Common use of ACCOUNT COLLECTION SERVICES Clause in Contracts

ACCOUNT COLLECTION SERVICES. All Borrowers’ receivables are to be paid to the same address/or party and Borrower and Bank must agree on such address. If Bank collects all receivables and there is not an Event of Default or an event that with notice or lapse of time will be an Event of Default, within five (5) days of receipt of those collections, Bank will give Borrower, the receivables collections it receives for receivables other than Financed Receivables and/or amount in excess of the amount for which Bank has made an Advance to Borrower, less any amount due to Bank, such as the Finance Charge, Administrative Fee, Collateral Handling Fee and expenses or otherwise. This Section does not impose any affirmative duty on Bank to do any act other than to turn over amounts. All receivables and collections are Collateral and if an Event of Default occurs, Bank need not remit collections of Collateral and may apply them to the Obligations.

Appears in 3 contracts

Samples: Accounts Receivable Financing Agreement (Insignia Solutions PLC), Accounts Receivable Financing Agreement (Timeline Inc), Accounts Receivable Financing Agreement (Interwave Communications International LTD)

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ACCOUNT COLLECTION SERVICES. All Borrowers’ Borrower's receivables are to be paid to the same address/or party and Borrower and Bank must agree on such address. If Bank collects all receivables and there is not an Event of Default or an event that with notice or lapse of time will be an Event of Default, within five three (53) days of receipt of those collections, Bank will give Borrower, Borrower the receivables collections it receives for receivables other than Financed Receivables and/or amount in excess of the amount for which Bank has made an Advance to Borrower, less any amount due to Bank, such as the Finance Charge, Administrative the Facility Fee, Collateral Handling Fee other fees and expenses expenses, or otherwise. This Section 3.7 does not impose any affirmative duty on Bank to do any act other than to turn over amounts. All receivables and collections are Collateral and if an Event of Default occurs, Bank need not remit collections of Collateral and may apply them to the Obligations.

Appears in 3 contracts

Samples: Accounts Receivable Financing Agreement (Greenfield Online Inc), Accounts Receivable Financing Agreement (Greenfield Online Inc), Accounts Receivable Financing Agreement (Greenfield Online Inc)

ACCOUNT COLLECTION SERVICES. All Borrowers' receivables are to be paid to the same address/or party and Borrower and Bank must agree on such address. If Bank collects all receivables and there is not an Event of Default or an event that with notice or lapse of time will be an Event of Default, within five (5) 3 days of receipt of those collections, Bank will give Borrower, the receivables collections it receives for receivables other than Financed Receivables and/or amount in excess of the amount for which Bank has made an Advance to Borrower, less any amount due to Bank, such as the Finance Charge, Administrative Fee, Collateral Handling Fee and expenses or otherwise. This Section does not impose any affirmative duty on Bank to do any act other than to turn over amounts. All receivables and collections are Collateral and if an Event of Default occurs, Bank need not remit collections of Collateral and may apply them to the Obligations.

Appears in 2 contracts

Samples: Accounts Receivable Financing Agreement (Giga Information Group Inc), Accounts Receivable Financing Agreement (I Many Inc)

ACCOUNT COLLECTION SERVICES. All Borrowers’ Borrower's receivables are to be paid to the same address/or party and Borrower and Bank must agree on such address. If Bank collects all receivables and there is not an Event of Default or an event that with notice or lapse of time will be an Event of Default, within five three (53) days of receipt of those collections, Bank will give Borrower, Borrower the receivables collections it receives for receivables other than Financed Receivables and/or amount in excess of the amount for which Bank has made an Advance to Borrower, less any amount due to Bank, such as the Finance Charge, Administrative the Facility Fee, Collateral Handling Fee other fees and expenses expenses, or otherwise. This Section does not impose any affirmative duty on Bank to do any act other than to turn over amounts. All receivables and collections are Collateral and if an Event of Default occurs, Bank need not remit collections of Collateral and may apply them to the Obligations.

