Common use of Lock Box; Collateral Account Clause in Contracts

Lock Box; Collateral Account. This Section 4.7 shall be effective only upon the occurrence and during the continuance of an Event of Default. If Lender so requests in writing, Debtor will direct each of its debtors on the Accounts to make payments due under the relevant Account or chattel paper directly to a special lock box to be under the control of Lender. Debtor hereby authorizes and directs Lender to deposit into a special collateral account to be established and maintained by Lender all checks, drafts and cash payments received in said lock box. All deposits in said collateral account shall constitute proceeds of Collateral and shall not constitute payment of any Obligation until so applied. At its option, Lender may, at any time, apply finally collected funds on deposit in said collateral account to the payment of the Obligations, in the order of application set forth in Section 4.8, or permit Debtor to withdraw all or any part of the balance on deposit in said collateral account. If a collateral account is so established, Debtor agrees that it will promptly deliver to Lender, for deposit into said collateral account, all payments on Accounts and chattel paper received by it. All such payments shall be delivered to Lender in the form received (except for Debtor’s endorsement where necessary). Until so deposited, all payments on Accounts and chattel paper received by Debtor shall be held in trust by Debtor for and as the property of Lender and shall not be commingled with any funds or property of Debtor.

Lock Box; Collateral Account. This Section 4.7 shall be effective only upon the occurrence and during the continuance of an Event of Default. If Lender Vicis so requests in writing, Debtor will direct each of its debtors on the Accounts to make payments due under the relevant Account or chattel paper directly to a special lock box to be under the control of LenderVicis. Debtor hereby authorizes and directs Lender Vicis to deposit into a special collateral account to be established and maintained by Lender Vicis all checks, drafts and cash payments received in said lock box. All deposits in said collateral account shall constitute proceeds of Collateral and shall not constitute payment of any Obligation until so applied. At its option, Lender Vicis may, at any time, apply finally collected funds on deposit in said collateral account to the payment of the Obligations, in the order of application set forth in Section 4.8, or permit Debtor to withdraw all or any part of the balance on deposit in said collateral account. If a collateral account is so established, Debtor agrees that it will promptly deliver to LenderVicis, for deposit into said collateral account, all payments on Accounts and chattel paper received by it. All such payments shall be delivered to Lender Vicis in the form received (except for Debtor’s endorsement where necessary). Until so deposited, all payments on Accounts and chattel paper received by Debtor shall be held in trust by Debtor for and as the property of Lender Vicis and shall not be commingled with any funds or property of Debtor.

Lock Box; Collateral Account. This Section 4.7 shall be effective only upon the occurrence and during the continuance of an Event of Default. If Lender Vicis so requests in writing, Debtor will direct each of its debtors on the Accounts to make payments due under the relevant Account or chattel paper directly to a special lock box to be under the control of LenderVicis. Debtor hereby authorizes and directs Lender Vicis to deposit into a special collateral account to be established and maintained by Lender Vicis all checks, drafts and cash payments received in said lock box. All deposits in said collateral account shall constitute proceeds of Collateral and shall not constitute payment of any Obligation until so applied. At its option, Lender Vicis may, at any time, apply finally collected funds on deposit in said collateral account to the payment of the Obligations, in the order of application set forth selected in Section 4.8the sole discretion of Vicis, or permit Debtor to withdraw all or any part of the balance on deposit in said collateral account. If a collateral account is so established, Debtor agrees that it will promptly deliver to LenderVicis, for deposit into said collateral account, all payments on Accounts and chattel paper received by it. All such payments shall be delivered to Lender Vicis in the form received (except for Debtor’s 's endorsement where necessary). Until so deposited, all payments on Accounts and chattel paper received by Debtor shall be held in trust by Debtor for and as the property of Lender Vicis and shall not be commingled with any funds or property of Debtor.

