Common use of Collection of Accounts and Payments Clause in Contracts

Collection of Accounts and Payments. Borrower shall establish blocked accounts (collectively, "Blocked Accounts") in Borrower's name with such banks ("Collecting Banks") as are reasonably acceptable to Agent into which Borrower will promptly deposit all payments made for Inventory or other payments constituting proceeds of Collateral in the identical form in which such payment was made, whether by cash or check. The Collecting Banks shall acknowledge and agree, in a manner satisfactory to Agent, that all payments made to the Blocked Accounts are the sole and exclusive property of Agent, for the benefit of Lenders, and that the Collecting Banks have no right of setoff against the Blocked Accounts. Borrower hereby agrees that all payments received by Agent, whether by cash, check, wire transfer or any other instrument, made to such Blocked Accounts or otherwise received by Agent and whether on the Accounts or as proceeds of other Collateral or otherwise will be the sole and exclusive property of Agent, for the benefit of Lenders. Borrower, and any of its Affiliates, employees, agents or other Persons acting for or in concert with Borrower, shall, acting as trustee for Agent, receive, as the sole and exclusive property of Agent, any monies, checks, notes, drafts or any other payment relating to and/or constituting proceeds of Accounts or other Collateral which come into the possession or under the control of Borrower or any of Borrower's Affiliates, employees, agents or other Persons acting for or in concert with Borrower, and immediately upon receipt thereof, Borrower or such Persons shall remit the same or cause the

Collection of Accounts and Payments. Borrower and Lender shall establish blocked lockboxes and depository accounts (collectively, "Blocked Lender's Depository Accounts") in Borrower's name with such banks ("Collecting Banks") as are reasonably acceptable to Agent into Lender to which all account debtors shall directly remit all payments on Accounts and in which Borrower will promptly immediately deposit all payments made for Inventory or other payments constituting proceeds of Collateral in the identical form in which such payment was made, whether by cash or check. The Collecting Banks shall acknowledge and agree, in a manner satisfactory to Agent, that all payments made to the Blocked Accounts are the sole and exclusive property of Agent, for the benefit of Lenders, and that the Collecting Banks have no right of setoff against the Blocked Accounts. Borrower hereby agrees that all payments received by AgentLender, whether by cash, check, wire transfer or any other instrument, made to such Blocked Lender Depository Accounts or otherwise received by Agent Lender and whether on the Accounts or as proceeds of other Collateral or otherwise will be the sole and exclusive property of Agent, for the benefit of LendersLender. Borrower, and any of its Affiliates, employees, agents agents, or other Persons acting for or in concert with Borrower, shall, acting as trustee for AgentLender, receive, as the sole and exclusive property of AgentLender, any monies, checks, notes, drafts or any other payment payments relating to and/or constituting proceeds of Accounts or other Collateral which come into the possession or under the control of Borrower or any of Borrower's Affiliates, employees, agents or other Persons acting for or in concert with Borrower, ,and immediately upon receipt thereof, Borrower or such Persons shall remit the same or cause thethe same to be remitted, in kind, to the Lender Depository Account or to Lender at its address set forth in subsection 9.6 below.

Collection of Accounts and Payments. Borrower shall establish blocked accounts (collectively, "Blocked Accounts") in Borrower's name with such banks ("Collecting Banks") as are reasonably acceptable to Agent into which Borrower will promptly immediately deposit or cause the deposit of all payments made for Inventory or other payments constituting remittances and proceeds of the Collateral in the identical form in which such payment was made, whether by cash or check. The Collecting Banks shall acknowledge and agree, in a manner satisfactory to Agentspecial lock box account number 77-6132 with AMERICAN NATIONAL BANK, DEPT. 77-6132, CHIXXXX, XX 00000-0000 ("DEPOSITORY BANK"). Borrower agrees that all payments made to the Blocked Accounts are the sole and exclusive property of Agent, for the benefit of Lenders, and that the Collecting Banks have no right of setoff against the Blocked Accounts. Borrower hereby agrees that all payments received by Agent, whether by cash, check, wire transfer or any other instrument, made to such Blocked Accounts special account or otherwise received by Agent and Lender, whether on the Accounts or as proceeds of other Collateral or otherwise otherwise, will be the sole and exclusive property of AgentLender and will be applied on account of the Liabilities. On the same Business Day of Lender's receipt of funds eligible to be wired from the Depository Bank, for Lender will credit (conditional upon final collection) all payments received against the benefit of LendersLiabilities. Borrower, Borrower and any of its Affiliates, shareholders, directors, officers, employees, agents or other of Borrower and all Persons acting for or in concert with Borrower, Borrower shall, acting as trustee for AgentLender, receive, as the sole and exclusive property of AgentLender, any monies, checks, notes, drafts or any other payment payments relating to and/or constituting or proceeds of Accounts or other Collateral which come into the their possession or under the their control of Borrower or any of Borrower's Affiliates, employees, agents or other Persons acting for or in concert with Borrower, and immediately upon receipt thereofreceipt, Borrower or such Persons shall remit the same or cause thethe same to be remitted, in kind, to Lender, at Lender's address set forth in Section 10.10. Borrower agrees to pay to Lender any and all fees, costs and expenses (if any) which Lender incurs in connection with opening and maintaining the special account and depositing for collection by Lender any check or item of payment received or delivered to Depository Bank or Lender on account of the Liabilities and Borrower further agrees to reimburse Lender for any claims asserted by Depository Bank in connection with the special account or any returned or uncollected checks received by Depository Bank for deposit in the special account.

Collection of Accounts and Payments. Borrower and Lender shall establish blocked lockboxes and depository accounts (collectively, "Blocked AccountsLENDER'S DEPOSITORY ACCOUNTS") in Borrower's name with such banks ("Collecting Banks") as are reasonably acceptable to Agent into Lender to which all account debtors shall directly remit all payments on Accounts and in which Borrower will promptly immediately deposit all payments made for Inventory or other payments constituting proceeds of Collateral in the identical form in which such payment was made, whether by cash or check. The Collecting Banks shall acknowledge and agree, in a manner satisfactory to Agent, that all payments made to the Blocked Accounts are the sole and exclusive property of Agent, for the benefit of Lenders, and that the Collecting Banks have no right of setoff against the Blocked Accounts. Borrower hereby agrees that all payments received by AgentLender, whether by cash, check, wire transfer or any other instrument, made to such Blocked Lender Depository Accounts or otherwise received by Agent Lender and whether on the Accounts or as proceeds of other Collateral or otherwise will be the sole and exclusive property of Agent, for the benefit of LendersLender. Borrower, and any of its Affiliates, employees, agents agents, or other Persons acting for or in concert with Borrower, Borrower shall, acting as trustee for AgentLender, receive, as the sole and exclusive property of AgentLender, any monies, checks, notes, drafts or any other payment payments relating to and/or constituting proceeds of Accounts or other Collateral which come into the possession or under the control of Borrower or any of Borrower's Affiliates, employees, agents or other Persons acting for or in concert with Borrower, and immediately upon receipt thereof, Borrower or such Persons shall remit the same or cause thethe same to be remitted, in kind, to the Lender Depository Account or to Lender at its address set forth in subsection 8.5 below.