Common use of Lock Box; Collateral Account Clause in Contracts

Lock Box; Collateral Account. If Lender so requests at any time (whether or not Owner is in default of this Agreement), Owner will direct each of its account debtors to make payments due under the relevant account or chattel paper directly to a special lock box to be under the control of Lender. Owner hereby authorizes and directs Lender to deposit into a special collateral account to be established and maintained with Lender all checks, drafts and cash payments received in the lock box. All deposits in the collateral account shall constitute proceeds of Collateral and shall not constitute payment of any Obligation. At its option, Lender may, at any time, apply finally collected funds on deposit in the collateral account to the payment of the Obligations in such order of application as Lender may determine, or permit Owner to withdraw all or any part of the balance on deposit in the collateral account. If a collateral account is so established, Owner agrees that Owner will promptly deliver to Lender, for deposit into the collateral account, all payments on accounts and chattel paper received by Owner. All such payments shall be delivered to Lender in the form received (except for Owner's endorsement if necessary). Until so deposited, all payments on accounts and chattel paper received by Owner shall be held in trust by Owner for and as the property of Lender and shall not be commingled with any funds or property of Owner.

Lock Box; Collateral Account. If Lender so requests at any time (whether or not Owner is in default Upon the Bank's request following an Event of this Agreement)Default, Owner the Borrower will direct each of its obligor on an account debtors to make payments due under the relevant account or chattel paper directly to a special lock box to be under the control of Lenderthe Bank. Owner hereby Borrower authorizes and directs Lender the Bank to deposit into a special collateral account to be established and maintained with Lender the Bank all checks, drafts and cash payments payments, received in the said lock box. All deposits in the to this collateral account shall constitute proceeds of Collateral and shall not constitute payment of any Obligation. At its option, Lender the Bank may, at any time, apply finally collected funds on deposit in the collateral account to the payment of the Obligations in such order of application as Lender the Bank may determine, or permit Owner the Borrower to withdraw all or any part of the balance on deposit in of the collateral account. If a collateral account is so established, Owner Borrower agrees that Owner it will promptly deliver to Lender, the Bank for deposit into the collateral account, account all payments on accounts and chattel paper received by OwnerAccounts. All such payments shall be delivered to Lender the Bank in the form received (except for OwnerBorrower's endorsement if where necessary). Until so deposited, all payments on accounts and chattel paper Accounts received by Owner Borrower shall be held in trust by Owner for and the Borrower as the property of Lender the Bank, and shall not be commingled with any funds or property of Ownerthe Borrower.

Lock Box; Collateral Account. If Lender so requests at any time (whether before or not Owner is in default after the occurrence of this Agreementan event of default), Owner Grantor will direct each of its account debtors to make payments due under the relevant account or chattel paper directly to a special lock box to be under the control of which is controlled by Lender. Owner hereby Grantor authorizes and directs Lender to deposit into a special collateral account account, to be maintained and established and maintained with Lender by Lender, all checks, drafts and cash payments received in the said lock box. All deposits in the said collateral account shall constitute are designated to be proceeds of Collateral collateral and shall not constitute payment of any Obligationobligation. At its optionHowever, Lender may, at any time, may apply finally collected funds on deposit in the collateral account to the payment of the Obligations Indebtedness in such order of application as Lender may determine, or permit Owner Grantor to withdraw all or any part of the balance on deposit in the said collateral account. If a collateral account is so established, Owner Grantor agrees that Owner will promptly it will, immediately upon receipt, deliver to Lender, Lender for deposit into the said collateral account, all payments on accounts and chattel paper received by Owner. All such payments shall be delivered to Lender in the form received (except for Owner's endorsement if necessary)it. Until so depositeddeposited into said collateral account, all payments on accounts and chattel paper received by Owner Grantor shall be held in trust by Owner for and as the property of Lender and shall not be commingled with any funds or property of Owner.Grantor. GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS COMMERCIAL SECURITY AGREEMENT, AND GRANTOR AGREES TO ITS TERMS. THIS AGREEMENT IS DATED NOVEMBER 9, 2000. GRANTOR:

Lock Box; Collateral Account. If Lender so requests at any time (whether or not Owner is in default of this Agreement), Owner will direct each of its account debtors to make payments due under the relevant account or chattel paper directly to a special lock box to be under the control of Lender. Owner hereby authorizes and directs Lender to deposit into a special collateral account to be established and maintained with Lender all checks, drafts and cash payments received in the said lock box. All deposits in the said collateral account shall constitute proceeds of Collateral and shall not constitute payment of any Obligation. At its option, Lender may, at any time, apply finally collected funds on deposit in the said collateral account to the payment of the Obligations in such order of application as Lender may determine, or permit Owner to withdraw all or any part of the balance on deposit in the said collateral account. If a collateral account is so established, Owner agrees that Owner will promptly deliver to Lender, for deposit into the said collateral account, all payments on accounts and chattel paper received by Owner. All such payments shall be delivered to Lender in the form received (except for Owner's endorsement if necessary). Until so deposited, all payments on accounts and chattel paper received by Owner shall be held in trust by Owner for and as the property of Lender and shall not be commingled with any funds or property of Owner.