Lock Box; Collateral Account. This Section 4.7 shall be effective only upon the occurrence and during the continuance of an Event of Default. If Lender Vicis so requests in writing, Debtor will direct each of its debtors on the Accounts to make payments due under the relevant Account or chattel paper directly to a special lock box to be under the control of LenderVicis. Debtor hereby authorizes and directs Lender Vicis to deposit into a special collateral account to be established and maintained by Lender Vicis all checks, drafts and cash payments received in said lock box. All deposits in said collateral account shall constitute proceeds of Collateral and shall not constitute payment of any Obligation until so applied. At its option, Lender Vicis may, at any time, apply finally collected funds on deposit in said collateral account to the payment of the Obligations, in the order of application set forth selected in Section 4.8the sole discretion of Vicis, or permit Debtor to withdraw all or any part of the balance on deposit in said collateral account. If a collateral account is so established, Debtor agrees that it will promptly deliver to LenderVicis, for deposit into said collateral account, all payments on Accounts and chattel paper received by it. All such payments shall be delivered to Lender Vicis in the form received (except for Debtor’s endorsement where necessary). Until so deposited, all payments on Accounts and chattel paper received by Debtor shall be held in trust by Debtor for and as the property of Lender Vicis and shall not be commingled with any funds or property of Debtor.

Lock Box; Collateral Account. This Section 4.7 shall be effective only upon the occurrence and during the continuance of an Event of Default. If Lender Seatac so requests in writing, Debtor will direct each of its debtors on the Accounts to make payments due under the relevant Account or chattel paper directly to a special lock box to be under the control of LenderSeatac. Debtor hereby authorizes and directs Lender Seatac to deposit into a special collateral account to be established and maintained by Lender Seatac all checks, drafts and cash payments received in said lock box. All deposits in said collateral account shall constitute proceeds of Collateral and shall not constitute payment of any Obligation until so applied. At its option, Lender Seatac may, at any time, apply finally collected funds on deposit in said collateral account to the payment of the Obligations, in the order of application set forth selected in Section 4.8the sole discretion of Seatac, or permit Debtor to withdraw all or any part of the balance on deposit in said collateral account. If a collateral account is so established, Debtor agrees that it will promptly deliver to LenderSeatac, for deposit into said collateral account, all payments on Accounts and chattel paper received by it. All such payments shall be delivered to Lender Seatac in the form received (except for Debtor’s endorsement where necessary). Until so deposited, all payments on Accounts and chattel paper received by Debtor shall be held in trust by Debtor for and as the property of Lender Seatac and shall not be commingled with any funds or property of Debtor.

Lock Box; Collateral Account. This Section 4.7 shall be effective only upon the occurrence and during the continuance of an Event of Default. If Lender Vicis so requests in writing, Debtor will direct each of its debtors on the Accounts to make payments due under the relevant Account or chattel paper directly to a special lock box to be under the control of LenderVicis. Debtor hereby authorizes and directs Lender Vicis to deposit into a special collateral account to be established and maintained by Lender Vicis all checks, drafts and cash payments received in said lock box. All deposits in said collateral account shall constitute proceeds of Collateral and shall not constitute payment of any Obligation until so applied. At its option, Lender Vicis may, at any time, apply finally collected funds on deposit in said collateral account to the payment of the Obligations, in the order of application set forth selected in Section 4.8the sole discretion of Vicis, or permit Debtor to withdraw all or any part of the balance on deposit in said collateral account. If a collateral account is so established, Debtor agrees that it will promptly deliver to LenderVicis, for deposit into said collateral account, all payments on Accounts and chattel paper received by it. All such payments shall be delivered to Lender Vicis in the form received (except for Debtor’s endorsement indorsement where necessary). Until so deposited, all payments on Accounts and chattel paper received by Debtor shall be held in trust by Debtor for and as the property of Lender Vicis and shall not be commingled with any funds or property of Debtor.

