Collection of Accounts, General Intangibles, Negotiable Collateral. Foothill, Borrower, and the Lock Box Banks shall enter into the Lock Box Agreements, in form and substance satisfactory to Foothill in its sole discretion, pursuant to which all of Borrower's cash receipts, checks, and other items of payment (including, insurance proceeds, proceeds of cash sales, rental proceeds, and tax refunds) will be forwarded to Foothill on a daily basis. At any time, Foothill or Foothill's designee may: (a) notify customers or Account Debtors of Borrower that the Accounts, General Intangibles, or Negotiable Collateral have been assigned to Foothill or that Foothill has a security interest therein; and (b) collect the Accounts, General Intangibles, and Negotiable Collateral directly and charge the collection costs and expenses to Borrower's loan account. Borrower agrees that it will hold in trust for Foothill, as Foothill's trustee, any cash receipts, checks, and other items of payment (including, insurance proceeds, proceeds of cash sales, rental proceeds, and tax refunds) that it receives and immediately will deliver said cash receipts, checks, and other items of payment to Foothill in their original form as received by Borrower, except as otherwise provided in Section 2.6.
Collection of Accounts, General Intangibles, Negotiable Collateral. At any time after the occurrence and during the continuation of an Event of Default, Lender or its designee may (a) notify Account Debtors of the Debtor that the Accounts, chattel paper, or General Intangibles have been assigned to Lender or that Lender has a security interest therein, or (b) collect the Accounts, chattel paper, or General Intangibles directly and charge the reasonable collection costs and expenses to the Loan Account.
Collection of Accounts, General Intangibles, Negotiable Collateral. (a) On or before the Closing Date, Foothill, Borrower, and the Blocked Account Bank shall enter into the Blocked Account Agreement, in form and substance satisfactory to Foothill in its sole discretion, pursuant to which all of the proceeds of Borrower's cash receipts, checks, and other items of payment (including, insurance proceeds, proceeds of cash sales, rental proceeds, and tax refunds) will be forwarded to Foothill on a daily basis. Borrower agrees that it will continue to consolidate its receipts into the Blocked Account on each banking day and will not fail to consolidate its receipts into the Blocked Account on any banking day without the prior written consent of Foothill. At any time that an Event of Default has occurred and is continuing, Foothill may: (a) notify customers or Account Debtors of Borrower that the Accounts, General Intangibles, or Negotiable Collateral have been assigned to Foothill or that Foothill has a security interest therein; and (b) collect the Accounts, General Intangibles, and Negotiable Collateral directly and charge the collection costs and expenses to Borrower's loan account. Borrower agrees that it will hold in trust for Foothill, as Foothill's trustee, any cash receipts, checks, and other items of payment (including, insurance proceeds, proceeds of cash sales, rental proceeds, and tax refunds) that it receives and immediately will deliver said cash receipts, checks, and other items of payment to Foothill in their original form as received by Borrower.
(b) On or before the First Amendment Closing Date, Foothill, USLVD, and the Lockbox Bank shall enter into the Lockbox Agreement, in form and substance satisfactory to Foothill in its sole discretion, pursuant to which all of USLVD's cash receipts, checks, and other items of payment (including, insurance proceeds, proceeds of cash sales, rental proceeds, and tax refunds) that are received by the Lockbox Bank are to be forwarded by the Lockbox Bank to Foothill on a daily basis. At any time that an Event of Default has occurred and is continuing, Foothill or Foothill's designee may: (a) notify customers or Account Debtors of USLVD that the Accounts, General Intangibles, or Negotiable Collateral have been assigned to Foothill or that Foothill has a security interest therein; and (b) collect the Accounts, General Intangibles, and Negotiable Collateral directly and charge the collection costs and expenses to Borrower's loan account. Borrower agrees that it will cause USLVD to...
Collection of Accounts, General Intangibles, Negotiable Collateral. At any time, Agent or Agent's designee may: (a) notify customers or Account Debtors of Guarantor that the Accounts, General Intangibles, or Negotiable Collateral have been assigned to Agent for the benefit of the Lender Group or that Agent for the benefit of the Lender Group has a security interest therein; and (b) collect the Accounts, General Intangibles, and Negotiable Collateral directly and charge the collection costs and expenses to Borrower's loan account. Guarantor agrees that it will hold in trust for the Lender Group, as The Lender Group's trustee, any cash receipts, checks, and other items of payment (including, insurance proceeds, proceeds of cash sales, rental proceeds, and tax refunds) that it receives and immediately will deliver said cash receipts, checks, and other items of payment to Agent in their original form as received by Guarantor.
