Application of Remittances Sample Clauses

Application of Remittances. Borrower will use only invoices in forms that Lender has approved, and Borrower's xxxxxxxx on such invoices will be conclusive evidence of assignment and transfer hereunder to Lender of the Accounts represented thereby, whether or not Borrower executes any other instrument with regard to any specific Account. Borrower will cause the proceeds of Accounts to be forwarded by all Customers directly to a lockbox designated by Lender. Such lockbox shall be maintained by Xxxxx Fargo Bank, N.A., and all payments received in such lockbox shall be deposited in a bank account in Lender's name and owned by Lender at Xxxxx Fargo Bank, N.A, for application to the Obligations. All checks or other remittances received by Borrower for application to Accounts will be received by Borrower in trust for Lender, and Borrower will turn over to Lender the identical remittances as speedily as possible, appropriately endorsed, if necessary. As compensation to Lender for delays in the collection and clearance of such checks, Borrower agrees to pay interest on each remittance, including wire transfers, from the date of Lender's receipt thereof plus the number of days set forth on Item 5 of the Schedule at the rate applicable to loans outstanding hereunder, as set forth in Section 3 below. Borrower will account fully and faithfully for and promptly pay or turn over to Lender proceeds in whatever form received of the sale or other disposition of any Collateral, and Borrower agrees that the inclusion of proceeds in "Collateral" will not be deemed to mean that Lender consents to Borrower's disposition of Collateral other than in accordance with the terms of this Agreement.
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Application of Remittances. Borrowers will use only invoices in forms that Agent has approved (Agent acknowledging that all invoice forms provided to Agent prior to the Agreement Date have been approved by Agent), and Borrowers’ xxxxxxxx on such invoices will be conclusive evidence of assignment and transfer hereunder to Agent of the Accounts represented thereby, whether or not any Borrower executes any other instrument with regard to any specific Account. Each Borrower will cause (1) all of its cash receipts (other than proceeds from the issuance of equity interests that are not of the types described in clause (vi) below), including (i) the proceeds of Accounts, (ii) the proceeds of any indebtedness issued by a Borrower, (iii) the proceeds of any asset dispositions, (iv) the proceeds of any insurance payments, condemnation awards and payments in lieu thereof (subject, however, to Section 7(f)), (v) any amounts receivable by a Borrower in connection with any cause of action or claim, (vi) proceeds from the issuance of equity interests that are (A) issued in connection with a Curative Equity Contribution, or (B) issued at a time that Borrowers’ borrowing availability is less than $4,000,000, and (vii) any payments consisting of indemnity payments or purchase price adjustments, and (2) the proceeds of all other Collateral to be forwarded by all Customers or any other payor directly to a lockbox designated by Agent. In the case of issuance of any equity interests of the types described in clause (vi) above or the issuance of any indebtedness, (I) the documentation evidencing such issuance of equity interests or indebtedness shall expressly provide that the proceeds of such issuance shall be earmarked for the purpose of repaying the Obligations and shall be paid directly to Agent for such purpose, and (II) Borrowers shall cause each Person that obtains any such equity interests or is the holder of any such indebtedness to pay the proceeds of such equity interest or indebtedness issuance directly to Agent for the purpose of repaying the Obligations. The lockbox described above shall be maintained by a bank designated by Agent and all payments received in such lockbox shall be deposited in a bank account in Agent’s name and owned by Agent at such bank designated by Agent for application to the Obligations. All checks, cash or other remittances received by any Borrower, whether for application to Accounts or otherwise, will be received by such Borrower in trust for Agent, and such Borrower...
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Application of Remittances. [redacted].
Sample 1
Application of Remittances. Borrower will cause the proceeds of contracts, Accounts, revenue and other Collateral to be forwarded by all Persons directly to an account designated by Agent and over which Agent has control, pursuant to a deposit account control agreement in form and substance satisfactory to Agent (the “Borrower Control Agreement”). Empire US will cause the proceeds of the Accounts under the Atari Agreement to be paid directly to an account of First Capital, for the benefit of the Agent (the “Control Account”).
Sample 1
Application of Remittances. (i) Borrower will use only pawn agreements and pawn tickets in forms that Lender has approved in its reasonable discretion, and Borrower's issuance of a pawn agreement and/or pawn ticket will be conclusive evidence of assignment and transfer hereunder to Lender of the Accounts represented thereby, whether or not Borrower executes any other instrument with regard to any specific Account.
Sample 1
Application of Remittances. Borrowers will cause the proceeds of Receivables to be forwarded to a lock box under the control of Bank or, if Bank consents, one or more blocked collection accounts; the proceeds of all Receivables will be applied to payment of Secured Obligations. All checks or other remittances received by any Borrower for application to Receivables will be received by such Borrower in trust for Bank and Borrowers will turn over to Bank the identical remittances as speedily as possible, appropriately endorsed, if necessary. As compensation to Bank for delays in the collection and clearance of such checks, Borrowers agree to pay interest on each remittance from the date of Bank's receipt thereof through the first Business Day which follows at the rate applicable to the Contract Rate Loans. Borrowers will account fully and faithfully for and promptly pay or turn over to Bank proceeds in whatever form received of the sale or other disposition of any Collateral, and Borrowers agree that the inclusion of proceeds in "Collateral" will not be deemed to mean that Bank consents to a Borrower's disposition of Collateral other than in accordance with the terms of this Agreement.
Sample 1

