Common use of Receivable Collections Clause in Contracts

Receivable Collections. Each of the BORROWERS shall deposit into the COLLECTION ACCOUNT, immediately upon receipt thereof, all cash, checks, drafts, and other instruments for the payment of money, properly endorsed, which have been received by it in full or partial payment of any RECEIVABLE. Prior to any such deposit by any of the BORROWERS into the COLLECTION ACCOUNT, none of the BORROWERS will commingle such items of payment with any of its other funds or property but will hold them separate and apart. In addition, each of the BORROWERS shall instruct all of its ACCOUNT DEBTORS to make all payments on its RECEIVABLES to a post office box in which the LENDER alone shall have sole access (“LOCK BOX”). If payment of any BORROWER’S RECEIVABLES is paid into the LOCK BOX the LENDER shall, on each BUSINESS DAY, withdraw the items of payment from the LOCK BOX and deposit them into either the COLLECTION ACCOUNT or the COMMERCIAL ACCOUNT, as determined by the LENDER. The LENDER, from time to time, shall apply all of the collected funds held in the COLLECTION ACCOUNT toward payment of all or any part of the OBLIGATIONS, whether or not then due, in such order of application as the LENDER may determine. The LENDER shall have no obligation to provide any provisional or other credit for any deposited funds which are not collected funds free of any rights of return.

Receivable Collections. Each of the BORROWERS The Borrower shall deposit into the COLLECTION ACCOUNTCommercial Account, immediately upon receipt thereof, all cash, checks, drafts, and other instruments for the payment of money, properly endorsed, which have been received by it the Borrower in full or partial payment of any RECEIVABLEReceivable; provided, the Borrower shall, if requested in writing by the Lender at any time following the occurrence of an Event of Default and while the same shall be continuing, deposit or cause to be deposited into the Collection Account all of such items of payment immediately upon receipt thereof. Prior to any such deposit by any of the BORROWERS Borrower into either the COLLECTION ACCOUNTCommercial Account or the Collection Account, none of as the BORROWERS case may be, the Borrower will not commingle such items of payment with any of its other funds or property but will hold them separate and apart. In addition, each Upon the written request of the BORROWERS Lender the Borrower shall instruct all of its ACCOUNT DEBTORS Account Debtors to make all payments on its RECEIVABLES the Borrower’s Receivables to a post office box in which the LENDER Lender alone shall have sole access (“LOCK BOXLock Box”). If payment of any BORROWER’S RECEIVABLES the Borrower’s Receivables is paid into the LOCK BOX Lock Box the LENDER Lender shall, on each BUSINESS DAYBusiness Day, withdraw the items of payment from the LOCK BOX Lock Box and deposit them into either the COLLECTION ACCOUNT Commercial Account; provided, that if an Event of Default shall have occurred and be continuing, the Lender shall have the right to cause items or payment received in the COMMERCIAL ACCOUNTLock Box to be deposited into the Collection Account, as determined by and the LENDER. The LENDERLender, from time to time, shall apply all of the collected funds held in the COLLECTION ACCOUNT Collection Account toward payment of all or any part of the OBLIGATIONSObligations, whether or not then due, in such order of application as the LENDER Lender may determine. The LENDER Lender shall have no obligation to provide any provisional or other credit for any deposited funds which are not collected funds free of any rights of return.

Receivable Collections. The BORROWERS shall establish a COLLECTION ACCOUNT arrangement acceptable to the LENDER at a bank acceptable to the LENDER. Each of the BORROWERS shall deposit or cause to be deposited into the COLLECTION ACCOUNT, immediately upon receipt thereof, all cash, checks, drafts, and other instruments for the payment of money, properly endorsed, which have been received by it in full or partial payment of any RECEIVABLE. Prior to any such deposit by any of the BORROWERS into the COLLECTION ACCOUNT, none of the BORROWERS will commingle such items of payment with any of its other funds or property but will hold them separate and apart. In addition, Upon the written request of the LENDER each of the BORROWERS shall instruct all of its ACCOUNT DEBTORS to make all payments on its RECEIVABLES to a post office box in which the LENDER alone shall have sole access (“LOCK BOX”). If payment of any BORROWER’S BORROWERS RECEIVABLES is paid into the LOCK BOX the LENDER shall, on each BUSINESS DAY, withdraw the items of payment from the LOCK BOX and deposit them into either the COLLECTION ACCOUNT or the COMMERCIAL ACCOUNT, as determined by the LENDER. The LENDER, from time to time, shall apply all of the collected funds held in the COLLECTION ACCOUNT toward payment of all or any part of the OBLIGATIONS, whether or not then due, in such order of application as the LENDER may determine. The LENDER shall have no obligation to provide any provisional or other credit for any deposited funds which are not collected funds free of any rights of return.

