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.
Appears in 6 contracts
Samples: Credit and Security Agreement (Newtek Business Services Inc), Credit and Security Agreement (Rf Monolithics Inc /De/), Credit and Security Agreement by And (Qsgi Inc.)
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 IndebtednessObligations.
Appears in 6 contracts
Samples: Credit and Security Agreement (Exabyte Corp /De/), Credit and Security Agreement (Waters Instruments Inc), Credit and Security Agreement (Gardenburger Inc)
Lockbox and Collateral Account. (i) The Borrower Borrowers shall instruct all account debtors to pay all Accounts directly to the Lockbox. If, notwithstanding such instructions, the Borrower receives Borrowers receive any payments on Accounts, the Borrower Borrowers shall deposit such payments into the Collateral Account. The Borrower Borrowers shall also deposit all other cash proceeds of Collateral regardless of source or nature directly into the Collateral Account. Until so deposited, the Borrower Borrowers 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.
Appears in 4 contracts
Samples: Credit and Security Agreement (Pacific Cma Inc), Credit and Security Agreement (Misonix Inc), Credit and Security Agreement (Misonix Inc)
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 to 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 IndebtednessObligations.
Appears in 4 contracts
Samples: Credit and Security Agreement (Pw Eagle Inc), Credit and Security Agreement (Primesource Healthcare Inc), Credit and Security Agreement (Ag Bag International LTD)
Lockbox and Collateral Account. (i) The Borrower shall instruct all account debtors 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 to 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 IndebtednessObligations.
Appears in 4 contracts
Samples: Credit and Security Agreement (Corsair Components, Inc.), Credit and Security Agreement (Pro Dex Inc), Credit and Security Agreement (Pro Dex Inc)
Lockbox and Collateral Account. (i) The Borrower shall instruct all account debtors Account Debtors to pay all Accounts directly to the Lockbox. If, notwithstanding such instructions, the Borrower receives receive 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 to 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 IndebtednessObligations.
Appears in 2 contracts
Samples: Credit and Security Agreement (Landec Corp \Ca\), Credit and Security Agreement (Landec Corp \Ca\)
Lockbox and Collateral Account. (i) The Each Borrower shall instruct all account debtors to pay all Accounts directly to the Lockbox. If, notwithstanding such instructions, the any Borrower receives any payments on Accounts, the such Borrower shall deposit such payments into the Collateral Account. The Each Borrower shall also deposit all other cash proceeds of Collateral regardless of source or nature directly into the Collateral Account. Until so deposited, the such 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 IndebtednessObligations.
Appears in 1 contract
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. Amounts deposited in the Collateral Account shall not bear interest. All deposits in the Collateral Account shall constitute proceeds of Collateral and shall not constitute payment of the IndebtednessObligations.
Appears in 1 contract
Samples: Credit and Security Agreement (Metretek Technologies Inc)
Lockbox and Collateral Account. (i) The Borrower Borrowers shall instruct all account debtors Account Debtors to pay all Accounts directly to the Lockbox. If, notwithstanding such instructions, the either Borrower receives any payments on Accounts, the such Borrower shall deposit such payments into the Collateral Account. The Borrower Borrowers shall also deposit all other cash proceeds of Collateral regardless of source or nature directly into to the Collateral Account. Until so deposited, the Borrower Borrowers 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 IndebtednessObligations.
Appears in 1 contract
Lockbox and Collateral Account. (i) The Borrower shall instruct all account debtors to pay all Accounts directly to the a 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 IndebtednessObligations.
Appears in 1 contract
Lockbox and Collateral Account. (i) The Each Borrower shall instruct all account debtors to pay all Accounts directly to the Lockbox. If, notwithstanding such instructions, the any Borrower receives any payments on Accounts, the such Borrower shall deposit such payments into the Collateral Account. The Each 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 Borrowers 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 their other funds or property. All deposits in the Collateral Account shall constitute proceeds of Collateral and shall not constitute payment of the IndebtednessObligations.
Appears in 1 contract
Samples: Credit and Security Agreement (Orion Energy Systems, Inc.)
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 (excluding New Equity) 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.
Appears in 1 contract
