Collection of Accounts; Payments Sample Clauses

Collection of Accounts; Payments. (a) Until the Agent notifies the Grantors to the contrary, each Grantor shall make collection of all Accounts and other Collateral for the Agent, shall receive all payments as the Agent’s trustee, and shall immediately deliver all payments in their original form duly endorsed in blank into a lock-box service or Payment Account established for the account of the Grantors at a clearing bank acceptable to the Agent, subject to a blocked account agreement. In addition, the Grantors shall maintain a lock-box service for collections of Accounts at a clearing bank acceptable to the Agent and subject to a blocked account agreement and other documentation acceptable to the Agent. The Grantors shall instruct all Account Debtors to make all payments directly to the address established for such service. If, notwithstanding such instructions, any Grantor receives any proceeds of Accounts, it shall receive such payments as the Agent’s trustee, and shall immediately deliver such payments to the Agent in their original form duly endorsed in blank or deposit them into a Payment Account, as the Agent may direct. All collections received in any lock-box service or Payment Account or directly by any Grantor or the Agent, and all funds in any Payment Account or other account to which such collections are deposited shall be subject to the Agent’s sole control and withdrawals by the Grantors shall not be permitted. The Agent or the Agent’s designee may, at any time after the occurrence of an Event of Default, notify Account Debtors that the Accounts have been assigned to the Agent and of the Agent’s security interest therein, and may collect them directly and charge the collection costs and expenses to the Loan Account as a Revolving Loan. So long as an Event of Default has occurred and is continuing, each Grantor, at the Agent’s request, shall execute and deliver to the Agent such documents as the Agent shall require to grant the Agent access to any post office box in which collections of Accounts are received;
Collection of Accounts; Payments. (a) Subject to the following sentence, each Loan Party shall make collection of all of its Accounts and other Collateral for the Agent. Within ninety (90) days after the Closing Date, each Loan Party shall have established a Payment Account and a related lock-box service for collections of its Accounts at the Bank or another Clearing Bank acceptable to the Agent and, in each case, subject to a Blocked Account Agreement and other documentation acceptable to the Agent and shall have instructed each Account Debtor to make all payments directly to such Payment Account or to the address established for such lock-box service and shall provide evidence to the Agent, satisfactory to the Agent, that such instructions have been given. If, notwithstanding such instructions, a Loan Party receives any proceeds of Accounts or if a Loan Party receives any payments on account of any other Collateral or any other payments of any source, it shall immediately (and not less often then daily) deliver such payments to the Agent in their original form or deposit such payments into the applicable Payment Account or to another deposit account from which funds are transferred daily into a Payment Account. Until the occurrence of a Combined Availability Threshold Event or an Event of Default, the Loan Parties shall have sole dominion and control of the transfer of funds from the Payment Account and such lock-box. All collections and other payments received in any such lock-box or Payment Account or directly by a Loan Party or the Agent and all funds in any Payment Account or other deposit account to which such collections or payments are deposited shall, upon the occurrence of a Combined Availability Threshold Event or an Event of Default, be subject to the Agent's sole dominion and control and withdrawals by the applicable Loan Party shall not be permitted until a Cash Control Termination Event occurs. The Agent or the Agent's designee may, at any time after the occurrence of a Combined Availability Threshold Event or an Event of Default and until a Cash Control Termination Event occurs, notify Account Debtors of a Loan Party that the Accounts of such Loan Party have been assigned to the Agent and of the Agent's security interest therein, and may collect them directly and charge the collection costs and expenses to the Borrower's Loan Account as a Revolving Loan. Upon the occurrence of a Combined Availability Threshold Event or an Event of Default and until a Cash Control Terminati...
Collection of Accounts; Payments. (a) Grantors shall make collection of all Accounts and other Collateral for Agent, shall receive all payments as Agent’s trustee, and shall immediately deliver all payments in their original form duly endorsed in blank into a Dominion Account. Agent or Agent’s designee may, at any time after the occurrence of an Event of Default, notify Account Debtors that the Accounts have been assigned to Agent and of Agent’s Lien therein, and may collect them directly and charge the collection costs and expenses to the Loan Account as a Revolving Loan.
Collection of Accounts; Payments. 58 6.11 Inventory; Perpetual Inventory . . . . . . . . . . . . . 59 6.12 Equipment . . . . . . . . . . . . . . . . . . . . . . . . 60 6.13 [Intentionally Omitted] . . . . . . . . . . . . . . . . . 60 6.14
Collection of Accounts; Payments. (a) Within 120 days after the Closing Date, establish a Payment Account (the “Primary Payment Account”) subject to a Blocked Account Agreement and other documentation reasonably acceptable to the Administrative Agent, into which all Account collections and proceeds of Revolving Facility Senior Collateral (as defined in the Senior Lender Intercreditor Agreement) will be deposited, and the Borrowers hereby agree that, if an Availability Triggering Event or Specified Default has occurred and is continuing, the Collateral Agent will have exclusive dominion and control over the Primary Payment Account. In the absence of an Availability Triggering Event or Specified Default, the Borrowers will be entitled to direct the application of funds in the Primary Payment Account, including directing the Administrative Agent (or other depository bank, if applicable) to apply funds to the repayment of the outstanding Loans and other amounts payable under the Loan Documents and to otherwise withdraw funds from the Primary Payment Account; provided that all funds withdrawn from the Primary Payment Account will be applied to repay operating expenses of the Borrowers and their Subsidiaries in the ordinary course of business or for other purposes permitted hereunder other than transfers of funds to a deposit account that is not subject to a Blocked Account Agreement (an “Unblocked Account”) or investments in Permitted Investments unless (i) the Collateral Agent has a first priority perfected security interest in such Permitted Investment or Unblocked Account or (ii) the amount of such Permitted Investments and funds in Unblocked Accounts so transferred for which the Collateral Agent does not have a first priority perfected security interest does not exceed $25,000,000 at any one time; provided that no such transfers of funds to Unblocked Accounts or Permitted Investments may be made pursuant to this clause (ii) if the Availability is less than $75 million on such date immediately before and after giving effect to such transfer or Permitted Investment. If an Availability Triggering Event or Specified Default has occurred and is continuing, (i) the Collateral Agent shall have the right to apply collections received into the Primary Payment Account to the outstanding Loans as provided in Section 5.02 of the Collateral Agreement and the Borrowers shall have the right, subject to the terms and conditions of this Agreement, to request Borrowings hereunder and direct the disposition o...