Receivable Collections. Each of the BORROWERS shall deposit into the COLLECTION COMMERCIAL ACCOUNT, immediately upon receipt thereof, all cash, checks, drafts, and other instruments for the payment of money, properly endorsed, which have been received by it in full or partial payment of any RECEIVABLE; provided, each of the BORROWERS shall, if requested in writing by the LENDER at any time during any continuing DEFAULT or EVENT OF DEFAULT, deposit or cause to be deposited into the COLLECTION ACCOUNT all of such items of payment immediately upon receipt thereof. Prior to any such deposit by any either of the BORROWERS into either the COMMERCIAL ACCOUNT or the COLLECTION ACCOUNT, none as the case may be, neither of the BORROWERS will commingle such items of payment with any of its other funds or property but will hold them separate and apart. In additionUpon the written request of the LENDER during any continuing DEFAULT or EVENT OF DEFAULT, each of the BORROWERS shall instruct all of its ACCOUNT DEBTORS to make all payments on its is RECEIVABLES to a post office box in which the LENDER alone shall have sole access (“LOCK BOX”ALOCK BOX@). If payment of any either BORROWER’S 'S RECEIVABLES is paid into the LOCK BOX the LENDER shall, on each BUSINESS DAY, withdraw the items of payment from the LOCK BOX and deposit them into either the COLLECTION ACCOUNT or the COMMERCIAL ACCOUNT, as determined by the LENDER. The LENDER, from time to time, shall apply all of the collected funds held in the COLLECTION ACCOUNT toward payment of all or any part of the OBLIGATIONS, whether or not then due, in such order of application as the LENDER may determine. The LENDER shall have no obligation to provide any provisional or other credit for any deposited funds which are not collected funds free of any rights of return.

Receivable Collections. Each of the BORROWERS The BORROWER shall deposit into the COLLECTION COMMERCIAL ACCOUNT, immediately upon receipt thereof, all cash, checks, drafts, and other instruments for the payment of money, properly endorsed, which have been received by it the BORROWER in full or partial payment of any RECEIVABLE; provided, the BORROWER shall, if requested in writing by the LENDER at any time, deposit or cause to be deposited into the COLLECTION ACCOUNT all of such items of payment immediately upon receipt thereof. Prior to any such deposit by any of the BORROWERS BORROWER into either the COMMERCIAL ACCOUNT or the COLLECTION ACCOUNT, none of as the BORROWERS case may be, the BORROWER will not commingle such items of payment with any of its other funds or property but will hold them separate and apart. In addition, each Upon the written request of the BORROWERS LENDER the BORROWER shall instruct all of its ACCOUNT DEBTORS to make all payments on its the BORROWER'S RECEIVABLES to a post office box in which the LENDER alone shall have sole access (“"LOCK BOX”"). If payment of any the BORROWER’S 'S RECEIVABLES is paid into the LOCK BOX the LENDER shall, on each BUSINESS DAY, withdraw the items of payment from the LOCK BOX and deposit them into either the COLLECTION ACCOUNT or the COMMERCIAL ACCOUNT, as determined by the LENDER. The LENDER, from time to time, shall apply all of the collected funds held in the COLLECTION ACCOUNT toward payment of all or any part of the OBLIGATIONS, whether or not then due, in such order of application as the LENDER may determine. The LENDER shall have no obligation to provide any provisional or other credit for any deposited funds which are not collected funds free of any rights of return.

Receivable Collections. Each The BORROWER shall establish a lock box in the control of a financial institution acceptable to the LENDER ("LOCK BOX") who will agree to deposit all items of payment received in the LOCK BOX to a blocked account in which the LENDER shall have control for purposes of perfecting its interest in such account ("LOCK-BOX ACCOUNT"). The BORROWER shall move the LOCK BOX to a different financial institution selected by the LENDER within thirty (30) days after the written request of the BORROWERS LENDER which request may be made at any time. All funds deposited in the LOCK-BOX ACCOUNT shall be transferred to the COLLECTION ACCOUNT each BUSINESS DAY. The BORROWER shall deposit into the COLLECTION ACCOUNT, immediately upon receipt thereof, all cash, checks, drafts, and other instruments for the payment of money, properly endorsed, which have been received by it in full or partial payment of any RECEIVABLE. Prior to any such deposit by any of the BORROWERS BORROWER into the COLLECTION ACCOUNT, none of ACCOUNT the BORROWERS BORROWER will commingle such items of payment with any of its other funds or property but will hold them separate and apart. In addition, each of the BORROWERS shall instruct all of its ACCOUNT DEBTORS to make all payments on its RECEIVABLES to a post office box in which the LENDER alone shall have sole access (“LOCK BOX”). If payment of any BORROWER’S RECEIVABLES is paid into the LOCK BOX the LENDER shall, on each BUSINESS DAY, withdraw the items of payment from the LOCK BOX and deposit them into either the COLLECTION ACCOUNT or the COMMERCIAL ACCOUNT, as determined by the LENDER. The LENDER, from time to time, shall apply all of the collected funds held in the COLLECTION ACCOUNT toward payment of all or any part of the OBLIGATIONS, whether or not then due, in such order of application as the LENDER may determine. The LENDER shall have no obligation to provide any provisional or other credit for any deposited funds which are not collected funds free of any rights of return.