HOLD IN TRUST. Seller will hold in trust and safekeeping, as the property of Prestige and immediately turn over to Prestige, the identical check or other form of payment received by Seller if payment on the Accounts comes into Seller's possession. Should Seller come into possession of a check comprising payments owing to both Seller and Prestige, Seller shall turn over said check to Prestige. Thereafter, Prestige will refund Seller's portion, if any, to Seller.
HOLD IN TRUST. Seller will hold in trust and safekeeping, as the property of Prestige and immediately turn over to Prestige, the identical check or other form of payment received by Seller if payment on the Accounts comes into Seller’s possession. Should Seller come into possession of a check comprising payments owing to both Seller and Prestige, Seller shall promptly turnover said check to Prestige. In the event a payment belonging to Prestige is improperly deposited into Seller’s bank account, Prestige reserves the right to impose liquidated damages upon Seller of up to 15% of the amount of any payment so improperly deposited.
HOLD IN TRUST. CLIENT will hold in trust and safekeeping, as the property of ACTION, and immediately turn over to ACTION the identical check or other form of payment received by CLIENT, whenever any payment on any ACCOUNT comes into CLIENT's possession; any failure by CLIENT in this regard constitutes an EVENT OF DEFAULT under this Agreement (pursuant to SECTION V hereinbelow).
HOLD IN TRUST. If any payment is received by Client on an Account assigned to Riviera, Client will hold in trust said payment as the property of Riviera, and immediately turn over to Riviera the identical check or other form of payment received, whether or not the payment includes payment on Accounts not purchased by Riviera; this provision does not authorize Client to receive payments from any Customer and is not a waiver of Riviera’s rights against any Customer for failing to honor any notice of assignment. If applicable, Riviera will refund Client’s portion subject to any indebtedness or obligation of Client to Riviera.
HOLD IN TRUST. CLIENT agrees that even though PURCHASER shall use its best efforts to notify all of CLIENT’s Customers of the sale and assignment by CLIENT to PURCHASER of certain Accounts, some payments may be sent directly to CLIENT. All payments on Accounts are the sole and exclusive property of PURCHASER. In such circumstance CLIENT promises not to negotiate said check or other forms of payment, but to hold same in trust and safekeeping for the benefit of PURCHASER and to turn over to PURCHASER the payment received immediately in kind. In the event CLIENT receives a check or other form of payment owing to PURCHASER, but some portion of said payment is owing to CLIENT, CLIENT agrees to turn over said payment in kind to PURCHASER, and PURCHASER will remit CLIENT’S portion thereof, provided that there are no Obligations outstanding and CLIENT is not in Default with PURCHASER.
HOLD IN TRUST. Seller will hold in trust and safekeeping, as the property of Prestige and immediately turn over to Prestige, the identical check or other form of payment received by Seller if payment on the Accounts comes into Seller’s possession. Should Seller come into possession of a check comprising payments owing to both Seller and Prestige, Seller shall turnover said check to Prestige. In the event a payment belonging to Prestige is improperly deposited into Seller’s bank account, Prestige reserves the right to impose liquidated damages upon Seller of up to 12% of the amount of any payment so improperly deposited. Notwithstanding the foregoing, Prestige agrees to waive the aforementioned penalty on no more than three occasions provided that on such occasions Seller remits, in full, the improperly deposited funds to Prestige within 2 business days of receipt.
HOLD IN TRUST. If any payment of any INVOICES purchased by METRO shall be received by CLIENT from a CUSTOMER, such payment shall be held by CLIENT in trust for METRO, separate and apart from CLIENT'S own funds, and shall be immediately delivered to METRO in identical form in which it was received. Failure to so deliver said payment shall give METRO, at its option, the right to terminate this Agreement provided that METRO has a reasonable basis to believe that such failure to so deliver such payment to METRO was intentional and/or resort to the collection of said sums due from the RESERVE FUND and/or other balances or credits otherwise due to or held for CLIENTS by METRO with notice to CLIENT or to demand immediate payment from CLIENT by cash or cashier's check. Should CLIENT come into possession of a payment comprised of amounts owing to both METRO and CLIENT, CLIENT shall remit such payment in the identical form in which it was received to METRO and METRO shall refund CLIENT'S portion directly to CLIENT or credit CLIENT'S RESERVE FUND with CLIENT'S portion thereof when such check has cleared the bank upon which it was drawn. Without waiving any other right of METRO hereunder, METRO may charge CLIENT a service fee of up to 15.0% of the amount of any INVOICES for which payments due to METRO are not remitted by CLIENT as herein provided, but in no event not less than $25.
HOLD IN TRUST. Seller will hold in trust and safekeeping, as the property of Prestige and immediately turn over to Prestige, the identical check or other form of payment received by Seller if payment on the Accounts comes into Seller’s possession. Should Seller come into possession of a check comprising payments owing to both Seller and Prestige, Seller shall turn over said check to Prestige. In the event payments by check belonging to Prestige are improperly deposited by Seller into Seller’s bank account more than twice during the initial Term or more than twice during any Renewal Term, Prestige reserves the right to impose a penalty upon Seller of up to 20% of the face amount of any check so improperly deposited.
HOLD IN TRUST. Client will hold in trust and safekeeping, as the property of PBCC, and immediately turn over to PBCC the identical check or other form of payment received by Client, whenever any payment on an Account purchased by PBCC comes into Client’s possession. Should Client come into possession of a check comprising payments owing to both Client and PBCC, Client shall turn over said check to PBCC. PBCC will refund Client’s portion to Client.
HOLD IN TRUST. Seller will hold in trust and safekeeping, as the property of Prestige and immediately turnover to Prestige, the original check or other form of payment received by Seller if payment on the Accounts comes into Seller’s possession. Should Seller come into possession of a check comprising payments owing to both Seller and Prestige, Seller shall turnover said check to Prestige. In the event Seller receives a payment, in the form of a check, for an Account and it is improperly deposited into Seller’s bank account or in the event Seller fails to turnover to Prestige a wire transfer or ACH payment it receives from an Account within two business days of receipt, then Prestige reserves the right to impose liquidated damages upon Seller of up to 20% of the amount of any payment so improperly retained. Notwithstanding the foregoing, with respect to the improperly deposited checks, Prestige agrees to waive the aforementioned charge on the first two (2) occasions provided that on such occasions Seller remits, in full, the improperly deposited funds to Prestige within 48 hours of receipt.
