Collection and Remittance. Borrower covenants and agrees to maintain the Blocked Account over which Lender shall have the sole power of withdrawal. All proceeds of Receivables whether cash, checks, drafts, notes, acceptances or other forms of payment, if received by Borrower, shall be received by Borrower in trust for Lender, and Borrower agrees to deliver or cause to be delivered, such payments forthwith, in the identical form in which received, to Lender or to the Blocked Account, as Lender shall require from time to time. Collected funds in the Blocked Account shall be swept daily and the proceeds deposited to an account of Lender or Borrower as Lender shall elect.
Appears in 4 contracts
Samples: Loan and Security Agreement (Helios & Matheson North America Inc.), Loan and Security Agreement (Helios & Matheson North America Inc.), Loan and Security Agreement (Helios & Matheson North America Inc.)
Collection and Remittance. Each Borrower covenants and agrees to maintain open the Blocked Account over which Lender shall have the sole power of withdrawal. All proceeds of Receivables whether cash, checks, drafts, notes, acceptances or other forms of payment, if received by either Borrower, shall be received by each Borrower in trust for Lender, and each Borrower agrees to deliver or cause to be delivered, such payments forthwith, in the identical form in which received, to Lender or to the Blocked Account, as Lender shall require from time to time. Collected funds in the Blocked Account shall be swept daily and the proceeds deposited to an account of Lender or Borrower Borrowers as Lender shall elect.
Appears in 1 contract
Samples: Loan and Security Agreement (A Consulting Team Inc)
