Common use of Accounts Collection Clause in Contracts

Accounts Collection. When an Event of Default occurs and continues, Bank may notify any Person owing any Borrower money of Bank's security interest in the funds and verify the amount of the Account. Each Borrower must collect all payments in trust for Bank and, if requested by Bank, immediately deliver 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 (Animas Corp), Loan and Security Agreement (Kanbay International Inc)

AutoNDA by SimpleDocs

Accounts Collection. When an Event of Default occurs and continues, (a) Bank may notify any Person owing any Borrower money of Bank's security interest in the funds and verify the amount of the Account. Each , and (b) Borrower must collect all payments in trust for Bank and, if requested by Bank, immediately deliver 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 (Alteon Websystems Inc), Loan and Security Agreement (Harmonic Inc), Loan and Security Agreement (Harmonic Inc)

Accounts Collection. When an Event of Default occurs and continuesduring its continuance, Bank may notify any Person owing any Borrower money of Bank's ’s security interest in the funds and verify the amount of the Account. Each Borrower must collect all payments in trust for Bank and, if requested by Bank, immediately deliver 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 (Visual Networks Inc), Loan and Security Agreement (Visual Networks Inc), Loan and Security Agreement (Visual Networks Inc)

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

Appears in 2 contracts

Samples: Loan and Security Agreement (Matrixone Inc), Loan and Security Agreement (Manhattan Associates Inc)

Accounts Collection. When After the occurrence and during the continuance of an Event of Default occurs and continuesDefault, Bank may notify any Person owing any funds to Borrower money of Bank's security interest in the such funds and verify the amount of the such Account. Each Borrower must shall collect all payments amounts owing to Borrower for Bank, receive in trust for Bank andall payments as Bank's trustee, if requested by Bank, and immediately deliver the such payments to Bank in the their original form as received from the account debtor, with proper endorsements for deposit.

Appears in 2 contracts

Samples: Loan and Security Agreement (Cardiac Pathways Corp), Loan and Security Agreement (Cygnus Inc /De/)

Accounts Collection. When In the event that an Event of Default occurs and continuesis continuing, 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. Each After the occurrence of an Event of Default. any amounts received by Borrower must collect all payments shall be held in trust by Borrower for Bank Bank, and, if requested by Bank, Borrower shall immediately deliver the payments 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 and Security Agreement (Critical Therapeutics Inc)

Accounts Collection. When an Event of Default occurs and continues, Bank may notify any Person owing any Borrower money of Bank's security interest in the funds and verify the amount of the Account. Each In such case, Borrower must collect all payments in trust for Bank and, if requested by Bank, immediately deliver 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. When an Event of Default occurs and continues, Bank may notify any Person owing any Borrower money of Bank's Bank s security interest in the funds and verify the amount of the Account. Each Borrower must collect all payments in trust for Bank and, if requested by Bank, immediately deliver 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 (Hearme), Loan and Security Agreement (Hearme)

Accounts Collection. When Upon the occurrence and during the continuance of an Event of Default occurs and continuesDefault, Bank may notify any Person owing any funds to either Borrower money of Bank's security interest in the such funds and verify the amount of the such Account. Each Borrower must Borrowers shall collect all payments amounts owing to Borrowers for Bank, receive in trust for Bank andall payments as Bank's trustee, and if requested or required by Bank, immediately deliver the such 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. When an Event of Default occurs and continues, Bank may notify any Person owing any Borrower money of Bank's security interest in the funds and verify the amount of the Account. Each Borrower must collect all payments in trust for Bank and, if requested in writing by Bank, immediately deliver the payments to Bank in the form received from the account debtor, with proper endorsements for deposit, within five (5) Business Days after such request.