Appears in 2 contracts

Samples: Accounts Receivable Financing Agreement (Satcon Technology Corp), Accounts Receivable Financing Agreement (Navisite Inc)

ACCOUNT COLLECTION SERVICES. All Borrowers' receivables are to be paid to the same address/or party and Borrower and Bank must agree on such address. If Bank collects all receivables and there is not an Event of Default or an event that with notice or lapse of time will be an Event of Default, within five (5) days of receipt of those collections, Bank will give Borrower, the receivables collections it receives for receivables other than Financed Receivables and/or amount in excess of the amount for which Bank has made an Advance to Borrower, less any amount due to Bank, such as the Finance Charge, Administrative Fee, Collateral Handling Fee and expenses or otherwise. This Section does not impose any affirmative duty on Bank to do any act other than to turn over amounts. All receivables and collections are Collateral and if an Event of Default occurs, Bank need not remit collections of Collateral and may apply them to the Obligations.

Appears in 2 contracts

Samples: Accounts Receivable Financing Agreement (Corvu Corp), Accounts Receivable Financing Agreement (Aml Communications Inc)

ACCOUNT COLLECTION SERVICES. All Borrowers' receivables are to be paid to the same address/or party and Borrower and Bank must agree on such address. If Bank collects all receivables and there is not an Event of Default or an event that with notice or lapse of time will be an Event of Default, within five (5) 3 days of receipt of those collections, Bank will give Borrower, the receivables collections it receives for receivables other than Financed Receivables and/or amount in excess of the amount for which Bank has made an Advance to Borrower, less any amount due to Bank, such as the Finance Charge, Administrative Fee, Collateral Handling Fee and expenses or otherwise. This Section does not impose any affirmative duty on Bank to do any act other than to turn over amounts. All receivables and collections are Collateral and if an Event of Default occurs, Bank need not remit collections of Collateral and may apply them to the Obligations.

Appears in 1 contract

Samples: Accounts Receivable Financing Agreement (Avistar Communications Corp)

ACCOUNT COLLECTION SERVICES. All Borrowers’ Borrower's receivables are to be paid to the same address/or party and Borrower and Bank must agree on such address. If Bank collects all receivables and there is not an Event of Default or an event that with notice or lapse of time will be an Event of Default, within five three (53) days of receipt of those collections, Bank will give Borrower, Borrower the receivables collections it receives for receivables other than Financed Receivables and/or amount in excess of the amount for which Bank has made an Advance to Borrower, less any amount due to Bank, such as the Finance Charge, Administrative the Facility Fee, Collateral Handling Fee other fees and expenses expenses, or otherwise. This Section 3.8 does not impose any affirmative duty on Bank to do any act other than to turn over amounts. All receivables and collections are Collateral and if an Event of Default occurs, Bank need not remit collections of Collateral and may apply them to the Obligations.

Appears in 1 contract

Samples: Accounts Receivable Financing Agreement (Mercator Software Inc)

ACCOUNT COLLECTION SERVICES. All Borrowers’ receivables ' Receivables are to be paid to the same address/or address and/or party and Borrower and Bank must agree on such address. If Bank collects all receivables Receivables and there is not an Event of Default or an event that with notice or lapse of time will be an Event of Default, within five FIVE (5) days of receipt of those collections, Bank will give Borrower, the receivables Receivables collections it receives for receivables Receivables other than Financed Receivables and/or amount in excess of the amount for which Bank has made an Advance to Borrower, less any amount due to Bank, such as the Finance Charge, Administrative the Collateral Handling Fee, Collateral Handling Fee other fees and expenses expenses, or otherwise. This Section does not impose any affirmative duty on Bank to do any act other than to turn over amounts. All receivables Receivables and collections are Collateral and if an Event of Default occurs, Bank need not remit collections of Collateral and may apply them to the Obligations.

Appears in 1 contract

Samples: Accounts Receivable Financing Agreement (E Sync Networks Inc)

ACCOUNT COLLECTION SERVICES. All Borrowers' receivables are to be paid to the same address/or party and Borrower and Bank must agree on such address. If Bank collects all receivables and there is not an Event of Default or an event that with notice or lapse of time will be an Event of Default, within five three (53) days of receipt of those collections, Bank will give Borrower, the receivables collections it receives for receivables other than Financed Receivables and/or amount in excess of the amount for which Bank has made an Advance to Borrower, less any amount due to Bank, such as the Finance Charge, Administrative Fee, Collateral Handling Fee and expenses or otherwise. This Section does not impose any affirmative duty on Bank to do any act other than to turn over amounts. All receivables and collections are Collateral and if an Event of Default occurs, Bank need not remit collections of Collateral and may apply them to the Obligations.

