Unless Bank notifies Borrower in writing that it dispenses with any one or more of the following requirements, Borrower will (a) give Bank assignments in form acceptable to Bank, of specific Accounts or groups of Accounts, and of moneys due and to become due under specific contracts; (b) furnish to Bank a copy of the invoice applicable to each Account assigned to Bank or arising out of a contract, bearing a statement that such Account has been assigned to Bank and such additional statements as Bank may require; (c) furnish Bank at the time of each borrowing, and at such other intervals as Bank may prescribe or require, with a schedule (in such form as Bank may from time to time specify or require) of Borrower's Inventory and Qualified Accounts which describe the same, or such thereof as Bank may require, together with such other information relating thereto as the Bank may specify or require; (d) make no change in any assigned Accounts or in any Account arising out of a contract assigned to Bank, information relating thereto as the Bank may specify or require; (d) make no change in any assigned Accounts or in any Account arising out of a contract assigned to Bank, and make no material change in the terms of any such contract; (e) furnish to Bank all information received by Borrower affecting the financial standing of any Purchaser whose Account has been assigned to Bank; (f) receive as the sole property of Bank and hold as trustees for Bank all moneys, checks, notes, drafts, and other property (herein called "items of payment") representing the proceeds of any Account or Inventory in which Bank has a security interest, which comes into the possession of Borrower; and deposit all such items of payment immediately in the exact form received in a special account of Borrower in Bank entitled "Cash Collateral Account" in which account Bank shall have a security interest to secure all Borrower's liabilities and with respect to which account Bank alone shall have power of withdrawal; (g) pay Bank the amount loaned against any Account assigned to Bank where the goods are returned by the Purchaser, or where the contract is cancelled or terminated; (h) immediately notify Bank if any of its contracts arise out of contracts with the United States or any department, agency, or instrumentality thereof, and execute any instruments and take any steps required by Bank in order that all moneys due and to become due under any such contract shall be assigned to Bank and notice thereof gi...
Unless Bank s prior written consent to the contrary is obtained, each Borrower will at all times comply with each covenant contained in this Article 5 (unless a covenant by its specific terms applies only to the other Borrower), from the date hereof and for so long as any part of its Obligations is outstanding.
Unless Bank notifies Borrower in writing that Bank suspends any one or more of the following requirements, Borrower shall: (a) promptly upon Borrower's learning thereof, inform Bank, in writing, of any material delay in Borrower's performance of any of its obligations to any Obligor and of any assertion of any claims, offsets or counterclaims by any Obligor and of any allowances, credits and/or other monies granted by Borrower to any Obligor; (b) not permit or agree to any extension, compromise or settlement with respect to Accounts which constitute, in the aggregate, more than 5% of all Accounts then owing to Borrower; and (c) keep all goods returned by any Obligor and all goods repossessed or stopped in transit by Borrower from any Obligor segregated from other property of Borrower, immediately notify Bank of Borrower's possession of such goods, and hold the same as trustee for Bank until otherwise directed in writing by Bank.