Related to Application of Remittances

  • Refunds and Remittances After the Closing, if Ashland or any of its affiliates receive any refund or other amount which is a Transferred Asset or is otherwise properly due and owing to HoldCo or any of its affiliates in accordance with the terms of this Agreement, Ashland promptly shall remit, or shall cause to be remitted, such amount to HoldCo. After the Closing, if HoldCo or any of its affiliates receive any refund or other amount which is an Excluded Asset or is otherwise properly due and owing to Ashland or any of its affiliates in accordance with the terms of this Agreement, HoldCo promptly shall remit, or shall cause to be remitted, such amount to Ashland. After the Closing, if HoldCo or any of its affiliates receive any refund or other amount which is related to claims (including workers' compensation), litigation, insurance or other matters for which Ashland or any of its affiliates is responsible hereunder, and which amount is not a Transferred Asset, or is otherwise properly due and owing to Ashland or any of its affiliates in accordance with the terms of this Agreement, HoldCo promptly shall remit, or cause to be remitted, such amount to Ashland. After the Closing, if Ashland or any of its affiliates receive any refund or other amount which is related to claims (including workers' compensation), litigation, insurance or other matters for which HoldCo or any of its affiliates is responsible hereunder, and which amount is not an Excluded Asset, or is otherwise properly due and owing to HoldCo or any of its affiliates in accordance with the terms of this Agreement, Ashland promptly shall remit, or cause to be remitted, such amount to HoldCo.

  • Application of Collections On each Payment Date, all collections for the related Collection Period shall be applied by the Servicer as follows:

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

  • Maintenance of Dominion Account Borrowers shall maintain Dominion Accounts pursuant to lockbox or other arrangements acceptable to Agent. Borrowers shall obtain an agreement (in form and substance satisfactory to Agent) from each lockbox servicer and Dominion Account bank, establishing Agent’s control over and Lien in the lockbox or Dominion Account, which may be exercised by Agent during any Sweep Trigger Period, requiring immediate deposit of all remittances received in the lockbox to a Dominion Account, and waiving offset rights of such servicer or bank, except for customary administrative charges. If a Dominion Account is not maintained with Bank of America, Agent may, during any Sweep Trigger Period, require immediate transfer of all funds in such account to a Dominion Account maintained with Bank of America. Agent and Lenders assume no responsibility to Borrowers for any lockbox arrangement or Dominion Account, including any claim of accord and satisfaction or release with respect to any Payment Items accepted by any bank.

  • Application of Receipts Except as expressly stated to the contrary in any Finance Document, any moneys which the Facility Agent receives or recovers in its capacity as Facility Agent shall be applied by the Facility Agent in accordance with Clause 35.5 (Application of receipts; partial payments).

  • Application of Funds After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall be applied by the Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, L/C Borrowings and other Obligations, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third payable to them;

  • Customer Remittances Obligors of the Receivables will be directed by AmeriCredit to forward their remittances to Processor at a post office address (the “Lockbox”) assigned by Processor. Processor, acting for the exclusive benefit of the Trustee, shall have unrestricted and exclusive access to the mail directed to this address. AmeriCredit agrees to notify Processor thirty (30) days in advance of any change in Obligor remittance statements and/or mailing schedule.

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