Lock Box; Collateral Account. This Section 4.7 shall be effective only upon the occurrence and during the continuance of an Event of Default. If Lender Vicis so requests in writing, a Debtor will direct each of its debtors on the Accounts to make payments due under the relevant Account or chattel paper directly to a special lock box to be under the control of LenderVicis. The Debtor hereby authorizes and directs Lender Vicis to deposit into a special collateral account to be established and maintained by Lender Vicis all checks, drafts and cash payments received in said lock box. All deposits in said collateral account shall constitute proceeds of Collateral and shall not constitute payment of any Obligation until so applied. At its option, Lender Vicis may, at any time, apply finally collected funds on deposit in said collateral account to the payment of the Obligations, in the order of application set forth in Section 4.8, or permit the Debtor to withdraw all or any part of the balance on deposit in said collateral account. If a collateral account is so established, the Debtor agrees that it will promptly deliver to LenderVicis, for deposit into said collateral account, all payments on Accounts and chattel paper received by it. All such payments shall be delivered to Lender Vicis in the form received (except for the Debtor’s endorsement indorsement where necessary). Until so deposited, all payments on Accounts and chattel paper received by the Debtor shall be held in trust by Debtor for and as the property of Lender Vicis and shall not be commingled with any funds or property of Debtor.

Lock Box; Collateral Account. This Section 4.7 shall be effective only upon the occurrence and during the continuance of an Event of Default. If Lender Vicis so requests in writing, each Debtor will direct each of its debtors on the Accounts to make payments due under the relevant Account or chattel paper directly to a special lock box to be under the control of LenderVicis. Each Debtor hereby authorizes and directs Lender Vicis to deposit into a special collateral account to be established and maintained by Lender Vicis all checks, drafts and cash payments received in said lock box. All deposits in said collateral account shall constitute proceeds of Collateral and shall not constitute payment of any Obligation until so applied. At its option, Lender Vicis may, at any time, apply finally collected funds on deposit in said collateral account to the payment of the Obligations, in the order of application set forth selected in Section 4.8the sole discretion of Vicis, or permit any Debtor to withdraw all or any part of the balance on deposit in said collateral account. If a collateral account is so established, each Debtor agrees that it will promptly deliver to LenderVicis, for deposit into said collateral account, all payments on Accounts and chattel paper received by it. All such payments shall be delivered to Lender Vicis in the form received (except for a Debtor’s endorsement where necessary). Until so deposited, all payments on Accounts and chattel paper received by a Debtor shall be held in trust by such Debtor for and as the property of Lender Vicis and shall not be commingled with any funds or property of such Debtor.

Lock Box; Collateral Account. This Section 4.7 shall be effective only upon the occurrence and during the continuance of an Event of Default. If Lender Vicis so requests in writing, a Debtor will direct each of its debtors on the Accounts to make payments due under the relevant Account or chattel paper directly to a special lock box to be under the control of LenderVicis. Each Debtor hereby authorizes and directs Lender Vicis to deposit into a special collateral account to be established and maintained by Lender Vicis all checks, drafts and cash payments received in said lock box. All deposits in said collateral account shall constitute proceeds of Collateral and shall not constitute payment of any Obligation until so applied. At its option, Lender Vicis may, at any time, apply finally collected funds on deposit in said collateral account to the payment of the Obligations, in the order of application set forth in Section 4.8, or permit such Debtor to withdraw all or any part of the balance on deposit in said collateral account. If a collateral account is so established, such Debtor agrees that it will promptly deliver to LenderVicis, for deposit into said collateral account, all payments on Accounts and chattel paper received by it. All such payments shall be delivered to Lender Vicis in the form received (except for such Debtor’s endorsement indorsement where necessary). Until so deposited, all payments on Accounts and chattel paper received by such Debtor shall be held in trust by Debtor for and as the property of Lender Vicis and shall not be commingled with any funds or property of Debtor.

