Common use of Collection and Administration of Accounts Clause in Contracts

Collection and Administration of Accounts. 6.1. Borrower shall direct its customers to send the proceeds of Accounts to the Lock Box Address or deposit account as directed by Lender. 6.2. Thirty days prior to the Initial Borrowing Date, Borrower and Lender shall execute, and Borrower shall cause Lock Box Bank to execute the Blocked Account Control Agreement (With Lockbox Services) which is Exhibit 6.2 hereto. 6.3. Immediately after the Initial Borrowing Date, in the event Borrower receives proceeds of Collateral in the form of a wire transfer or other intangible funds transfer mechanism, Borrower shall immediately pay such proceeds to Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Emagin Corp)

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