Common use of Collections on Accounts and Contracts Clause in Contracts

Collections on Accounts and Contracts. The Secured Party hereby authorizes the Pledgor to collect the Accounts and Contracts, subject to the Secured Party’s direction and control, and the Secured Party may curtail or terminate said authority at any time. If required by the Secured Party at any time, any payments of Accounts and Contracts, when collected by the Pledgor, shall be forthwith (and, in any event, within two Business Days) deposited by the Pledgor in the exact form received, duly indorsed by the Pledgor to the Secured Party if required, in a special collateral account maintained by the Secured Party, subject to withdrawal by the Secured Party for the account of the Secured Party only, as provided in this Security Agreement, and, until so turned over, shall be held by the Pledgor in trust for the Secured Party, segregated from other funds of the Pledgor. All Proceeds while held by the Secured Party (or by the Pledgor in trust for the Secured Party) shall continue to be collateral security for all of the Obligations and shall not constitute payment thereof until applied as provided in this Security Agreement. At such intervals as may be agreed upon by the Pledgor and the Secured Party, or, if an Event of Default shall have occurred and be continuing, at any time at the Secured Party’s election, the Secured Party shall apply all or any part of the funds on deposit in said special collateral account on account of the Obligations in such order as the Secured Party may elect, and any part of such funds which the Secured Party elects not so to apply and deems not required as collateral security for the Obligations shall be paid over from time to time by the Secured Party to the Pledgor or to whomsoever may be lawfully entitled to receive the same. At the Secured Party’s request, the Pledgor shall deliver to the Secured Party all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to the Accounts and Contracts, including, without limitation, all original orders, invoices and shipping receipts.

Collections on Accounts and Contracts. The Secured Party hereby authorizes the Pledgor Debtor to collect the Accounts and Contracts, subject to the Secured Party’s direction and control, and the Secured Party may curtail or terminate said authority at any time. If required by the Secured Party at any time, any payments of Accounts and Contracts, when collected by the PledgorDebtor, shall be forthwith (and, in any event, within two Business Days) deposited by the Pledgor Debtor in the exact form received, duly indorsed by the Pledgor Debtor to the Secured Party if required, in a special collateral account maintained by the Secured Party, subject to withdrawal by the Secured Party for the account of the Secured Party only, as provided in this Security Agreement, and, until so turned over, shall be held by the Pledgor Debtor in trust for the Secured Party, segregated from other funds of the PledgorDebtor. All Proceeds while held by the Secured Party (or by the Pledgor Debtor in trust for the Secured Party) shall continue to be collateral security for all of the Obligations and shall not constitute payment thereof until applied as provided in this Security Agreement. At such intervals as may be agreed upon by the Pledgor Debtor and the Secured Party, or, if an Event of Default shall have occurred and be continuing, at any time at the Secured Party’s election, the Secured Party shall apply all or any part of the funds on deposit in said special collateral account on account of the Obligations in such order as the Secured Party may elect, and any part of such funds which the Secured Party elects not so to apply and deems not required as collateral security for the Obligations shall be paid over from time to time by the Secured Party to the Pledgor Debtor or to whomsoever may be lawfully entitled to receive the same. At the Secured Party’s request, the Pledgor Debtor shall deliver to the Secured Party all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to the Accounts and Contracts, including, without limitation, all original orders, invoices and shipping receipts.

Collections on Accounts and Contracts. The Secured Party hereby authorizes the Pledgor Debtor to collect the Accounts and Contracts, subject to the Secured Party’s 's direction and control, and the Secured Party may curtail or terminate said authority at any time. If required by the Secured Party at any time, any payments of Accounts and Contracts, when collected by the PledgorDebtor, shall be forthwith (and, in any event, within two Business Days) deposited by the Pledgor Debtor in the exact form received, duly indorsed by the Pledgor Debtor to the Secured Party if required, in a special collateral account maintained by the Secured Party, subject to withdrawal by the Secured Party for the account of the Secured Party only, as provided in this Security Agreement, and, until so turned over, shall be held by the Pledgor Debtor in trust for the Secured Party, segregated from other funds of the PledgorDebtor. All Proceeds while held by the Secured Party (or by the Pledgor Debtor in trust for the Secured Party) shall continue to be collateral security for all of the Obligations and shall not constitute payment thereof until applied as provided in this Security Agreement. At such intervals as may be agreed upon by the Pledgor Debtor and the Secured Party, or, if an Event of Default shall have occurred and be continuing, at any time at the Secured Party’s 's election, the Secured Party shall apply all or any part of the funds on deposit in said special collateral account on account of the Obligations in such order as the Secured Party may elect, and any part of such funds which the Secured Party elects not so to apply and deems not required as collateral security for the Obligations shall be paid over from time to time by the Secured Party to the Pledgor Debtor or to whomsoever may be lawfully entitled to receive the same. At the Secured Party’s 's request, the Pledgor Debtor shall deliver to the Secured Party all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to the Accounts and Contracts, including, without limitation, all original orders, invoices and shipping receipts.