Lock Box; Collateral Account. This Section 4.7 shall be effective only upon the occurrence and during the continuance of an Event of Default. If Lender the Lenders so requests request in writing, Debtor will direct each of its debtors on the Accounts to make payments due under the relevant Account or chattel paper directly to a special lock box to be under the control of Lenderthe Lenders. Debtor hereby authorizes and directs Lender the Lenders to deposit into a special collateral account to be established and maintained by Lender the Lenders all checks, drafts and cash payments received in said lock box. All deposits in said collateral account shall constitute proceeds of Collateral and shall not constitute payment of any Obligation until so applied. At its option, Lender the Lenders may, at any time, apply finally collected funds on deposit in said collateral account to the payment of the Obligations, in the order of application set forth selected in Section 4.8the sole discretion of the Lenders, or permit Debtor to withdraw all or any part of the balance on deposit in said collateral account. If a collateral account is so established, Debtor agrees that it will promptly deliver to Lenderthe Lenders, for deposit into said collateral account, all payments on Accounts and chattel paper received by it. All such payments shall be delivered to Lender the Lenders in the form received (except for Debtor’s endorsement indorsement where necessary). Until so deposited, all payments on Accounts and chattel paper received by Debtor shall be held in trust by Debtor for and as the property of Lender Ethe Lenders and shall not be commingled with any funds or property of Debtor.

Lock Box; Collateral Account. This Section 4.7 shall be effective only upon the occurrence and during the continuance of an Event of Default. If Lender the Collateral Agent so requests in writing, Debtor will direct each of its debtors on the Accounts to make payments due under the relevant Account or chattel paper directly to a special lock box to be under the control of Lenderthe Collateral Agent. Debtor hereby authorizes and directs Lender the Collateral Agent to deposit into a special collateral account to be established and maintained by Lender the Collateral Agent all checks, drafts and cash payments received in said lock box. All deposits in said collateral account shall constitute proceeds of Collateral and shall not constitute payment of any Obligation until so applied. At its option, Lender the Collateral Agent may, at any time, apply finally collected funds on deposit in said collateral account to the payment of the Obligations, in the order of application set forth in Section 4.8, or permit Debtor to withdraw all or any part of the balance on deposit in said collateral account. If a collateral account is so established, Debtor agrees that it will promptly deliver to Lenderthe Collateral Agent, for deposit into said collateral account, all payments on Accounts and chattel paper received by it. All such payments shall be delivered to Lender the Collateral Agent in the form received (except for Debtor’s endorsement where necessary). Until so deposited, all payments on Accounts and chattel paper received by Debtor shall be held in trust by Debtor for and as the property of Lender PI and/or Vicis and shall not be commingled with any funds or property of Debtor.

Lock Box; Collateral Account. This Section 4.7 shall be effective only upon the occurrence and during the continuance of an Event of Default. If Lender the Collateral Agent so requests in writing, Debtor will direct each of its debtors on the Accounts to make payments due under the relevant Account or chattel paper directly to a special lock box to be under the control of Lenderthe Collateral Agent. Debtor hereby authorizes and directs Lender the Collateral Agent to deposit into a special collateral account to be established and maintained by Lender the Collateral Agent all checks, drafts and cash payments received in said lock box. All deposits in said collateral account shall constitute proceeds of Collateral and shall not constitute payment of any Obligation until so applied. At its option, Lender the Collateral Agent may, at any time, apply finally collected funds on deposit in said collateral account to the payment of the Obligations, in the order of application set forth selected in Section 4.8the sole discretion of the Collateral Agent, or permit Debtor to withdraw all or any part of the balance on deposit in said collateral account. If a collateral account is so established, Debtor agrees that it will promptly deliver to Lenderthe Collateral Agent, for deposit into said collateral account, all payments on Accounts and chattel paper received by it. All such payments shall be delivered to Lender the Collateral Agent in the form received (except for Debtor’s endorsement where necessary). Until so deposited, all payments on Accounts and chattel paper received by Debtor shall be held in trust by Debtor for and as the property of Lender PI and/or Vicis and shall not be commingled with any funds or property of Debtor.