Common use of Payments on Receivables Clause in Contracts

Payments on Receivables. Each Seller will at all times instruct all Obligors to deliver all Collections on its respective Sold Receivables to a Lock-Box Account. If any Collections on a Seller's respective Sold Receivables are received by such Seller, such Seller shall hold such Collections in trust for the benefit of the Purchaser and promptly (but in any event within two Business Days after receipt) deposit such Collections into a Lock-Box Account. Each Seller shall use its reasonable best efforts to prevent any funds other than Collections on its respective Sold Receivables from being deposited into any Lock-Box Account; provided, however, that if any funds other than such Collections are nevertheless deposited into any Lock-Box Account, such applicable Seller will identify and remit such funds to the owner of such funds as soon as practicable. Any payment by an Obligor to any Seller shall, except as otherwise instructed by the Purchaser, be remitted to the Collection Agent as a Collection on the Receivables of such Obligor (starting with the oldest such Sold Receivable) to the extent of any amounts then due and payable thereunder before being applied to any other Receivable or other indebtedness of such Obligor.

Payments on Receivables. Each The Seller will, and will cause each Selling Subsidiary to, at all times instruct all Obligors to deliver all Collections on its respective Sold the Transferred Receivables to a Lock-Box Account. If any Collections on a Seller's respective Sold the Transferred Receivables are received by the Seller or any Selling Subsidiary, the Seller shall, and shall cause each such SellerSelling Subsidiary to, such Seller shall hold such Collections in trust for the benefit of the Purchaser and promptly (but in any event within two Business Days after receipt) deposit such Collections into a Lock-Box Account. Each The Seller shall use its reasonable best efforts to prevent any funds other than Collections on its respective Sold Transferred Receivables from being deposited into any Lock-Box Account; provided, however, that if any funds other than such Collections are nevertheless deposited into any Lock-Box Account, such applicable the Seller will identify and remit such funds to the owner of such funds as soon as practicable. Any payment by an Obligor to any the Seller shall, except as otherwise instructed by the Purchaser, be remitted to the Collection Agent as a Collection on the Transferred Receivables of such Obligor (starting with the oldest such Sold Transferred Receivable) to the extent of any amounts then due and payable thereunder before being applied to any other Receivable or other indebtedness of such Obligor.