Common use of Pledge of Receivables Clause in Contracts

Pledge of Receivables. Borrower hereby agrees to pledge all Receivables and deliver documentation evidencing such Receivables (the original contract or agreement that evidences Account Debtor's primary payment obligation to Borrower ("Payment Agreement") and a certificate of title or application therefore in the name of Account Debtor, with the Borrower as the only secured party, of the collateral that secures such payment obligation to Lender ["Certificate of Title"]), no less often than on the twentieth (20th) day of each calendar month during the term of this Agreement. If such evidence of title of the collateral securing a pledged Receivable is not delivered to Lender with the original Receivable documentation, Borrower shall deliver evidence that such original title has been applied for in the name of the respective Account Debtor with Borrower as the only secured party ("White Slip"), in a form and substance satisfactory to Lender, and such evidence of title shall be delivered to Lender not later than fifteen (15) days after such evidence of title is received by Borrower. Any Receivable for which Borrower has not delivered the original Payment Obligation and the Certificate of Title or White Slip, such Receivables shall not be an Eligible Receivable hereunder, until such delivery is made. Borrower will deliver monthly, with the delivery of the documentation evidencing the Receivables above, a "Vehicle Title Exception Report" listing all Certificates of Titles which have not been received by Lender or are due from the appropriate state motor vehicle department.