Sweep of Funds. The Lender shall from time to time, in accordance with the Wholesale Lockbox and Collection Account Agreement, cause funds in the Collateral Account to be transferred to the Lender's general account for payment of the Indebtedness. Amounts deposited in the Collateral Account shall not be subject to withdrawal by the Borrowers, except after payment in full and discharge of all Indebtedness.
Appears in 3 contracts
Samples: Credit and Security Agreement (Misonix Inc), Credit and Security Agreement (Misonix Inc), Credit and Security Agreement (Emrise CORP)
Sweep of Funds. The Lender shall from time to time, in accordance with the applicable Wholesale Lockbox and Collection Account Agreement, cause funds in the each Borrower's Collateral Account to be transferred to the Lender's general account for payment of the IndebtednessObligations that are then due and payable. Amounts deposited in the Collateral Account shall not be subject to withdrawal by the Borrowerssuch Borrower, except EXCEPT after payment in full and discharge of all IndebtednessObligations.
Appears in 1 contract
Samples: Credit and Security Agreement (Allis Chalmers Corp)