Appears in 1 contract

Samples: Loan and Security Agreement (Hotjobs Com LTD)

Accounts Collection. When an Event of Default occurs and continues, Bank may notify any Person owing any Borrower money of Bank's ’s security interest in the funds and verify the amount of the Account. Each Borrower must collect all payments in trust for Bank and, if requested by Bank, immediately deliver the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.. 9.4

Appears in 1 contract

Samples: Loan and Security Agreement (Tanisys Technology Inc)

Accounts Collection. When If an Event of Default occurs has occurred and continuesis continuing, Bank may notify any Person owing any funds to a Borrower money of Bank's security interest in the such funds and verify the amount of the such Account. Each After the occurrence and during the continuance of an Event of Default, Borrower must shall collect all payments amounts owing to Borrower for Bank, receive in trust for Bank andall payments as Bank's trustee, if requested by Bank, and immediately deliver the such 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. When an Event of Default occurs and continues, Bank may notify any Person owing any Borrower money of Bank's security interest in the funds and verify the amount of the Account. Each Borrower must collect all payments in trust for Bank and, if requested by Bank, immediately deliver the payments to Bank in the form received from the account debtorAccount Debtor, with proper endorsements for deposit.

Appears in 1 contract

Samples: Loan and Security Agreement (Viewlocity Inc)

Accounts Collection. When an Event of Default occurs and continues, Bank may notify any Person owing any Borrower money of Bank's security interest in the funds and verify the amount of the Account. Each Upon the occurrence and continuation of an Event of Default, Borrower must collect all payments in trust for Bank and, if requested by Bank, immediately deliver 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 (Clarent Corp/Ca)

Accounts Collection. When During the time an Event of Default occurs and continues, Bank may notify any Person owing any Borrower money of Bank's security interest in the funds and verify the amount of the Account. Each Borrower must collect all payments in trust for Bank and, if requested by Bank, immediately deliver 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 (Plumtree Software Inc)

Accounts Collection. When Upon the occurrence and during the continuance of an Event of Default occurs and continuesDefault, Bank may notify any Person owing any funds to Borrower money of Bank's security interest in the such funds and verify the amount of the such Account. Each Borrower must shall collect all payments amounts owing to Borrower for Bank, receive in trust for Bank andall payments as Bank's trustee, and if requested or required by Bank, immediately deliver the such payments to Bank in the their original form as received from the account debtor, with proper endorsements for deposit.. 24

Appears in 1 contract

Samples: Loan and Security Agreement (Concord Communications Inc)

Accounts Collection. When Upon the occurrence and during the continuance of an Event of Default occurs and continuesDefault, Bank may notify any Person owing funds to any Borrower money of Bank's security interest in the such funds and verify the amount of the such Account. Each Borrower must shall collect all payments amounts owing to any Borrower for Bank, receive in trust for Bank andall payments as Bank's trustee, and if requested or required by Bank, immediately deliver the such 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 (Isky Inc)

Accounts Collection. When an Event of Default occurs and continues, Bank may notify any Person owing any Borrower money of Bank's ’s security interest in the funds and verify the amount of the Account. Each Upon the occurrence and during the continuance of an Event of Default, Borrower must collect all payments in trust for Bank and, if requested by Bank, immediately deliver 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 (Xenogen Corp)

Accounts Collection. When Upon the occurrence and during the continuance of an Event of Default occurs and continuesDefault, Bank may notify any Person owing any funds to Borrower money of Bank's security interest in the such funds and verify the amount of the such Account. Each , and Borrower must shall collect all payments amounts owing to Borrower for Bank, receive in trust for Bank andall payments as Bank's trustee, and if requested or required by Bank, immediately deliver the such 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. When Upon the occurrence and during the continuance of an Event of Default occurs and continuesDefault, Bank may notify any Person owing funds to any Borrower money of Bank's security interest in the such funds and verify the amount of the such Account. Each Borrower must Upon the occurrence and during the continuance of an Event of Default, Borrowers shall collect all payments amounts owing to any Borrower for Bank, receive in trust for Bank andall payments as Bank's trustee, if requested by Bank, and immediately deliver the such 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. When Upon the occurrence and during the continuance of an Event of Default occurs and continuesDefault, Bank may notify any Person owing any funds to a Borrower money of Bank's security interest in the such funds and verify the amount of the such Account. Each Borrower must Borrowers shall collect all payments amounts owing to Borrower for Bank, receive in trust for Bank all payments as Bank's trustee, and, if requested or required by Bank, immediately deliver the such 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 (Home Director Inc)

