Collection of Accounts, Etc Sample Clauses

Collection of Accounts, Etc. (A) Until otherwise notified by the Secured Party, the Debtors may collect all the Accounts but the Proceeds of all Accounts so collected by the Debtors shall be held by the Debtors in trust for the Secured Party. The Secured Party may at any time during the existence of an Event of Default terminate the authority hereby given to the Debtors to collect the Proceeds of such Accounts and, acting if it so chooses in each Debtor's name, collect such Accounts itself, directly or through an agent, sell, assign, compromise, discharge or extend the time for payment of such Accounts, institute legal action for the collection of such Accounts and do all acts and things necessary or incidental thereto, and each Debtor hereby ratifies all that the Secured Party shall lawfully do under the authority hereby granted to it. The Secured Party may at any time during the existence of an Event of Default, without notice to any Debtor, notify any account debtor on any such Account that such Account has been assigned to the Secured Party and is to be paid directly to the Secured Party. Alternatively, at its election the Secured Party may require any Debtor to, and in such event such Debtor at its sole expense will, notify its account debtors that payments thereon are thenceforth to be made directly to the Secured Party. Without the written consent of the Secured Party in each case, no Debtor shall compromise, discharge, extend the time for payment of or otherwise grant any indulgence or allowance with respect to any such Account except for minor indulgences or allowances in the ordinary course of business which are not related to an extension or restructuring of credit to an account debtor of a duration in excess of 30 days in any instance.
AutoNDA by SimpleDocs
Collection of Accounts, Etc. At any time after Trustee has received notice of full and indefeasible payment of all Senior Priority Debt and after the occurrence and during the continuation of an Event of Default under the Indentures, the Trustee may (i) notify Account Debtors of Grantor that the Accounts, Negotiable Property Collateral and General Intangibles Collateral have been assigned to or that the Trustee has a security interest therein, or (ii) collect the Accounts, Negotiable Property Collateral and General Intangibles Collateral directly.
Collection of Accounts, Etc. At any time after the occurrence and during the continuance of an Event of Default notify account debtors that the Accounts have been assigned to Administrative Agent on behalf of Secured Parties and that payments shall be made directly to Administrative Agent on behalf of Secured Parties. Upon the request of Requisite Lenders at any time after the occurrence and during the continuance of an Event of Default, Borrowers shall so notify such account debtors. Upon the occurrence of an Event of Default, Administrative Agent on behalf of Secured Parties shall be entitled, but not obligated, to collect, compromise, settle and otherwise act with respect to any Accounts, Contracts or General Intangibles, and shall be authorized to (i) endorse checks and other instruments, (ii) communicate directly with any Loan Party's customers or other obligors to collect payments and/or (iii) bring actions to enforce such collection, and otherwise take any actions necessary to collect and recover any amounts owing to such Loan Party. Any amounts so received by Administrative Agent on behalf of Secured Parties shall be held for the account of Borrowers and may be applied to the Obligations at Administrative Agent's option, at the direction of Requisite Lenders, but shall not be deemed to be payment of the Obligations until so applied. Borrower Representative shall, at Requisite Lenders' request, deliver to Administrative Agent copies of all original and other documents evidencing or relating to the Accounts, Contracts or General Intangibles, including without limitation all original orders, sublease contracts, invoices, shipping receipts, computer records and databases.
Collection of Accounts, Etc. Upon the occurrence and during the continuance of any Event of Default, the Lenders may notify or may require the Company to notify account debtors on any or all of the Company's Accounts, whether now existing or hereafter arising, to make payment directly to the Lenders, and the Lenders may take possession of all proceeds of any accounts in the Company's possession, and may take any other steps which the Lenders deems necessary or advisable to collect any or all such Accounts or other Collateral or proceeds thereof. Without limiting the generality of the foregoing, upon the occurrence and during the continuance of any Event of Default: (a) the Lenders shall have the right to receive, endorse, assign and/or deliver in their name or the name of the Company any and all checks, drafts and other instruments for the payment of money relating to the Accounts, and the Company hereby waives notice of presentment, protest and nonpayment of any instrument so endorsed; (b) the Company hereby constitutes the Lenders or their designee as its attorney-in-fact with power to endorse the Company's name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral that may come into Lenders' possession; to sign the Company's name on any invoice or xxxx of lading relating to any of the Company's accounts, drafts against customers, assignments and verifications of such accounts and notices to customers; to notify the Post Office authorities to change the address for delivery of mail addressed to the Company to such address as the Lenders may designate; and to do all other acts and things necessary to carry out this agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission, nor for any error of judgment or mistake of fact or law; this power being coupled with an interest is irrevocable until this Security Agreement terminates in accordance with its terms; (c) the Lenders may, without notice to or consent from the Company, in their reasonable business judgment, xxx upon or otherwise collect, extend the time of payment, or compromise or settle for cash, credit or otherwise upon any terms, any of the Company's Accounts or any securities, instruments or insurance applicable thereto and/or release the obligor thereon; and (d) the Lenders are authorized and empowered to accept the return of the goods represented by any of the Compa...
Collection of Accounts, Etc. At any time after the occurrence and during the continuance of an Event of Default, notify account debtors that the Accounts have been assigned to the Administrative Agent on behalf of the Secured Parties and that payments shall be made directly to the Administrative Agent on behalf of the Secured Parties. Upon the request of Requisite Lenders at any time after the occurrence and during the continuance of an Event of Default, the Borrower shall so notify
Collection of Accounts, Etc. Anything herein to the contrary notwithstanding:
Collection of Accounts, Etc. Until the Secured Party exercises its rights hereunder to collect Accounts, and any and all rights and claims to the payment or receipt of money or other forms of consideration of any kind in, to and under all Chattel Paper, Documents, General Intangibles, Payment Intangibles, Instruments and Proceeds (collectively, “Rights to Payment”), each Debtor shall endeavor in the first instance diligently to collect all amounts due or to become due on or with respect to the Rights to Payment. At the request of the Secured Party, upon the occurrence and during the continuation of any Event of Default, all remittances received by any Debtor shall be held in trust for the Secured Party and, in accordance with the Secured Party’s instructions, remitted to the Secured Party or deposited to an account with the Secured Party in the form received (appropriately endorsed or accompanied by necessary instruments of transfer).
AutoNDA by SimpleDocs
Collection of Accounts, Etc 

