Payments Collection. At any time after the occurrence and during the continuance of an Event of Default, Bank may notify any Person owing funds to Borrower of Bank’s security interest in such funds and verify the amount so owing. Borrower shall collect all amounts owing to Borrower for Bank, receive in trust all payments as Bank’s trustee, and immediately deliver such payments to Bank in their original form as received from the account debtor, with proper endorsements for deposit.
Payments Collection. 13.1 Unless otherwise agreed in writing from time to time hereafter, all payments which Borrower is required to make to Agent under this Agreement or under any of the other Loan Documents may, at the option of the Agent, be made by appropriate debits to the Loan Account. Agent may in its sole discretion elect to bill Borrower for such amounts in which case the axxxxt shall be immediately due and payable with interest thereon as provided herein. At any time after either (a) an Event of Default has occurred or (b) Agent reasonably believes or suspects that Borrower or its Affiliates have committed fraud or made a statement, representation or warranty which shall have been materially false or misleading when made, then Agent or its designee may, at any time, notify customers or Account Debtors that Receivables have been assigned to Agent or of its security interest therein, collect the same directly and charge all reasonable out-of-pocket collection costs and expenses to the Loan Account. All proceeds of Collateral (including all revenue, collections and other monies from the Subsidiaries under the Subsidiary Loan Agreements), all dividends and other sums paid to Borrower by the Subsidiaries and all payments of money by any Person shall, at the direction of Agent, be deposited by the Borrower into a lockbox account, dominion account or such other "blocked account" as Agent may require pursuant to an arrangement with such bank as may be selected by Borrower and be acceptable to Agent ("
Payments Collection. 13.1. Unless otherwise agreed in writing from time to time hereafter, all payments which Borrower is required to make to Lender under this Agreement or under any of the other Loan Documents may, at the option of the Lender, be made by appropriate debits to the Loan Account. Lender may in its sole discretion elect to bill Borrower for such amounts in which case xxx amount shall be immediately due and payable with interest thereon as provided herein. At any time after either (a) an Event of Default has occurred or (b) Lender reasonably believes or suspects that Borrower or its Affiliates have committed fraud or made a statement, representation or warranty which shall have been materially false or misleading when made, then Lender or its designee may, at any time, notify customers or Account Debtors that Receivables have been assigned to Lender or of its security interest therein, collect the same directly and charge all reasonable out-of-pocket collection costs and expenses to the Loan Account. All proceeds of Collateral and all payments of money by any Person shall, at the direction of Lender, be deposited into a lockbox account, dominion account or such other "blocked account" as Lender may require pursuant to an arrangement with such bank as may be selected by Borrower and be acceptable to Agent (the "Collecting Bank"). The Borrower shall issue to the Collecting Banks irrevocable letters of instruction, in form and substance satisfactory to the Agent, directing the Collecting Banks, upon receipt of instructions ("Blockage Notices") to do so from the Agent, thenceforth to transfer all funds then and thereafter deposited in the Collecting Banks solely to the Agent, either to any account maintained by the Agent at the Collecting Bank or by wire transfer to appropriate account(s) of the Agent, and not to the Borrower or any Subsidiary. All funds deposited in such "blocked account" shall immediately become Collateral and the Borrower shall use its best efforts to obtain the agreement by the Collecting Bank to waive any offset rights against the funds so deposited. Agent assumes no responsibility for such "blocked account" arrangement, including without limitation, any claim of accord and satisfaction or release with respect to deposits accepted by the Collecting Bank thereunder. Alternatively, upon the issuance of a Blockage Notice, Lender may establish depository accounts in the name of Lender at a bank or banks for the deposit of such funds and Borrower shal...
Payments Collection. At any time after the occurrence and during the continuance of an Event of Default, Bank may notify any Person owing funds to Credit Party of Bank’s security interest in such funds and verify the amount so owing. Credit Party shall collect all amounts owing to Credit Party for Bank, receive in trust all payments as Bank’s trustee, and immediately deliver such payments to Bank in their original form as received from the account debtor, with proper endorsements for deposit.
