Identifying Collections. Pursuant to its servicing obligations under Section 4(a) hereof, the Servicer shall be responsible for identifying, matching and reconciling any payments received from Account Debtors with the Receivable associated with such payment. Any payment by an Account Debtor in respect of any indebtedness owed by it to an Originator shall, except as otherwise specified by such Account Debtor (including by reference to a particular invoice), or required by the related contracts or law, be applied in the following order of priority: first, as a Collection of any Receivables of such Account Debtor then outstanding in the order of the age of such Receivables and second, to other indebtedness of such Account Debtor to such Originator (if any), or in any event in accordance with the terms of the Intercreditor Agreement.
Appears in 4 contracts
Sources: First Amendment to Fifth Amended and Restated Credit and Security Agreement (Smithfield Foods Inc), Master Receivables Purchase Agreement (Smithfield Foods Inc), Master Receivables Purchase Agreement (Smithfield Foods Inc)