Related to Collection of Accounts, Etc

  • Collection of Accounts 43 5.4 Payments ............................................................................. 44 5.5 Authorization to Make Loans .......................................................... 44 5.6

  • Collection of Accounts Receivable (a) At the Closing, Sellers' Agents shall designate Purchaser as its agent solely for the purposes of collecting the MMP Accounts Receivable. Purchaser will collect the MMP Accounts Receivable during the period beginning on the Closing Date and ending on the 180th day after the Closing Date (the "Collection Period") with the same care and diligence Purchaser uses with respect to its own accounts receivable and hold all such MMP Accounts Receivable in trust for Sellers until remitted by Purchaser to the Indemnification Escrow Agent or the Collections Account pursuant hereto. Purchaser shall not make any referral or compromise of any of the MMP Accounts Receivable to a collection agency or attorney for collection and shall not settle or adjust the amount of any of the MMP Accounts Receivable without the written approval of Sellers' Agent. If, during the Collection Period, Purchaser receives monies from an account debtor of Purchaser that is also an account debtor of MMP with respect to any MMP Accounts Receivable, Purchaser shall credit the sums received to the oldest account due, except where an account is disputed by the account debtor as properly due, and the account debtor has so notified Purchaser in writing, in which case, payments received shall be applied in accordance with the account debtor's instructions; provided that upon resolution of such dispute if any amounts in dispute are received by Purchaser, Purchaser shall remit such amounts to the Indemnification Escrow Agent in accordance with the Indemnification Escrow Agreement up to the amount of the Additional Indemnification Amount Deposit and, thereafter, to the Collections Account.

  • Verification of Accounts Agent shall have the right, at any time or times hereafter, in Agent's name or in the name of a nominee of Agent, to verify the validity, amount or any other matter relating to any Accounts, by mail, telephone, telegraph or otherwise and in any event to sign any Borrower's name on any verification of Accounts and notices thereof to Account Debtors. Prior to the occurrence of a Default or Event of Default, Agent shall give the applicable Borrower telephonic or written notice prior to any such verification.

