Collections Account. All payments on Accounts and other Collateral shall be forwarded by Borrower to the Collections Account; provided, however, Bank, in its sole discretion, may require Borrower to establish a lockbox under the control of Bank to which all Account Debtors shall forward payments on the Accounts. Borrower shall pay all of Bank’s standard fees and charges in connection with such lockbox arrangement (if any) and Collections Account as such fees and charges may change from time to time. In the event Bank requires a lockbox arrangement hereunder, Borrower shall promptly after request from Bank notify Account Debtors on the Accounts to forward payments on the Accounts to the lockbox; provided, however, that following the occurrence and during the continuance of an Event of Default, Bank shall have the right to directly contact Account Debtors at any time to ensure that payments on the Accounts are directed to the lockbox. All payment items received by Borrower on Accounts and sale of Inventory and other Collateral shall be held by Borrower in trust for Bank and not commingled with Borrower’s funds and shall be deposited promptly by Borrower to the Collections Account. All such items shall be the exclusive property of Bank upon the earlier of the receipt thereof by Bank or by Borrower. Borrower hereby grants to Bank a security interest in and lien upon all items and balances held in any lockbox, the Disbursements Account and the Collections Account as Collateral for the Obligations, in addition to and cumulative with the general security interest in all assets of Borrower (including all Deposit Accounts) contained in Section 9.1 hereof.
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Collections Account. All If required by Bank in its sole discretion, all payments on Accounts and other Collateral shall be forwarded by Borrower to the Collections Account; provided, however, Bank, in its sole discretion, may require Borrower to establish a lockbox under the control of Bank to which all Account Debtors shall forward payments on the Accounts. Borrower shall pay all of Bank’s standard fees and charges in connection with such lockbox arrangement (if any) and Collections Account as such fees and charges may change from time to time. In the event Bank requires a lockbox arrangement hereunder, Borrower shall promptly after request from Bank notify Account Debtors on the Accounts to forward payments on the Accounts to the lockbox; provided, however, that following the occurrence and during the continuance of an Event of Default, Bank shall have the right to directly contact Account Debtors at any time to ensure that payments on the Accounts are directed to the lockbox. All payment items received by Borrower on Accounts and sale of Inventory and other Collateral shall be held by Borrower in trust for Bank and not commingled with Borrower’s funds Borrowers Funds and shall be deposited promptly by Borrower to the Collections Account. All such items shall be the exclusive property of Bank upon the earlier of the receipt thereof by Bank or by Borrower. Borrower hereby grants to Bank a security interest in and lien upon all items and balances held in any lockbox, the Disbursements Account and the Collections Account as Collateral for the Obligations, in addition to and cumulative with the general security interest in all assets of Borrower (including all Deposit Accounts) contained in Section 9.1 hereof.
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Collections Account. All payments on Accounts and other Collateral Borrower shall be forwarded by Borrower to the Collections Account; provided, however, Bank, in its sole discretion, may require Borrower to establish a lockbox under the control of Bank to which all Account Debtors shall forward payments on the Accounts. Borrower shall pay all of Bank’s standard fees and charges in connection with such lockbox arrangement (if any) and Collections Account as such fees and charges may change from time to time. In the event Bank requires a lockbox arrangement hereunder, Borrower shall promptly after request from Bank notify Account Debtors on the Accounts to forward payments on the Accounts to the lockbox; provided, however, that following that, after the occurrence and during the continuance continue of an Event of Default, Bank shall have the right to directly contact Account Debtors at any time to ensure that payments on the Accounts are directed to the lockbox. All payment items received by Borrower on Accounts and sale of Inventory and other Collateral shall be held by Borrower in trust for Bank and not commingled with Borrower’s funds and shall be deposited promptly by Borrower to the Collections Account. All such items shall be the exclusive property of Bank upon the earlier of the receipt thereof by Bank or by Borrower. Borrower hereby grants to Bank a security interest in and lien upon all items and balances held in any lockbox, the Disbursements Account and the Collections Account as Collateral for the Obligations, in addition to and cumulative with the general security interest in all assets of Borrower (including all Deposit Accounts) contained in Section 9.1 hereof.
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Samples: Loan and Security Agreement (Impax Laboratories Inc)
Collections Account. All Borrowers shall (a) except as provided in clause (b) below, direct all Account Debtors to send all payments on Accounts and other Collateral shall to a lock box controlled by and maintained at Bank, which amounts will then be forwarded by Borrower deposited into the Collections Account and (b) from the Closing Date through and including April 30, 2006, permit Account Debtors to send payments on License Accounts to the lockbox associated with the BOA Account and on other Accounts and other Collateral to a lock box controlled by Bank which is subject to the Blocked Account Agreement, which amounts will then be transferred to Bank for deposit into the Collections Account; provided, however, Bank, in its sole discretion, may require Borrower Account pursuant to establish a lockbox under the control of Bank to which all Account Debtors shall forward payments on the AccountsSection 5.16 hereof. Borrower Borrowers shall pay all of Bank’s 's standard fees and charges in connection with such lockbox arrangement (if any) and Collections Account Account, as such fees and charges may change from time to time. In the event Bank requires a lockbox arrangement hereunder, Borrower shall promptly after request from Bank notify Account Debtors on the Accounts to forward payments on the Accounts to the lockbox; provided, however, that following the occurrence and during the continuance of an Event of Default, Bank shall have the right to directly contact Account Debtors at any time to ensure that payments on the Accounts are directed to the lockbox. All payment items received by Borrower Borrowers on Accounts and sale of Inventory and other Collateral shall be held by Borrower Borrowers in trust for Bank and not commingled with Borrower’s Borrowers' funds and shall be deposited promptly by Borrower Borrowers to the Collections Account. All such items shall be the exclusive property of Bank upon the earlier of the receipt thereof by Bank or by BorrowerBorrowers. Borrower Borrowers hereby grants grant to Bank a security interest in and lien upon all items and balances held in any lockbox, the Disbursements Account and the Collections Account as Collateral for the Obligations, in addition to and cumulative with the general security interest in all assets of Borrower Borrowers (including all Deposit Accounts) contained in Section 9.1 hereof.
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