Collection of Accounts, General Intangibles, Negotiable Collateral. At any time after the occurrence and during the continuation of an Event of Default, Secured Party or Secured Party's designee may (a) notify Account Debtors of each Debtor that the Accounts, chattel paper, or General Intangibles have been assigned to Secured Party or that Secured Party has a security interest therein, or (b) collect the Accounts, chattel paper, or General Intangibles directly and charge the collection costs and expenses to Borrower's Loan Account. Each Debtor agrees that it will hold in trust for Secured Party, as Secured Party's trustee, any Collections that it receives and immediately will deliver said Collections to Secured Party or a Cash Management Bank in their original form as received by such Debtor.
Collection of Accounts, General Intangibles, Negotiable Collateral. At any time after the occurrence and during the continuation of an Event of Default, Lender or Lender's designee may (a) notify Account Debtors of any Debtor that the Accounts, chattel paper, or General Intangibles have been assigned to Lender or that Lender has a security interest therein, or (b) collect the Accounts, chattel paper, or General Intangibles directly and charge the reasonable collection costs and expenses to the Loan Account. Each Debtor agrees that it will hold in trust for Lender, as Lender's trustee, any Collections that it receives and promptly will deliver said Collections to Lender or a Cash Management Bank in their original form as received by such Debtor.
Collection of Accounts, General Intangibles, Negotiable Collateral. At any time after the occurrence and during the continuation of an Event of Default, Collateral Agent or Collateral Agent's designee may, subject to the terms of the Intercreditor Agreement (a) notify Account Debtors of Debtor that Debtor's Accounts, chattel paper, or General Intangibles have been assigned to Collateral Agent or that Collateral Agent has a security interest therein, or (b) collect Debtor's Accounts, chattel paper, or General Intangibles directly and charge the collection costs and expenses to Debtor. Debtor agrees that it will hold in trust for Collateral Agent, as Collateral Agent's trustee, any Collections that it receives and promptly will deliver such Collections to Collateral Agent in their original form as received by Debtor.
Collection of Accounts, General Intangibles, Negotiable Collateral. At any time after the occurrence and during the continuation of an Event of Default, Agent or Agent's designee may (a) notify Account Debtors of any Guarantor that such Guarantor's Accounts, chattel paper, or General Intangibles have been assigned to Agent or that Agent has a security interest therein, or (b) collect such Guarantor's Accounts, chattel paper, or General Intangibles directly and charge the collection costs and expenses to the Loan Account. Each Guarantor agrees that it will hold in trust for Agent, as Agent's trustee, any Collections that it receives and promptly will deliver such Collections to Agent in their original form as received by the applicable Guarantor.
Collection of Accounts, General Intangibles, Negotiable Collateral. At any time that an Event of Default has occurred and is continuing, Agent or its designee may (a) notify Account debtors or obligors of Borrowers that the Accounts, chattel paper, or General Intangibles have been assigned to Agent or that Agent has a security interest therein, or (b) collect the Accounts, chattel paper, or General Intangibles directly and charge the collection costs and expenses to Borrower. Borrowers agree that at any time that an Event of Default has occurred and is continuing, they will hold in trust for Agent, as Agent's trustee, any collections that they receive and immediately will deliver such collections to Agent in their original form as received by Borrowers.
Collection of Accounts, General Intangibles, Negotiable Collateral. Upon the occurrence and during the continuation of an Event of Default, Collateral Agent or Collateral Agent's designee may: (a) notify customers or Account Debtors of Debtors that the Accounts, General Intangibles, or Negotiable Collateral have been assigned to Collateral Agent or that Collateral Agent has a security interest therein for the benefit of the Lender Group ; and (b) collect the Accounts, General Intangibles, and Negotiable Collateral directly and charge, or cause Administrative Agent to charge for the benefit of Collateral Agent, the collection costs and expenses incurred by Collateral Agent in connection with any such collection of the Accounts to Debtors' Loan Account. Debtors agree that they will hold in trust for Collateral Agent, as Collateral Agent's trustee, any cash receipts, checks, and other items of payment (including, insurance proceeds, proceeds of cash sales, rental proceeds, and tax refunds) that any Debtor receives and immediately will deliver or deposit said cash receipts, checks, and other items of payment as and in the manner required pursuant to the Credit Agreement.
