the LenderAgent, pursuant to which 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 Lender Agent for deposit into the Collateral Account. All payments made to the LenderAgent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, the Borrower agrees that if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, the 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 the Borrower for and as the property of the Lender Agent (for the benefit of the Lenders) and shall not be commingled with any other funds or property of the Borrower.