Deposit with Lender. At any time Lender may require that all proceeds of Collateral received by Debtor shall be held by Debtor upon an express trust for Lender, shall not be commingled with any other funds or property of Debtor and shall be turned over to Lender in precisely the form received (but endorsed by Debtor if necessary for collection) not later than the business day following the day of their receipt. All proceeds of Collateral received by Lender directly or from Debtor shall be applied against the Obligations in such order and at such times as Lender shall determine.
Appears in 5 contracts
Samples: General Business Security Agreement (Advanced Biotherapy Inc), General Business Security Agreement (PMC International Inc), General Business Security Agreement (PMC International Inc)
Deposit with Lender. At any time Lender may require that all proceeds of Collateral received by Debtor shall be held by Debtor upon an express trust for Lender, shall not be commingled with any other funds or property of Debtor and shall be turned over to Lender in precisely the form received (but endorsed by Debtor if necessary for collection) not later than the business day following the day of their receipt. All Except as provided in Section 4(d) below, all proceeds of Collateral received by Lender directly or from Debtor shall be applied against the Obligations in such order and at such times as Lender shall determine.
Appears in 3 contracts
Samples: General Business Security Agreement (Novelos Therapeutics, Inc.), General Business Security Agreement (Siboney Corp), General Business Security Agreement (Telkonet Inc)
Deposit with Lender. At any time Lender may require that all proceeds of Collateral received by Debtor shall be held by Debtor upon an express trust for Lender, shall not be commingled with any other funds or property of Debtor and shall be turned over to Lender in precisely the form received (but endorsed by Debtor if necessary for collection) not later than the business fifth banking day following the day of their receipt. All Except as provided in Section 4(e) below, all proceeds of Collateral received by Lender directly or from Debtor shall be applied against the Obligations in such order and at such times as Lender shall determine.
Appears in 2 contracts
Samples: General Business Security Agreement (Integrated Information Systems Inc), General Business Security Agreement (Integrated Information Systems Inc)
Deposit with Lender. At any time time, Lender may require that all proceeds of Collateral received by Debtor shall be held by Debtor upon an express trust for Lender, shall not be commingled with any other funds or property of Debtor and shall be turned over to Lender in precisely the form received (but endorsed by Debtor if necessary for collection) not later than the business day following the day of their receipt. All proceeds of Collateral received by Lender directly or from Debtor shall be applied against the Obligations in such order and at such times as Lender shall determine.
Appears in 1 contract
Samples: Note and Loan Agreement (Ophidian Pharmaceuticals Inc)
