LEC Accounts definition

LEC Accounts means CUSTOMER's receivables from Billing Entities generated by the sale of CUSTOMER's End-User Accounts to a Billing Entity through HBS.
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Examples of LEC Accounts in a sentence

  • CUSTOMER shall also be liable to HBS in cases of breached representations and warranties in the Agreements, including without limitation, representations and warranties pertaining to the LEC Accounts and the other Collateral.

  • While such sale will be without recourse, CUSTOMER shall be liable to repurchase LEC Accounts which are subsequently subject to Chargebacks and LEC Accounts which remain unpaid by the applicable LEC for more than ninety (90) days after the End-User Accounts related thereto were submitted to the LEC.

  • The proceeds of CUSTOMER's LEC Accounts are typically collected 45 to 60 days after Billing Entity acceptance of the End-User Accounts sold to the Billing Entity which give rise to such LEC Accounts.

  • LEC Accounts are presently paid by the applicable Billing Entity directly to HBS.

  • If HBS has reason to question the accuracy of the above documents or the collectibility of the LEC Accounts, HBS will have the right to audit (and HBS' lendor shall have the right to accompany HBS on such audits) the documents, LEC Accounts, and/or the systems by which LEC Accounts and End-User Accounts are generated.

  • During the term of this Agreement, HBS will purchase CUSTOMER's LEC Accounts to accelerate CUSTOMER's cash flow.

  • CUSTOMER owns all of its End- User Accounts, LEC Accounts and other Collateral free and clear of all liens, claims and encumbrances of any nature.

  • HBS will have the right of access to CUSTOMER's facilities if necessary to facilitate liquidation of the Collateral and collection of the LEC Accounts and the End-User Accounts and, at reasonable times, to audit and copy CUSTOMER's books and records with respect to the Collateral.

  • Title to CUSTOMER's LEC Accounts shall pass to HBS upon payment of the Initial Payment for such LEC Accounts.

  • While it is intended that the sale of LEC Accounts to HBS constitute a true sale of such LEC Accounts, in the event that any such sale is found to be a financing transaction or a loan, it is the intention of the parties that such financing or loan be secured by a perfected security interest in the LEC Accounts as well as the other Collateral.