  • Reconciliation of Accounts Any reconciliation of Accounts performed by any party hereto, or any Subservicer or Subcontractor shall be prepared no later than 45 calendar days after the bank statement cutoff date. * * * * * *

  • Addition of Accounts (a) If, as of the close of business on the last day of any Collection Period, (i) the Pool Balance on such day is less than the Required Participation Amount as of the following Distribution Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on such Distribution Date), or (ii) the result obtained by multiplying (x) the Seller's Participation Amount as of the following Distribution Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on such Distribution Date), by (y) the percentage equivalent of the portion of the Seller's Interest represented by the CARCO Certificate, is less than 2% of the Pool Balance on such last day, then the Seller shall, within 10 Business Days following the end of such Collection Period, designate and transfer to the Trust the Receivables (and the related Collateral Security) of additional Eligible Accounts of the Seller to be included as Accounts in a sufficient amount such that after giving effect to such addition (i) the Pool Balance as of the close of business on the Addition Date is at least equal to such Required Participation Amount or (ii) the result obtained by multiplying (x) such Seller's Participation Amount by (y) the percentage equivalent of the portion of the Seller's Interest represented by the CARCO Certificate, is at least equal to 2% of such Pool Balance, as the case may be. The Seller shall satisfy the conditions specified in Section 2.05(d) in designating such Additional Accounts and conveying the related Receivables to the Trust. The failure of the Seller to transfer Receivables to the Trust as provided in this paragraph solely as a result of the unavailability of a sufficient amount of Eligible Receivables shall not constitute a breach of this Agreement; provided, however, that any such failure will nevertheless result in the occurrence of an Early Amortization Event described in Section 9.01(a).

  • Location of accounts The Borrower shall promptly:

  • Administration of Accounts You agree that You shall be solely responsible for management of Your Administrator account(s) and all Your Managed Apple IDs, including but not limited to: (i) the security and safeguarding of the user name and password associated with each account; (ii) the provision and/or removal of access by any of Your personnel or End Users to such account and any Content provided and/or stored in the Service; and (iii) the provision of appropriate documentation and guidelines to End Users about using the Managed Apple ID accounts.

  • Maintenance of Loan Account; Statements of Account (a) The Administrative Agent shall maintain an account on its books in the name of the Borrowers (each, the “Loan Account”) which will reflect (i) all Revolving Credit Loans and other advances made by the Lenders to the Borrowers or for the Borrowers’ account, (ii) all Letter of Credit Disbursements, fees and interest that have become payable as herein set forth, and (iii) any and all other monetary Obligations that have become payable.

  • Protection of Accounts The Servicer may transfer the Custodial Account or the Escrow Account to a different Qualified Depository from time to time. Such transfer shall be made only upon obtaining the consent of the Owner and the Master Servicer, which consent shall not be withheld unreasonably. The Servicer shall bear any expenses, losses or damages sustained by the Owner because the Custodial Account and/or the Escrow Account are not demand deposit accounts. Amounts on deposit in the Custodial Account and the Escrow Account may at the option of the Servicer be invested in Eligible Investments; provided that in the event that amounts on deposit in the Custodial Account or the Escrow Account exceed the amount fully insured by the FDIC (the "Insured Amount") the Servicer shall be obligated to invest the excess amount over the Insured Amount in Eligible Investments on the same Business Day as such excess amount becomes present in the Custodial Account or the Escrow Account. Any such Eligible Investment shall mature no later than the Determination Date next following the date of such Eligible Investment, provided, however, that if such Eligible Investment is an obligation of a Qualified Depository (other than the Servicer) that maintains the Custodial Account or the Escrow Account, then such Eligible Investment may mature on such Remittance Date. Any such Eligible Investment shall be made in the name of the Servicer in trust for the benefit of the Owner. All income on or gain realized from any such Eligible Investment shall be for the benefit of the Servicer and may be withdrawn at any time by the Servicer. Any losses incurred in respect of any such investment shall be deposited in the Custodial Account or the Escrow Account, by the Servicer out of its own funds immediately as realized.

  • Collection Accounts Section 3.11 Withdrawals from the Collection Accounts..................... Section 3.12 Investment of Funds in the Collection Accounts and the Distribution Account......................................... Section 3.13 Maintenance of Hazard Insurance and Errors and Omissions and Fidelity Coverage........................................ Section 3.14 Enforcement of Due-on-Sale Clauses; Assumption Agreements.... Section 3.15

Time is Money Join Law Insider Premium to draft better contracts faster.