Common use of Accounts Collection Clause in Contracts

Accounts Collection. In the event that an Event of Default occurs and is continuing, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. After the occurrence of an Event of Default, any amounts received by Borrower shall be held in trust by Borrower for Bank, and, if requested by Bank, Borrower shall immediately deliver such receipts to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 5 contracts

Samples: Loan and Security Agreement (Genzyme Transgenics Corp), Loan and Security Agreement (Sonus Networks Inc), Loan Modification Agreement (Phase Forward Inc)

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Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing any Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. After the occurrence of an Event of Default, any amounts received by Each Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 4 contracts

Samples: Loan and Security Agreement (Immunicon Corp), Loan and Security Agreement by And (Kanbay International Inc), Loan and Security Agreement (Animas Corp)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, (a) Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. After the occurrence of an Event of Default, any amounts received by and (b) Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 3 contracts

Samples: Loan and Security Agreement (Harmonic Inc), Loan and Security Agreement (Harmonic Inc), Loan and Security Agreement (Alteon Websystems Inc)

Accounts Collection. In the event that an Event of Default occurs and is continuing, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. After the occurrence of an Event of Default, . any amounts received by Borrower shall be held in trust by Borrower for Bank, and, if requested by Bank, Borrower shall immediately deliver such receipts to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 2 contracts

Samples: Loan and Security Agreement (Critical Therapeutics Inc), Loan Modification Agreement (Critical Therapeutics Inc)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. After the occurrence of an Event of DefaultIn such case, any amounts received by Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 2 contracts

Samples: Loan and Security Agreement (Stereotaxis, Inc.), Loan and Security Agreement (Stereotaxis, Inc.)

Accounts Collection. In Upon the event that occurrence and during the continuance of an Event of Default occurs and is continuingDefault, Bank may notify any Person owing funds to any Borrower money of Bank's security interest in the such funds and verify and/or collect the amount of the such Account. After Upon the occurrence and during the continuance of an Event of Default, Borrowers shall collect all amounts owing to any amounts received by Borrower shall be held in trust by Borrower for Bank, andreceive in trust all payments as Bank's trustee, if requested by Bank, Borrower shall and immediately deliver such receipts payments to Bank in the their original form as received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Samples: Loan and Security Agreement (Maxwell Technologies Inc)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. After the occurrence of an Event of DefaultWhile any Obligations are outstanding, any amounts received by Borrower shall be held deemed to collect all payments in trust by Borrower for Bank, Bank and, if requested by BankBank in its good faith business judgment, Borrower shall immediately deliver such receipts the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Samples: Loan and Security Agreement (Vascular Solutions Inc)

Accounts Collection. In the event that an Event of Default occurs and is continuing, Bank may notify any Person owing Borrower money of Bank's ’s security interest in the funds and verify and/or collect the amount of the Account. After the occurrence of an Event of Default, any amounts received by Borrower shall be held in trust by Borrower for Bank, and, if requested by Bank, Borrower shall immediately deliver such receipts to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Samples: Loan and Security Agreement (Art Technology Group Inc)

Accounts Collection. In Upon the event that occurrence and during the continuance of an Event of Default occurs and is continuingDefault, Bank may notify any Person owing funds to either Borrower money of Bank's security interest in the such funds and verify and/or collect the amount of the such Account. After the occurrence of an Event of Default, any Borrowers shall collect all amounts received by Borrower shall be held in trust by Borrower owing to Borrowers for Bank, andreceive in trust all payments as Bank's trustee, and if requested or required by Bank, Borrower shall immediately deliver such receipts payments to Bank in the their original form as received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Samples: Loan Agreement (Lionbridge Technologies Inc /De/)

Accounts Collection. In Upon the event that occurrence and during the continuance of an Event of Default occurs and is continuingDefault, Bank may notify any Person owing funds to Borrower money of Bank's security interest in the such funds and verify and/or collect the amount of the such Account. After the occurrence of an Event of Default, any amounts received by and Borrower shall be held in trust by collect all amounts owing to Borrower for Bank, andreceive in trust all payments as Bank's trustee, and if requested or required by Bank, Borrower shall immediately deliver such receipts payments to Bank in the their original form as received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Samples: Loan and Security Agreement (Bluestone Software Inc)

Accounts Collection. In the event that When an Event of Default occurs and is continuingcontinues, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. After the occurrence and during the continuance of an Event of Default, any amounts received by Borrower shall be held must collect all payments in trust by Borrower for Bank, Bank and, if requested by Bank, Borrower shall immediately deliver such receipts payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Samples: Loan and Security Agreement (Novacept Inc)

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Accounts Collection. In Upon the event that occurrence and during the continuance of an Event of Default occurs and is continuingDefault, the Bank may notify any Person owing funds to any Borrower money of the Bank's security interest in the such funds and verify and/or collect the amount of the such Account. After the occurrence of an Event of Default, any amounts received by Each Borrower shall be held collect all amounts owing to such Borrower for the Bank, receive in trust all payments as the Bank's trustee, and if requested or required by Borrower for the Bank, and, if requested by Bank, Borrower shall immediately deliver such receipts payments to the Bank in the their original form as received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Samples: Loan Agreement (Moldflow Corp)

Accounts Collection. In Upon the event that occurrence and during the ------------------- continuance of an Event of Default occurs and is continuingDefault, Bank may notify any Person owing funds to any Borrower money of Bank's security interest in the such funds and verify and/or collect the amount of the such Account. After the occurrence of an Event of Default, any amounts received by Each Borrower shall be held in trust by collect all amounts owing to such Borrower for Bank, andreceive in trust all payments as Bank's trustee, and if requested or required by Bank, Borrower shall immediately deliver such receipts payments to Bank in the their original form as received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Samples: Loan and Security Agreement (SQL Financials International Inc /De)

Accounts Collection. In the event that If an Event of Default occurs has occurred and is continuing, Bank may notify any Person owing funds to a Borrower money of Bank's security interest in the such funds and verify and/or collect the amount of the such Account. After the occurrence and during the continuance of an Event of Default, any amounts received by Borrower shall be held in trust by collect all amounts owing to Borrower for Bank, andreceive in trust all payments as Bank's trustee, if requested by Bank, Borrower shall and immediately deliver such receipts payments to Bank in the their original form as received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Samples: Loan and Security Agreement (MSC Software Corp)

Accounts Collection. In the event that an Event of Default occurs and is continuing, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. After the occurrence of an Event of Default, and, if requested by Bank, any amounts received by Borrower shall be held in trust by Borrower for Bank, and, if requested by Bank, Borrower shall immediately deliver such receipts to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Samples: Loan Modification Agreement (Athenahealth Inc)

Accounts Collection. In the event that If an Event of Default occurs has occurred and is continuing, Bank may notify any Person owing funds to Borrower money of Bank's security interest in the such funds and verify and/or collect the amount of the such Account. After the occurrence of an Event of Default, any amounts received by Borrower shall be held in trust by collect all amounts owing to Borrower for Bank, andreceive in trust all payments as Bank's trustee, if requested by Bank, Borrower shall and immediately deliver such receipts payments to Bank in the their original form as received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Samples: Loan and Security Agreement (Cortech Inc)

Accounts Collection. In the event that an Event of Default occurs and ------------------- is continuing, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. After the occurrence of an Event of Default, any amounts received by Borrower shall be held in trust by Borrower for Bank, and, if requested by Bank, Borrower shall immediately deliver such receipts to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Samples: Loan and Security Agreement (Switchboard Inc)

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