Examples of Collections in a sentence
Instruct or cause the Servicer to instruct all Obligors to cause all Collections of Pool Receivables and the Related Security to be deposited directly in a Lock-Box Account that, if such date of determination is on or after the Post-Closing Date, is covered by an effective Lock-Box Agreement.
The Performance Payment (if any) shall be paid within five Business Days of the date that the aggregate amount of Specified Collections received by Buyer in accordance herewith during the Performance Period is equal to or greater than $1,600,000 by wire transfer of immediately available funds to Seller’s account previously designated in the Estimated Closing Statement (or such other account as designated in writing by Seller).
There have been duly filed all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Borrower’s ownership interest in each Receivable, its Collections and the Related Security.
In the event that any funds other than Collections are deposited into any Lock-Box Account, the Borrower (or the Servicer on its behalf) shall within two (2) Business Days of receipt thereof identify and transfer such funds out of such Lock-Box Account.
Each of the Agents and the other Secured Parties hereby consents to the retention by the Servicer of a portion of the Collections equal to the Servicer’s Fee so long as the Collections received by the Servicer are sufficient to pay all amounts pursuant to Section 3.2(d) of a higher priority as specified in such Section.