Covenants Regarding Accounts. The Grantor shall keep its chief place of business and chief executive office and the office where it keeps its records concerning the Accounts (including, without limitation, all chattel paper which evidence such Accounts), at its present location or at one or more offices of the Secured Party, or, upon thirty (30) days’ prior written notice to the Secured Party, at other locations in a jurisdiction where all actions required by Section 4 hereof shall have been taken. The Grantor will preserve such records and chattel paper and will permit representatives of the Secured Party at anytime during normal business hours to inspect, verify and make copies from such records and chattel paper.
Covenants Regarding Accounts. In the ordinary course of its business, the Borrowers and WESCO Receivables process their Accounts in a manner such that (i) each payment received by each Borrower or WESCO Receivables in respect of an Account is allocated to a specifically identified invoice, which invoice corresponds to a particular Account owing to such Borrower or WESCO Receivables, and (ii) in the event that, at any time, less than 100% of the Accounts of the U.S. Borrowers are sold to WESCO Receivables under the Receivables Securitization Agreements, payments received in respect of those Accounts that are sold to WESCO Receivables under the Receivables Securitization Agreements would be identifiable and separate from payments received in respect of Accounts that are not sold to WESCO Receivables under the Receivables Securitization Agreements. No Canadian Loan Party shall enter into any Receivables Securitization or any other similar financing or transaction at any time.
Covenants Regarding Accounts. No Obligor will (a) amend, modify, terminate or waive any provision of any contract, license or agreement giving rise to an Account of such Obligor in any manner which could reasonably be expected to materially adversely affect the value of such contract, license or Account as Collateral, (b) fail to exercise promptly and diligently each and every material right which it may have under each material contract, license or agreement giving rise to an Account of such Obligor (other than any right of termination), except in a manner consistent with the ordinary and customary conduct of its business or (c) fail to deliver to the Agent upon its reasonable request a copy of each material demand, notice or document received by it relating in any way to any material contract, license or agreement giving rise to an Account of such Obligor. Other than in the ordinary course of business as generally conducted by such Obligor over a period of time, no Obligor will grant any extension of the time of payment of any of the Accounts, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partially, any Person liable for the payment thereof, or allow any credit or discount whatsoever thereon.
Covenants Regarding Accounts. 59 SECTION 5.06. CONTINUING SECURITY INTEREST...........................................59 SECTION 5.07. ACTIONS BY AGENT.......................................................60 SECTION 5.08.
Covenants Regarding Accounts. In the ordinary course of its business, each Credit Party processes its Accounts in a manner such that (i) each payment received by such Credit Party in respect of an Account is allocated to a specifically identified invoice, which invoice corresponds to a particular Account owing to such Credit Party and (ii) in the event that, at any time, less than 100% of the Accounts of such Credit Party are included in a Permitted Receivables Financing, payments received in respect of those Accounts included in a Permitted Receivables Financing would be identifiable and separable from payments received in respect of Accounts not so included in a Permitted Receivables Financing. WESCO DC LP shall not at any time enter into a Permitted Receivables Financing or any other similar financing or transaction.
Covenants Regarding Accounts. In the ordinary course of its business, each Credit Party processes its Accounts in a manner such that each payment received by such Credit Party in respect of an Account is allocated to a specifically identified invoice, which invoice corresponds to a particular Account owing to such Credit Party.
Covenants Regarding Accounts. (a) In the ordinary course of its business, each Credit Party processes its Accounts (other than as provided for in clause (b) below) in a manner such that (i) each payment received by such Credit Party in respect of an Account is allocated to a specifically identified invoice, which invoice corresponds to a particular Account owing to such Credit Party and (ii) in the event that, at any time, less than 100% of the Accounts of such Credit Party are included in a Permitted Receivables Financing, payments received in respect of those Accounts included in a Permitted Receivables Financing would be identifiable and separable from payments received in respect of Accounts not so included in a Permitted Receivables Financing. (b) With respect to the Accounts of (i) the MMS Rochester Business and (ii) the VPS Business, each applicable Credit Party processes its Accounts in a manner such that each payment received by such Credit Party is (i) separately identifiable, (ii) segregated from all other Accounts and receivables and (iii) not co-mingled with any of the Accounts that are included in a Permitted Receivables Financing.
Covenants Regarding Accounts. (a) Subject to the terms of the Intercreditor Agreement, the Collateral Agent may at all times when an Event of Default exists hereunder, settle or adjust disputes and claims directly with Account Debtors for amounts and upon terms which Collateral Agent or the Required Secured Parties, as applicable, shall consider advisable and, in all cases, Collateral Agent will credit such Grantor’s Loan Account with the net amounts received by Collateral Agent in payment of any Accounts.
Covenants Regarding Accounts. (a) Each Grantor shall keep and maintain at its own cost and expense complete records of each Account, in a manner consistent with prudent business practice, including records of all payments received, all credits granted thereon, all merchandise returned and all other documentation relating thereto. Each Grantor shall, at such Grantor’s sole cost and expense, upon the Administrative Agent’s demand made at any time after the occurrence and during the continuance of any Event of Default, deliver all tangible evidence of Accounts, including all documents evidencing Accounts and any books and records relating thereto to the Administrative Agent or to its representatives (copies of which evidence and books and records may be retained by such Grantor). Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent may transfer a full and complete copy of any Grantor’s books, records, credit information, reports, memoranda and all other writings relating to the Accounts to and for the use by any person that has acquired or is contemplating acquisition of an interest in the Accounts or the Administrative Agent’s security interest therein without the consent of any Grantor.
Covenants Regarding Accounts. 41 5.11 Canadian Pension and Benefit Plans.............................................................................41 5.12
