Account Debiting; Set-Off Sample Clauses

Account Debiting; Set-Off. Notwithstanding the foregoing and other obligations related to payments under this Agreement, to the extent permitted by Applicable Laws, including applicable exchange provisions, the Joint Obligors hereby irrevocably authorize and instruct the Lenders, to set-off against available resources in any account or deposit opened or to be opened by any Joint Obligor with the Lenders or any of the Lenders’ local and foreign Affiliates, all obligations for principal, interest, fees, commissions, expenses and accessories arising under this Agreement or the Promissory Notes, on any date on which any Joint Obligor was required to pay to the Lenders any amount due under the Finance Documents which has not been paid. In addition, and in the event that on any date on which the Joint Obligors are required to pay the Lenders any amount under the Finance Documents, and the Joint Obligors are in default of this payment obligation, the Joint Obligors, to the extent permitted by Applicable Laws, hereby irrevocably authorize the Lenders to set-off against available liquid resources in any account that any of the Joint Obligors maintains with the Lenders or any of the Affiliates of the Lenders, including, without limitation, deposits and/or sight accounts, savings accounts, fixed-term accounts, investment accounts, whatever they may be, any unpaid balance due and payable under the Finance Documents that the Lenders have in their favor and payable to any of the Joint Obligors for any concept, up to an amount equal to the overdue and unpaid amount to the Lenders, without the need for any requirement, notice or prior demand, of any nature whatsoever. The Lenders shall notify, as the case may be, the corresponding Joint Obligor, within the following 5 Business Days of any charge or set-off made pursuant to this paragraph, recognizing the reduction of the balance pending payment on account of such application of resources; the foregoing, recognizing that the lack of the notice described above shall not affect in any way the validity of such charge or set-off; and
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Related to Account Debiting; Set-Off

  • Account Debit The Borrower hereby irrevocably authorizes the Administrative Agent to charge any of the Borrower’s deposit accounts maintained with the Administrative Agent for the amounts from time to time necessary to pay any then due Obligations; provided that the Borrower acknowledges and agrees that the Administrative Agent shall not be under an obligation to do so and the Administrative Agent shall not incur any liability to the Borrower or any other Person for the Administrative Agent’s failure to do so.

  • Notice to Account Debtors Lender may, at any time after an Event of Default, notify the account debtors and obligors of any accounts, chattel paper, negotiable instruments or other evidences of indebtedness to Borrower included in the Property to pay Lender directly. Borrower shall at any time or from time to time upon the request of Lender provide to Lender a current list of all such account debtors and obligors and their addresses.

  • Account Fees The Company, by resolution of the Board of Directors, including a majority of the Independent Directors, may from time to time authorize the imposition of a fee as a direct charge against shareholder accounts of any class of one or more of the Funds, such fee to be retained by the Company or to be paid to the Investment Manager to defray expenses which would otherwise be paid by the Investment Manager in accordance with the provisions of paragraph 4 of this Agreement. At least sixty days prior written notice of the intent to impose such fee must be given to the shareholders of the affected Fund or Fund class.

  • Notification of Account Debtors MLBFS may notify any Account Debtor that its Account or Chattel Paper has been assigned to MLBFS and direct such Account Debtor to make payment directly to MLBFS of all amounts due or becoming due with respect to such Account or Chattel Paper; and MLBFS may enforce payment and collect, by legal proceedings or otherwise, such Account or Chattel Paper.

  • Notification to Account Debtors The Lender shall have the right at any time (whether or not an Event of Default has occurred) to notify any of the Borrower's Account Debtors to make payment directly to the Lender and to collect all amounts due on account of the Collateral.

  • Collection of Accounts Receivable Without limiting the generality of the provisions of Section 5.2, prior to the Closing, Seller and its Subsidiaries shall collect all Accounts Receivable in the ordinary course of business, consistent with Seller’s and its Subsidiaries’ past practice with respect to the Acquired Assets. From and after the Closing, Purchaser shall have the sole right and authority to collect for its own account all Accounts Receivable and to endorse with the name of Seller and its Subsidiaries any checks or drafts received with respect to any such Accounts Receivable. Seller agrees to deliver promptly to Purchaser all cash, checks or other property received directly or indirectly by Seller and its Subsidiaries with respect to such Accounts Receivable, including, without limitation, any amounts payable as interest thereon. From and after the Closing, unless specifically requested by Purchaser, Seller and its Subsidiaries shall not contact any current or former customer regarding any Accounts Receivable and shall refer promptly to Purchaser all inquiries with respect to any Accounts Receivable. If and to the extent requested by Purchaser, Seller and its Subsidiaries shall take such actions as may be reasonably necessary or advisable to facilitate the collection of any Accounts Receivable; it being agreed and understood that customers of the Acquired Business may also be customers of Seller’s and its Subsidiaries’ businesses with whom Seller and its Subsidiaries may have continuing business relationships. If not collected within 90 days from the Closing Date, Seller and its Subsidiaries shall pay promptly to Purchaser the amount of any uncollected Accounts Receivable in cash, and Purchaser shall assign and transfer back to Seller and its Subsidiaries each such Accounts Receivable for collection by Seller and its Subsidiaries; provided that Seller and its Subsidiaries shall not take any action in connection with such collection that would adversely affect Purchaser’s ongoing business relationship with the customer(s).

  • Deposit Account Payments Subsection (b) is amended to read as follows:

  • Deposit Accounts; Credit Card Processors Open new DDAs (other than Excluded DDAs and Retail DDAs) unless the Loan Parties shall have delivered to the Agent appropriate Blocked Account Agreements consistent with the provisions of Section 6.12 and otherwise satisfactory to the Agent. No Loan Party shall maintain any bank accounts or enter into any agreements with Credit Card Issuers or Credit Card Processors other than the ones expressly contemplated herein or in Section 6.12 hereof.

  • Collections Payment Processing Remittance (a) Collection Efforts, Policies, Procedures.

  • Accounts Receivable and Payable The accounts receivable reflected on the Financial Statements arose in the ordinary course of business and, except as reserved against on the Financial Statements, are collectible in the ordinary course of business and consistent with past practices, free of any claims, rights or defenses of any account debtor. No accounts payable of the Company are over forty-five (45) days old.

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