Lockbox and Collateral Account. (i) The Borrower shall instruct all account debtors to pay all Accounts directly to the Lockbox. If, notwithstanding such instructions, the Borrower receives any payments on Accounts, the Borrower shall deposit such payments into the Collateral Account. The Borrower shall also deposit all other cash proceeds of Collateral regardless of source or nature directly into the Collateral Account. Until so deposited, the Borrower shall hold all such payments and cash proceeds in trust for and as the property of the Lender and shall not commingle such property with any of its other funds or property. All deposits in the Collateral Account shall constitute proceeds of Collateral and shall not constitute payment of the Indebtedness.
Lockbox and Collateral Account. (i) The Borrower shall instruct all account debtors to pay all Accounts directly to the Lockbox. If, notwithstanding such instructions, the Borrower receives any payments on Accounts, the Borrower shall deposit such payments into the Collateral Account. Until so deposited, the Borrower shall hold all such payments in trust for and as the property of the Lender and shall not commingle such payments with any of its other funds or property. All deposits in the Collateral Account shall constitute proceeds of Collateral and shall not constitute payment of the Obligations.
Lockbox and Collateral Account. (i) (A) At any time Revolving Advances are outstanding, or (B) at any time that a Default or Event of Default has occurred and is continuing, or (C) at any time that the Lender notifies the Borrower in writing that Lender deems the Collateral to be insufficient to support the Obligations of the Borrower, the Borrower shall deposit all checks, drafts, cash and other remittances in payment or as proceeds of, or on account of Collateral regardless of source or nature directly into the Collateral Account and, until so deposited, the Borrower shall hold all such payments and cash proceeds in trust for and as the property of the Lender and shall not commingle such property with any of its other funds or property. All deposits in the Collateral Account shall constitute proceeds of Collateral and shall not constitute payment of the Obligations.
Lockbox and Collateral Account. (i) Each Borrower, except for Southeastern, shall instruct all of its account debtors to pay all of its Accounts directly to the Lockbox. If, notwithstanding such instructions, any Borrower receives any payments on Accounts, such Borrower shall deposit such payments into the Collateral Account. Each Borrower shall also deposit all other cash proceeds of Collateral regardless of source or nature directly into the Collateral Account. Until so deposited, such Borrower shall hold all such payments in trust for and as the property of the Lender and shall not commingle such payments with any of its other funds or property. All deposits in the Collateral Account shall constitute proceeds of Collateral and shall not constitute payment of the Indebtedness. On a daily basis, amounts deposited into the Collateral Account shall be applied toward payment of principal and interest on the Advances.
Lockbox and Collateral Account. (i) The Borrower upon request by Lender at any time after the occurrence of an Event of Default, shall instruct all account debtors to pay all Accounts directly to the Lockbox. If, notwithstanding such instructions, the Borrower receives any payments on Accounts, the Borrower shall deposit such payments into the Collateral Account. The Borrower shall also deposit all cash proceeds of Collateral regardless of source or nature directly into the Collateral Account. Until so deposited, the Borrower shall hold all such payments and cash proceeds in trust for and as the property of the Lender and shall not commingle such property with any of its other funds or property. All deposits in the Collateral Account shall constitute proceeds of Collateral and shall not constitute payment of the Obligations.
Lockbox and Collateral Account. There is hereby established with Secured Party a cash collateral account (the "COLLATERAL ACCOUNT") in the name and under the control of Secured Party into which there shall be deposited from time to time the cash proceeds of the Collateral required to be delivered to Secured Party pursuant to the following subsections of this Section 3.2 or pursuant to any other provision of this Agreement or any other Loan Document. Secured Party shall have the right, at any time and from time to time, to notify (or to require Debtor to notify) any and all obligors under any Receivables, General Intangibles, Instruments, or other rights to payment included among the Collateral of the assignment thereof to Secured Party under this Agreement and to direct such obligors to make payment of all amounts due or to become due to Debtor thereunder directly to Secured Party and, upon such notification and at the expense of Debtor and to the extent permitted by law, to enforce collection of any such Receivables, General Intangibles, Instruments, or other rights to payment and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as Debtor could have done. Debtor and Secured Party shall deal with the Collateral Account as follows:
Lockbox and Collateral Account. Upon execution and delivery of this Amendment, the Borrower shall execute and deliver to the Bank the Collateral Agreement, a copy of which is attached as EXHIBIT A.
Lockbox and Collateral Account. (i) Petroleum Engineers shall instruct all account debtors to pay all Accounts directly to the Lockbox. If, notwithstanding such instructions, Petroleum Engineers receives any payments on Accounts, Petroleum Engineers shall deposit such payments into the Collateral Account. Petroleum Engineers shall also deposit all other cash proceeds of Collateral regardless of source or nature directly into the Collateral Account. Until so deposited, Petroleum Engineers shall hold all such payments and cash proceeds in trust for and as the property of the Lender and shall not commingle such property with any of its other funds or property. All deposits in the Collateral Account shall constitute proceeds of Collateral and shall not constitute payment of the Obligations.
Lockbox and Collateral Account. (i) Upon notice from the Lender, each Borrower shall instruct all account debtors to pay all Accounts directly to such Borrower's Lockbox. Upon any Borrower's receipt of payments on Accounts, whether before or after such instructions have been given, such Borrower shall deposit such payments into such Borrower's
Lockbox and Collateral Account. (i) If an Event of Default occurs and the Lender requests that they do so, (A) the Borrower shall instruct all account debtors to pay all its Accounts directly to a lockbox (the "Lockbox") established with Xxxxx Fargo Bank or another bank selected by the Lender and reasonably satisfactory to the Borrower and (B) the Borrower shall execute and deliver to the Lender a lockbox and collection account agreement in form and substance satisfactory to the Lender in its sole and absolute judgment. If, notwithstanding such instructions, the Borrower receives any payments on their Accounts, the Borrower shall deposit such payments into the Collateral Account. The Borrower shall also deposit all other cash proceeds of Collateral directly to the Collateral Account if received at a time that the Borrower is required to deposit payments on their Accounts into the Collateral Account. Until so deposited, the Borrower shall hold all such payments and cash proceeds received by it in trust for and as the property of the Lender and shall not commingle such property with any of its other funds or property. All deposits in the Collateral Account shall constitute proceeds of Collateral and shall not constitute payment of the Obligations.