AutoNDA by SimpleDocs

Accounts Collection. When If an Event of Default occurs has occurred and continuesis continuing, Bank may notify any Person owing any funds to Borrower money of Bank's security interest in the such funds and verify the amount of the such Account. Each Borrower must shall collect all payments amounts owing to Borrower for Bank, receive in trust for Bank andall payments as Bank's trustee, if requested by Bank, and immediately deliver the such 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. When In the event that an Event of Default occurs and continuesis continuing, 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. Each Borrower must collect all payments in trust for Bank 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 the payments 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 (Athenahealth Inc)

Accounts Collection. When an Event of Default occurs and continues, Bank may notify any Person owing any Borrower money of Bank's security interest in the funds and verify the amount of the Account. Each After the occurrence and during the continuance of an Event of Default, Borrower must collect all payments in trust for Bank and, if requested by Bank, immediately deliver the such 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)

Accounts Collection. When an Event of Default occurs and continues, Bank may notify any Person owing any Borrower money of Bank's ’s security interest in the funds and verify the amount of the Account. Each Borrower Borrowers must collect all payments in trust for Bank and, if requested by Bank, immediately deliver the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Samples: Term Loan and Security Agreement (Allied Motion Technologies Inc)

Accounts Collection. When an Event of Default occurs and continues, Bank may notify any Person owing any Borrower money of Bank's security interest in the funds and verify the amount of the Account. Each While any Obligations are outstanding, Borrower must shall be deemed to collect all payments in trust for Bank and, if requested by BankBank in its good faith business judgment, immediately deliver 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. When an Event of Default occurs and continues, Bank may notify any Person owing any Borrower money of Bank's security interest in the funds and verify the amount of the Account. Each When an Event of Default occurs and continues, Borrower must collect all payments in trust for Bank and, if requested by Bank, immediately deliver 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 (Epicedge Inc)

Accounts Collection. When Upon the occurrence and during the continuance of an Event of Default occurs and continuesDefault, the Bank may notify any Person owing funds to any Borrower money of the Bank's security interest in the such funds and verify the amount of the such Account. Each Borrower must shall collect all payments amounts owing to such Borrower for the Bank, receive in trust for Bank andall payments as the Bank's trustee, and if requested or required by the Bank, immediately deliver the such 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. When Upon the occurrence and during the ------------------- continuance of an Event of Default occurs and continuesDefault, Bank may notify any Person owing funds to any Borrower money of Bank's security interest in the such funds and verify the amount of the such Account. Each Borrower must shall collect all payments amounts owing to such Borrower for Bank, receive in trust for Bank andall payments as Bank's trustee, and if requested or required by Bank, immediately deliver the such 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. When an Event of Default occurs and continues, (i) Bank may notify any Person owing any Borrower money of Bank's security interest in the funds and verify the amount of the Account. Each , and (ii) Borrower must collect all payments in trust for Bank and, if requested by Bank, immediately deliver 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 (Stentor Inc)

Accounts Collection. When an Event of Default occurs and continues, Bank may notify any Person person owing any Borrower money of Bank's security interest in the funds and verify the amount of the Account. Each Borrower must collect all payments in trust for Bank and, if requested by Bank, immediately deliver 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 (Sonoma Systems)

Accounts Collection. When an Event of Default occurs and continues, Bank may notify any Person owing any Borrower money of Bank's ’s security interest in the funds and verify the amount of the Account. Each During the existence of an Event of Default, Borrower must collect all payments in trust for Bank and, if requested by Bank, immediately deliver 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 (Cell Genesys Inc)

Accounts Collection. When an Event of Default occurs and continues, Bank may notify any Person owing any Borrower money of Bank's security interest in the funds and verify the amount of the Account. Each After an Event of Default has occurred and while it is continuing, Borrower must collect all payments in trust for Bank and, if requested by Bank, immediately deliver the payments to Bank in the form received from the account debtor, with proper endorsements for deposit.

Appears in 1 contract

Samples: Loan Agreement (Ats Medical Inc)

Accounts Collection. When an Event of Default occurs and continues, Bank may notify any Person owing any either Borrower money of Bank's ’s security interest in the funds and verify the amount of the Account. Each Borrower Upon the occurrence and during the continuance of an Event of Default, Borrowers must collect all payments in trust for Bank and, if requested by Bank, immediately deliver 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 (Xenogen Corp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!