Common use of Collection of Accounts, Proceeds of Collateral Clause in Contracts

Collection of Accounts, Proceeds of Collateral. Each Co-Borrower agrees that all invoices rendered and other requests made by Co-Borrowers for payment in respect of Accounts shall contain a written statement directing payment in respect of such Accounts to be paid to a lockbox established pursuant to subsection 6.2.4. To expedite collection, Co-Borrowers shall endeavor in the first instance to make collection of its Accounts for Agent. All remittances received by Co-Borrowers on account of Accounts, together with the proceeds of any other Collateral, shall be held as Agent’s property, for its benefit and the benefit of Lenders, by Co-Borrowers as trustee of an express trust for Agent’s benefit and Co-Borrowers shall immediately deposit same in kind in the Dominion Account. Agent retains the right at all times after the occurrence and during the continuance of a Default or an Event of Default to notify Account Debtors that Co-Borrowers’ Accounts have been assigned to Agent and to collect Co-Borrowers’ Accounts directly in its own name, or in the name of Agent’s agent, and to charge the collection costs and expenses, including attorneys’ fees, to Co-Borrowers.