Common use of Payments by Account Debtors Clause in Contracts

Payments by Account Debtors. Borrowers shall instruct all Account Debtors to make payments either directly to the Lockbox for deposit by Lender directly to the Collection Account, or instruct them to deliver such payments to Lender by wire transfer, ACH, or other means as Lender may direct for deposit to the Lockbox or Collection Account or for direct application to reduce the outstanding Advances. If any Borrower receives a payment of the Proceeds of Collateral directly, such Borrower will promptly deposit the payment or Proceeds into the Collection Account. Until so deposited, such Borrower will hold all such payments and Proceeds in trust for Lender without commingling with other funds or property.

Payments by Account Debtors. Borrowers Borrower shall instruct all Account Debtors to make payments either directly to the Lockbox for deposit by Lender directly to the Collection Account, or instruct them to deliver such payments to Lender by wire transfer, ACH, or other means as Lender may direct for deposit to the Lockbox or Collection Account or for direct application to reduce the outstanding Advances. If Borrower or any Borrower other Loan Party receives a payment of the Proceeds of Collateral directly, such Borrower Loan Party will promptly deposit the payment or Proceeds into the Collection Account. Until so deposited, such Borrower and the other Loan Parties will hold all such payments and Proceeds in trust for Lender without commingling with other funds or property.

Payments by Account Debtors. Borrowers shall instruct all Account Debtors account debtors to make payments either directly to the Lockbox for deposit by Lender directly to the Collection Controlled Account, or instruct them to deliver such payments to Lender by wire transfer, Automated Clearing House (ACH), or other means as Lender may direct for deposit to the Lockbox or Collection into Lender’s Account or for direct application to reduce the outstanding Advances. If any Borrower receives a payment of the Proceeds of Collateral directly, such Borrower will promptly deposit the payment or Proceeds into the Collection Controlled Account. Until so deposited, such Borrower will hold all such payments and Proceeds in trust for Lender without commingling with other funds or property.

Payments by Account Debtors. Borrowers shall either (i) instruct all Account Debtors to make payments either directly to the Lockbox for deposit by Lender directly to the Collection Account, or (ii) instruct them to deliver such payments to Lender by wire transfer, ACH, or other means as Lender may direct for deposit to the Lockbox or Collection Account or for direct application to reduce the outstanding Advances. If any Borrower receives a payment of the or Proceeds of Collateral directly, such Borrower will promptly deposit the payment or Proceeds into the Collection Account. Until so deposited, such Borrower will hold all such payments and Proceeds in trust for Lender without commingling with other funds or property.