Collection of Accounts; Payments. (a) Each Loan Party shall make collection of all Accounts, Inventory and other assets and Properties for the Agent and shall immediately deliver all payments in their original form duly endorsed in blank into a Payment Account (either directly or following deposit thereof in a deposit account maintained by each Loan Party at a bank acceptable to the Agent). Each Loan Party shall irrevocably direct each of the banks at which deposit accounts are established by such Loan Party to transfer, by same-day depositary transfer, ACH Transfer or Fed Wire Transfer, on a daily basis into a Payment Account all amounts on deposit in such deposit account. Notwithstanding the foregoing sentence, each Loan Party shall be entitled to retain cash at each store operated by such Loan Party (or at the respective operating bank account(s) for each such store) in amounts as are necessary for the day-to-day operation of each such store consistent with past practices in respect of each such store. Each Payment Account shall be maintained pursuant to an agreement (the "Payment Account Agreement") among the Borrowers, the Agent and the relevant financial institution substantially in the form of Exhibit G hereto, which shall provide, among other things, that amounts on deposit in the Payment Account may not be withdrawn by Parent or on behalf of any Borrower until such time as such financial institution shall have received written notice from the Agent and that all collected amounts in each Payment Account shall be transferred on a daily basis to the Agent's account for application to such Loans and/or other Obligations (and, on and after an Event or Event of Default, upon notice by the Agent to the Borrower, to be held as cash collateral for Letters of Credit in an amount equal to 105% of the undrawn amount of outstanding Letters of Credit). All funds in the Payment Account are subject to the sole dominion and control of the Agent. On or before the Closing Date, the Borrowers shall deliver to the Agent a Payment Account Agreement relating to the Payment Account. Each Borrower agrees to indemnify the Agent and each Lender against, and reimburse each on demand for, all costs incurred by the Agent and/or each Lender in connection with the Payment Account Agreement. Notwithstanding the termination of this Agreement, until all of the Obligations shall have been fully paid and satisfied, the Borrowers shall continue to deposit, or cause to be deposited, into the Payment Account all collect...
Collection of Accounts; Payments. The Borrower shall maintain lock-box accounts and other lock-box arrangements reasonably satisfactory to the Agent with such banks as are reasonably acceptable to the Agent to which all Account Debtors shall be instructed to make payments on Accounts. If, notwithstanding such instructions, the Borrower receives any payments with respect to Accounts or, subject to the terms of the Intercreditor Agreement with respect to Secured Sale/Leaseback Collateral or Shared Collateral, if the Borrower receives any payments on account of Inventory and other Collateral or any other payments from whatever source (other than immaterial amounts not to exceed $50,000 in the aggregate at any one time), whether in the form of cash, checks, notes, drafts, bills of exchange, money orders or otherwise (collectively all of the foregoing, including without limitation, payments with respect to Accounts, referred to herein as "Payments"), the Borrower will, at its own cost and expense, cause all such Payments to be deposited not less often than daily in one of the lock-box accounts referred to above or in a Payment Account. All funds in such lock-box accounts shall be transferred on each Business Day to one or more concentration accounts designated by the Agent with a bank reasonably acceptable to the Agent. Each bank requested by the Agent at which a lock-box account is maintained and each bank at which a concentration account referred to in the immediately preceding sentence is maintained shall execute and deliver to the Agent such agreements, in form and substance satisfactory to the Agent, as the Agent shall request with respect to such accounts, including, without limitation, with respect to prohibitions on the Borrower withdrawing funds from such accounts or otherwise directing or modifying actions with respect to such accounts. Each agreement with a bank at which a concentration account is established shall provide, among other things, that all funds deposited into such account shall be transferred directly to the Agent on a daily basis. The Agent or the Agent's designee may, at any time after the occurrence and during the continuance of a Default or an Event of Default, notify Account Debtors that the Accounts have been assigned to the Agent and of the Agent's security interest therein, and may collect them directly and charge the collection costs and expenses to the Borrower's Loan Account as a Revolving Loan. So long as an Event of Default has occurred and is continuing, t...
Collection of Accounts; Payments. Beginning on or after the Final Maturity Date, in the event any of the Obligations remain unpaid:
Collection of Accounts; Payments. 61 6.9 Inventory: Perpetual Inventory........................................ 62 6.10 Equipment............................................................. 63 6.11 Documents, Instruments, and Chattel Paper............................. 64 6.12
Collection of Accounts; Payments. (a) On or prior to the date hereof, Grantors shall establish a lock-box service for collections of Accounts at a financial institution acceptable to the Administrative Agent. Grantors shall instruct all Account Debtors to make all payments directly to the address established for such service. If, notwithstanding such instructions, a Grantor receives any proceeds of Accounts, it shall receive such payments as the Administrative Agent's trustee, and shall immediately deliver such payments to the Administrative Agent in their original form duly endorsed in blank or deposit them into a Payment Account, as the Administrative Agent may direct.