Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, the Guarantor shall, upon the request of the Administrative Agent, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) under arrangements, in form and substance satisfactory to the Administrative Agent pursuant to which the Guarantor shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Administrative Agent for deposit into the Collateral Account. All payments made to the Administrative Agent, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, the Guarantor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, the Guarantor shall as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by the Guarantor for and as the property of the Administrative Agent and shall not be commingled with any other funds or property of the Guarantor.
Proceeds of Accounts. The Borrower shall instruct all account debtors and other Persons obligated in respect of all Accounts (including all obligors in respect of the HELOCs) to make all payments in respect of the Accounts either (a) directly to the Lender (by instructing that such payments be remitted to a post office box which shall be under the control of the Lender) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be under the control of the Lender) under arrangements, in form and substance satisfactory to the Lender, pursuant to which the Borrower shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Lender for deposit into the Collateral Account. All payments made to the Lender, as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, the Borrower agrees that if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, the Borrower shall as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by the Borrower for and as the property of the Lender and shall not be commingled with any other funds or property of the Borrower.
Proceeds of Accounts. If so requested by the Agent (acting at the direction of the Required Secured Parties) at any time after the occurrence and during the continuance of an Event of Default, the Company shall instruct all account debtors in respect of Accounts, Chattel Paper and General Intangibles and all obligors on Instruments to make all payments in respect thereof either directly to the Agent or any bank in the United States of America specified by the Agent under arrangements, in form and substance satisfactory to the Agent, pursuant to which the Company shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Collateral Account. All payments made to the Agent as provided in the preceding sentence, shall be immediately deposited in the Collateral Account. In addition to the foregoing, the Company agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder shall be received by it, the Company shall, upon the request of the Agent (acting at the direction of the Required Secured Parties), as promptly as possible deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by the Company for and as the property of the Secured Parties and shall not be commingled with any other funds or property of the Company.
Proceeds of Accounts. Upon the occurrence and during the ---------------------- continuance of an Event of Default, if so requested by the Lender, the Company shall instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts directly to the Agent. In addition to the foregoing, the Company agrees that if the proceeds of any Collateral hereunder (including the payments made in respect of Accounts) shall be received by it, the Company shall, as promptly as possible after requested to do so by the Lender upon the occurrence and during the continuance of an Event of Default, deliver such proceeds to the Lender in original form received together with any necessary endorsement. Until so delivered to the Agent, all such proceeds shall be held in trust by the Company for and as the property of the Lenders and shall not be commingled with any other funds or property of the Company. Without limiting the foregoing, the Company shall enter into a "lock-box" agreement for the deposit and disbursement of funds received by the Company.
Proceeds of Accounts. Checks and all other proceeds received by Greystone in payment of any Account sold or pledged hereunder shall decrease the amount of the Funds Employed by the amount of such proceeds as soon as deposited in Seller's lockbox account. No checks, drafts or other instruments received by Greystone shall constitute final payment of an Account unless and until such instruments have actually been collected. If more than one Account purchased hereunder is originally owed to a Client by an account debtor and the check or other proceeds received from such account debtor by Greystone are not designated by such account debtor for the payment of a particular Account or Accounts, Greystone may apply such proceeds to the Account or Accounts which have the earliest invoice date(s) with respect to such Client.
Proceeds of Accounts. If so requested by the Collateral Agent at any time after the occurrence and during the continuance of an Event of Default, the Grantors shall instruct all account debtors in respect of Accounts, Chattel Paper and General Intangibles and all obligors on Instruments to make all payments in respect thereof either (i) directly to the Collateral Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Collateral Agent) or (ii) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Collateral Agent) under arrangements, in form and substance satisfactory to the Collateral Agent, pursuant to which the Grantors shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Collateral Agent.
Proceeds of Accounts. If any Borrower receives cash or any check, draft or other item of payment payable to a Borrower with respect to any Accounts, it shall hold the same in trust for the Administrative Agent and promptly deposit the same into any such Collection Account, Concentration Account or Dominion Account (it being understood that it shall not be a Default or Event of Default if any such payments are deposited in any account other than a Collection Account or a Concentration Account).
Proceeds of Accounts. At any time after the occurrence and during the continuance of an Event of Default, each Obligor shall, upon the request of the Administrative Agent, instruct all account debtors and other Persons obligated in respect of all Accounts to make all payments in respect of the Accounts either (a) directly to the Administrative Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) or (b) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Administrative Agent) under arrangements, in form and substance satisfactory to the Administrative Agent pursuant to which such Obligor shall have Security Agreement ------------------
Proceeds of Accounts. If so requested by the Collateral Agent at any time after the occurrence and during the continuance of an Event of Default, the Grantors shall instruct all account debtors in respect of Accounts, Chattel Paper and General Intangibles and all obligors on Instruments to make all payments in respect thereof either (i) directly to the Collateral Agent (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Collateral Agent) or (ii) to one or more other banks in the United States of America (by instructing that such payments be remitted to a post office box which shall be in the name and under the control of the Collateral Agent) under arrangements, in form and substance satisfactory to the Collateral Agent, pursuant to which the Grantors shall have irrevocably instructed such other bank (and such other bank shall have agreed) to remit all proceeds of such payments directly to the Collateral Agent. Notwithstanding anything herein to the contrary, in no event shall the Grantors be required to obtain any control agreements with respect to any deposit account or securities account of a Grantor or otherwise perfect the Lien granted hereunder in any deposit account or securities account, except to the extent expressly specified in Section 5.01(a)(y) .
Proceeds of Accounts. Each Guarantor agrees that, at any time after the occurrence and during the continuance of an Event of Default, if the proceeds of any Collateral hereunder shall be received by it, such Guarantor shall, upon the request of the Agent, as promptly as possible, deposit such proceeds into the Collateral Account. Until so deposited, all such proceeds shall be held in trust by such Guarantor for and as the property of the Agent and shall not be commingled with any other funds or property of the Guarantor. Subsidiary Guarantee and Security Agreement - 9 150 5.03 Investment of Balance in Collateral Account. Amounts on deposit in the Collateral Account shall be invested from time to time in such Permitted Investments as the Guarantors (or, after the occurrence and during the continuance of an Event of Default, the Agent) shall determine, which Permitted Investments shall be held in the name and be under the control of the Agent, provided that at any time after the occurrence and during the continuance of an Event of Default, the Agent may (and, if instructed by the Lenders as specified in Section 10.03 of the Credit Agreement, shall) in its (or their) discretion at any time and from time to time elect to liquidate any such Permitted Investments and to apply or cause to be applied the proceeds thereof to the payment of the Secured Obligations in the manner specified in Section 6.09 hereof.
