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.
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Samples: Credit and Security Agreement (Orion Energy Systems, Inc.), Credit and Security Agreement (COUPONS.com Inc), Credit and Security Agreement (COUPONS.com Inc)
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.
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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.
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Samples: Credit Agreement (BBX Capital Corp)