Collections on Accounts and Contracts. The Secured Party hereby authorizes the Pledgor Debtor to collect the Accounts and Contracts, subject to the Secured Party’s direction and control, and the Secured Party may curtail or terminate said authority at any time. If required by the Secured Party at any time, any payments of Accounts and Contracts, when collected by the PledgorDebtor, shall be forthwith (and, in any event, within two Business Days) deposited by the Pledgor Debtor in the exact form received, duly indorsed by the Pledgor Debtor to the Secured Party if required, in a special collateral account maintained by the Secured Party, subject to withdrawal by the Secured Party for the account of the Secured Party only, as provided in this Security Agreement, and, until so turned over, shall be held by the Pledgor Debtor in trust for the Secured Party, segregated from other funds of the PledgorDebtor. All Proceeds while held by the Secured Party (or by the Pledgor Debtor in trust for the Secured Party) shall continue to be collateral security for all of the Obligations Obligation and shall not constitute payment thereof until applied as provided in this Security Agreement. At such intervals as may be agreed upon by the Pledgor Debtor and the Secured Party, or, if an Event of Default shall have occurred and be continuing, at any time at the Secured Party’s election, the Secured Party shall apply all or any part of the funds on deposit in said special collateral account on account of the Obligations Obligation in such order as the Secured Party may elect, and any part of such funds which the Secured Party elects not so to apply and deems not required as collateral security for the Obligations Obligation shall be paid over from time to time by the Secured Party to the Pledgor Debtor or to whomsoever may be lawfully entitled to receive the same. At the Secured Party’s request, the Pledgor Debtor shall deliver to the Secured Party all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to the Accounts and Contracts, including, without limitation, all original orders, invoices and shipping receipts.

Collections on Accounts and Contracts. The Secured Party hereby authorizes the Pledgor Debtor to collect the Accounts and Contracts, subject to the Secured Party’s 's direction and control, and the Secured Party may curtail or terminate said authority at any time. If required by the Secured Party at any time, any payments of Accounts and Contracts, when collected by the PledgorDebtor, shall be forthwith (and, in any event, within two Business Days) deposited by the Pledgor Debtor in the exact form received, duly indorsed by the Pledgor Debtor to the Secured Party if required, in a special collateral account maintained by the Secured Party, subject to withdrawal by the Secured Party for the account of the Secured Party only, as provided in this Security Agreement, and, until so turned over, shall be held by the Pledgor Debtor in trust for the Secured Party, segregated from other funds of the PledgorDebtor. All Proceeds while held by the Secured Party (or by the Pledgor Debtor in trust for the Secured Party) shall continue to be collateral security for all of the Obligations Obligation and shall not constitute payment thereof until applied as provided in this Security Agreement. At such intervals as may be agreed upon by the Pledgor Debtor and the Secured Party, or, if an Event of Default shall have occurred and be continuing, at any time at the Secured Party’s 's election, the Secured Party shall apply all or any part of the funds on deposit in said special collateral account on account of the Obligations Obligation in such order as the Secured Party may elect, and any part of such funds which the Secured Party elects not so to apply and deems not required as collateral security for the Obligations Obligation shall be paid over from time to time by the Secured Party to the Pledgor Debtor or to whomsoever may be lawfully entitled to receive the same. At the Secured Party’s 's request, the Pledgor Debtor shall deliver to the Secured Party all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to the Accounts and Contracts, including, without limitation, all original orders, invoices and shipping receipts.