Appears in 1 contract

Samples: Accounts Receivable Financing Agreement (M Wave Inc)

ACCOUNT COLLECTION SERVICES. All Borrowers’ receivables Borrower's Receivables are to be paid to the same address/or party and Borrower and Bank Lender must agree on such address. If Bank Lender collects all receivables Receivables and there is not an Event of Default or an event that with notice or lapse of time will be an Event of Default, within five three (53) days of receipt of those collections, Bank Lender will give Borrower, Borrower the receivables Receivables collections it receives for receivables Receivables other than Financed Receivables and/or amount in excess of the amount for which Bank Lender has made an Advance to Borrower, less any amount due to BankLender, such as the Finance Charge, Administrative the Collateral Handling Fee, Collateral Handling Fee the Facility Fee, other fees and expenses expenses, or otherwise. This Section 3.8 does not impose any affirmative duty on Bank Lender to do any act other than to turn over amounts. All receivables Receivables and collections are Collateral and if an Event of Default occurs, Bank Lender need not remit collections of Collateral and may apply them to the Obligations.

Appears in 1 contract

Samples: Accounts Receivable Financing Agreement (Visual Networks Inc)

ACCOUNT COLLECTION SERVICES. All Borrowers’ Borrower's receivables are to be paid to the same address/or party and Borrower and Bank must agree on such address. If Bank collects all receivables and there is not an Event of Default or an event that with notice or lapse of time will be an Event of Default, within five not later than three (53) days of receipt of those collections, Bank will give Borrower, Borrower the receivables collections it receives for receivables other than Financed Receivables and/or amount in excess of the amount for which Bank has made an Advance to Borrower, less any amount due to Bank, such as the Finance Charge, Administrative the Facility Fee, Collateral Handling Fee other fees and expenses expenses, or otherwise. This Section does not impose any affirmative duty on Bank to do any act other than to turn over amounts. All receivables and collections are Collateral and if an Event of Default occurs, Bank need not remit collections of Collateral and may apply them to the Obligations.

Appears in 1 contract

Samples: Accounts Receivable Financing Agreement (Exchange Applications Inc)

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ACCOUNT COLLECTION SERVICES. All Borrowers’ Borrower's receivables are to be paid to the same address/or party and Borrower and Bank must agree on such address. If Bank collects all receivables and there is not an Event of Default or an event that with notice or lapse of time will be an Event of Default, within five three (53) days of receipt of those collections, Bank will give Borrower, Borrower the receivables collections it receives for receivables other than Financed Receivables and/or amount in excess of the amount for which Bank has made an Advance to Borrower, less any amount due to Bank, such as the Finance Charge, Administrative the Facility Fee, Collateral Handling Fee other fees and expenses expenses, or otherwise. This Section does not impose any affirmative duty on Bank to do any act other than to turn over amounts. All receivables and collections are Collateral and if an Event of Default occurs, Bank need not remit collections of Collateral and may apply them to the outstanding Obligations.

Appears in 1 contract

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

ACCOUNT COLLECTION SERVICES. All Borrowers’ receivables Borrower's Receivables are to be paid to the same address/or party and Borrower and Bank must agree on such address. If Bank collects all receivables Receivables and there is not an Event of Default or an event that with notice or lapse of time will be an Event of Default, within five three (53) days of receipt of those collections, Bank will give Borrower, Borrower the receivables Receivables collections it receives for receivables Receivables other than Financed Receivables and/or amount in excess of the amount for which Bank has made an Advance to Borrower, less any amount due to Bank, such as the Finance Charge, Administrative Feeother fees and expenses, Collateral Handling Fee and expenses or otherwise. This Section 3.6 does not impose any affirmative duty on Bank to do any act other than to turn over amounts. All receivables Receivables and collections are Collateral and if an Event of Default occurs, Bank need not remit collections of Collateral and may apply them to the Obligations.

