Common use of Accounts and Payments in Respect of General Intangibles Clause in Contracts

Accounts and Payments in Respect of General Intangibles. (a) In addition to, and not in substitution for, any other provision in this Agreement, if required by the Agent at any time during the continuance of an Event of Default, subject to the Remedies Notice Period, on and after the date on which at least one Deposit Account or Securities Account has been established, any payment of accounts or payment in respect of general intangibles, when collected by any Loan Party, shall be promptly (and, in any event, within 2 Business Days) deposited by such Loan Party in the exact form received, duly indorsed by such Loan Party to the Agent, in such account, subject to withdrawal by the Agent as provided in Section 9.5. Until so turned over, such payment shall be held by such Loan Party in trust for the Agent, segregated from other funds of such Loan Party. Each such deposit of proceeds of accounts and payments in respect of general intangibles shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit.

Accounts and Payments in Respect of General Intangibles. (ai) In addition to, and not in substitution for, any other provision in this Agreement, if required by the Agent at any time during the continuance of an Event of Default, subject to the Remedies Notice PeriodChapter 11 Orders (including the DIP Orders), on and after the date on which at least one Deposit Account deposit account or Securities Account securities account has been established, any payment of accounts or payment in respect of general intangibles, when collected by any Loan Party, shall be promptly (and, in any event, within 2 two (2) Business Days) deposited by such Loan Party in the exact form received, duly indorsed by such Loan Party to the Agent, in such accounta Control Account, subject to withdrawal by the Agent as provided in Section 9.5herein. Until so turned over, such payment shall be held by such Loan Party in trust for the Agent, segregated from other funds of such Loan Party. Each such deposit of proceeds of accounts and payments in respect of general intangibles shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit.