Handling of Proceeds of Collateral Cash Dominion. The Loan Parties, at their expense, will enforce and collect payments and other amounts owing on all Accounts in the ordinary course of their business subject to the terms hereof and take all actions necessary so that at the close of each Business Day all such payments and amounts are transferred into the Concentration Account (except such payments and amounts in Excluded Accounts).
Handling of Proceeds of Collateral Cash Dominion. The Borrower, at its expense, will enforce and collect payments and other amounts owing on all Accounts in the ordinary course of the Borrower’s business subject to the terms hereof and take all actions necessary so that at the close of each Business Day all such payments and amounts are transferred into deposit accounts that are subject to a Deposit Account Control Agreement (except such payments and amounts in Excluded Accounts and as provided in Section 6.17), including without limitation, causing all available funds deposited by Governmental Account Debtors or other payors into deposit accounts which are not subject to Deposit Account Control Agreements to be transferred into a deposit account subject to a Deposit Account Control Agreement by the end of the Business Day such funds are initially received by the respective Loan Party.
Handling of Proceeds of Collateral Cash Dominion. Section 3.2 is amended and restated in its entirety to read as follows:
Handling of Proceeds of Collateral Cash Dominion. The Loan Parties, at their expense, will enforce and collect payments and other amounts owing on all Accounts in the ordinary course of their business subject to the terms hereof and take all actions necessary so that at the close of each Business Day all such payments and amounts are transferred into the Concentration Account (except such payments and amounts in Excluded Accounts). 6.21 Dissolution of Mail Order Meds, Inc. Within thirty (30) days following the Closing Date, the Borrowers shall cause Mail Order Meds, Inc. to be dissolved, and the Borrowers shall deliver to Administrative Agent evidence of such dissolution, in form and substance reasonably satisfactory to Administrative Agent. ARTICLE 7 NEGATIVE COVENANTS So long as any Lender shall have any Revolving Commitment hereunder or any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, no Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly: 7.01
Handling of Proceeds of Collateral Cash Dominion. (A) COLLECTION OF TRADE ACCOUNTS RECEIVABLE AND OTHER PROCEEDS. The Companies, at their expense, will enforce and collect payments and other amounts owing on all Trade Accounts Receivable in the ordinary course of the Companies' business subject to the terms hereof. Except in the case of sales to Wal-Mart, the payment of which is provided for by a Wal-Mart Letter of Credit, the Companies agree to direct their account debtors to send payments on all Trade Accounts Receivable directly to a lockbox associated with a Depository Account, and to include on all of the Companies' invoices the address of such a lockbox as the sole address for remittance of payment. The Companies agree to direct Wal-Mart to cause the issuer of the Wal-Mart Letters of Credit to 21 <PAGE> name CIT as the beneficiary under such Wal-Mart Letters of Credit issued after the Closing Date and to remit payment thereon directly to the CIT Account until the Obligations are paid in full. Notwithstanding the foregoing, should any Company ever receive any payment on a Trade Account Receivable, a Wal-Mart Letter of Credit or other Proceeds of the sale of Collateral, including checks, cash, receipts from credit card sales and receipts, notes or other instruments or property with respect to any Collateral, such Company agrees to hold such proceeds in trust for CIT, separate from such Company's other property and funds, and to deposit such proceeds directly into a Depository Account on the Business Day received. (B) TRANSFER OF FUNDS FROM DEPOSITORY ACCOUNTS; APPLICATION OF FACTORING CREDIT BALANCES. Funds remaining on deposit in a Depository Account shall be transferred to CIT's Bank Account on each Business Day in accordance with the terms and provisions of the applicable Depository Account Control Agreement, and the Companies agree to take all actions reasonably required by CIT or any bank at which a Depository Account is maintained in order to effectuate the transfer of funds in this manner. Subject to charges for Collection Days, (i) all amounts received from a Depository Account and any other proceeds of the Collateral deposited into CIT's Bank Account will, for purposes of calculating Net Availability and interest, be credited to the Revolving Loan Account on the date of deposit in CIT's Bank Account and (ii) all Factoring Credit Balances will, for purposes of calculating Net Availability and interest, be credited to the Revolving Loan Account on the date such Factoring Credit Balances are pay...
Handling of Proceeds of Collateral Cash Dominion