Appears in 1 contract

Samples: Accounts Receivable Financing Agreement (Gensym Corp)

ACCOUNT COLLECTION SERVICES. All Borrowers' receivables are to be paid to the same address/or party and Borrower and Bank must agree on such address. If Bank collects all receivables and there is not an Event of Default or an event that with notice or lapse of time will be an Event of Default, within five FIVE (5) days of receipt of those collections, Bank will give Borrower, the receivables collections it receives for receivables other than Financed Receivables and/or amount in excess of the amount for which Bank has made an Advance to Borrower, less any amount due to Bank, such as the Finance Charge, Administrative Fee, Collateral Handling Fee and expenses or otherwise. This Section does not impose any affirmative duty on Bank to do any act other than to turn over amounts. All receivables and collections are Collateral and if an Event of Default occurs, Bank need not remit collections of Collateral and may apply them to the Obligations.

Appears in 1 contract

Samples: Accounts Receivable Financing Agreement (Proxim Corp)

ACCOUNT COLLECTION SERVICES. All Borrowers' receivables are to be paid to the same address/or party and Borrower and Bank must agree on such address. If Bank collects all receivables and there is not an Event of Default or an event that with notice or lapse of time will be an Event of Default, within five (5) days of receipt of ot those collections, Bank will give Borrower, the receivables collections it receives for receivables other than Financed Receivables and/or amount in excess of the amount for which Bank has made an Advance to Borrower, less any amount due to Bank, such as the Finance Charge, Administrative Fee, Collateral Handling Fee and expenses or otherwise. This Section does not impose any affirmative duty on Bank to do any act other than to turn over amounts. All receivables and collections are Collateral and if an Event of Default occurs, Bank need not remit collections of Collateral and may apply them to the Obligations.

Appears in 1 contract

Samples: Accounts Receivable Financing Agreement (Fischer Imaging Corp)

ACCOUNT COLLECTION SERVICES. All Borrowers’ Borrower's receivables are to be paid to the same address/or party and Borrower and Bank must agree on such address. If Bank collects all receivables and there is not an Event of Default or an event that with notice or lapse of time will be an Event of Default, as soon as possible, but no later than within five three (53) days of receipt of those collections, Bank will give Borrower, Borrower the receivables collections it receives for receivables other than Financed Receivables and/or amount in excess of the amount for which Bank has made an Advance to Borrower, less any amount due to Bank, such as the Finance Charge, Administrative the Facility Fee, Collateral Handling Fee other fees and expenses expenses, or otherwise. This Section does not impose any affirmative duty on Bank to do any act other than to turn over amounts. All receivables and collections are Collateral and if an Event of Default occurs, Bank need not remit collections of Collateral and may apply them to the Obligations.

Appears in 1 contract

Samples: Accounts Receivable Financing Agreement (Internet Commerce Corp)

ACCOUNT COLLECTION SERVICES. All Borrowers’ Certain Account Debtors may require that all Borrower's receivables are to be paid to the same address/or party and Borrower and Bank must agree on such addressmay agree. If Bank collects all receivables and there is not an Event of Default or an event that with notice or lapse of time will be an Event of Default, within five THREE (53) days BUSINESS DAYS of receipt of those collections, Bank will give Borrower, Borrower the receivables collections it receives for receivables other than Financed Receivables and/or amount amounts in excess of the amount for which Bank has made an Advance to Borrower, less any amount due to Bank, such as the Finance ChargeCharges, Administrative Fee, Collateral Handling Fee and expenses or otherwise. This Section does not impose any affirmative duty on Bank to do any act other than to turn over amounts. All receivables and collections are Collateral and if an Event of Default occurs, Bank need not remit collections of Collateral and may apply them to the Obligations.

Appears in 1 contract

Samples: Accounts Receivable Financing Agreement (Micrografx Inc)

ACCOUNT COLLECTION SERVICES. All Borrowers' receivables are to be paid to the same address/or party and Borrower and Bank must agree on such address. If Bank collects all receivables and there is not an Event of Default or an event that with notice or lapse of time will be an Event of Default, within five FIVE (5) days of receipt of those collections, Bank will give Borrower, the receivables collections it receives for receivables other than Financed Receivables or Exim Financed Receivables and/or amount in excess of the amount for which Bank has made an Advance or an Exim Advance to Borrower, less any amount due to Bank, such as the Finance Charge, Administrative Fee, Collateral Handling Fee and expenses or otherwise. This Section section does not impose any affirmative duty on Bank to do any act other than to turn over amounts. All receivables and collections are Collateral and if an Event of Default occurs, Bank need not remit collections of Collateral and may apply them to the Obligations.

Appears in 1 contract

Samples: Accounts Receivable Financing Agreement (Tegal Corp /De/)

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