Collection of Receivables; Proceeds of Collateral. Each Loan Party will maintain, and cause each of the other Loan Parties to maintain, all Cash Collateral Accounts with Xxxxx Fargo Bank or another commercial bank located in the United States or Canada and to maintain each of its deposit accounts and its cash management system in accordance with the Collateral Documents. Without limiting the foregoing, all Payment Items received by any Loan Party in respect of its Receivables, together with the proceeds of any other Collateral, shall be held by such Loan Party as trustee of an express trust for the Administrative Agent’s benefit; such Loan Party shall promptly deposit same in kind in a Cash Collateral Account for application to the applicable Senior Credit Obligations in accordance with the terms of this Agreement and the applicable Security Agreement. The Administrative Agent retains the right at all times following the occurrence and during the continuance of an Event of Default to notify Account Debtors of any Loan Party that Receivables have been assigned to the Administrative Agent and to collect Receivables directly in its own name and to charge to the Borrowers the collection costs and expenses incurred by the Administrative Agent or Revolving Credit Revolving Credit Lenders, including reasonable out-of-pocket attorneys’ fees. Upon the occurrence and during the continuation of a Cash Dominion Event or an Event of Default, all monies properly deposited in the U.S. Payment Account shall be deemed to be voluntary prepayments of the Senior Credit Obligations with respect to the U.S. Revolving Credit Facility and applied in accordance with Section 2.04(a) to reduce such outstanding Senior Credit Obligations and all monies properly deposited in the Canadian Payment Account shall be deemed to be voluntary prepayments of the Senior Credit Obligations with respect to the Canadian Revolving Credit Facility and applied in accordance with Section 2.04(a) to reduce such outstanding Senior Credit Obligations.
Collection of Receivables; Proceeds of Collateral. (a) Borrower will collect its accounts receivable only in the ordinary course of business. Borrower will notify all of its account debtors to forward all accounts receivable collections owed to Borrower to a lockbox maintained by Bank, and will execute such lockbox agreements as may be required by Bank and will pay to Bank all customary fees in connection with such lockbox arrangement. Immediately upon receipt, Borrower will forward to Bank all other checks, drafts and other monies received by Borrower which are proceeds of the Collateral to the lockbox maintained by Bank.
Collection of Receivables; Proceeds of Collateral. (a) Borrowers will collect their accounts receivable only in the ordinary course of business. Borrowers will notify all of their account debtors to forward all accounts receivable collections owed to any Borrower to a lockbox maintained by Bank, and will execute such lockbox agreements as may be required by Bank and will pay to Bank all customary fees in connection with such lockbox arrangement. Immediately upon receipt, Borrowers will forward to Bank all other checks, drafts and other monies received by any Borrower which are proceeds of the Collateral.
Collection of Receivables; Proceeds of Collateral. (a) Obligors will collect their accounts receivable only in the ordinary course of business. Prior to the occurrence of an Event of Default, such accounts receivable shall be deposited in operating accounts maintained by Obligors to be ultimately transferred to a deposit account maintained with the Bank. Upon request by Bank after occurrence of an Event of Default, Obligors will notify all of their account debtors to forward all accounts receivable collections owed to Obligors to a lockbox maintained by Bank and will forward all other checks, drafts and monies received by Obligors which are proceeds of the Collateral to such lockbox. In connection therewith, Obligors will execute such lockbox agreements as may be required by Bank and will pay to Bank all customary fees in connection with any lockbox arrangement.
Collection of Receivables; Proceeds of Collateral. From and after the occurrence and during the continuance of an Event of Default (a) all monies, checks, notes, instruments, drafts or other payments relating to or constituting proceeds of any accounts receivable or other Collateral of either Borrower which come into the possession or under the control of either Borrower or any employees, agents or other persons acting for or in concert with Borrowers, shall be received and held in trust for Bank and such items shall be the sole and exclusive property of Bank and Borrowers and such other persons shall immediately remit the same or cause the same to be remitted, in kind, to Bank, (b) each Borrower shall deliver or cause to be delivered to Bank, with appropriate endorsement and assignment to Bank with full recourse to such Borrower, all instruments, notes and chattel paper constituting an account receivable or proceeds thereof or other Collateral, and (c) Bank is hereby authorized to open all mail addressed to any Borrower and endorse all checks, drafts or other items for payment on behalf of any Borrower. In connection with the foregoing Bank is granted a power of attorney by each Borrower with full power of substitution to execute on behalf of any Borrower and in any Borrower's name or to endorse each Borrower's name on any check, draft, instrument, note or other item of payment or to take any other action or sign any document in order to effectuate the foregoing. Such power of attorney being coupled with an interest is irrevocable.
Collection of Receivables; Proceeds of Collateral. (a) Borrower will collect its accounts receivable only in the ordinary course of business. Borrower shall establish and maintain, at its expense, blocked accounts, lockbox and related blocked accounts and/or such other arrangements as Lender may require (each a "Blocked Account" and collectively the "Blocked Accounts"), with such banks as shall be acceptable to Lender and Borrower will notify all of its account debtors to forward all accounts receivable collections owed to Borrower to such Blocked Accounts. Borrower will execute such agreements as may be required in connection with such Blocked Accounts and will pay all fees in connection therewith. Immediately upon receipt, Borrower will forward all other checks, drafts and other monies received by Borrower which are proceeds of the Collateral to such Blocked Accounts.
Collection of Receivables; Proceeds of Collateral. (a) All accounts receivable collections of Borrower and all checks, drafts and other monies received by Borrower which are proceeds of the Collateral will be deposited in Borrower's operating account maintained at Bank (the "OPERATING ACCOUNT").
Collection of Receivables; Proceeds of Collateral. Each Obligor will collect its accounts receivable only in the ordinary course of business. If requested by Agent on or after the occurrence of an Event of Default, each Obligor will notify all of its account debtors to forward all accounts receivable collections owed to such Obligor to a lockbox maintained by Agent, and will execute such lockbox agreements as may be required by Agent and will pay to Agent, as applicable, all customary fees in connection with such lockbox arrangement. Immediately upon receipt, Obligors will forward to Agent, all other checks, drafts and other monies received by Obligor which are proceeds of the Collateral, for delivery to the lockbox maintained by such party.
Collection of Receivables; Proceeds of Collateral. (a) Borrowers will collect their accounts receivable only in the ordinary course of business. Upon request by Agent after the occurrence of any Event of Default, Borrowers will notify all of their account debtors to forward all accounts receivable collections owed to such Borrower to a lockbox maintained by Agent and will forward all other checks, drafts and monies received by such Borrower which are proceeds of the Collateral to such lockbox. After the occurrence of any Event of Default, Borrowers will execute such lockbox agreements as may be required by Agent and will pay to Agent all customary fees in connection with any lockbox arrangement.
Collection of Receivables; Proceeds of Collateral
