Collection and Maintenance of Collateral. (a) Laurus may verify each Company’s Accounts from time to time, but not more often than once every three (3) months, unless an Event of Default has occurred and is continuing, utilizing an audit control company or any other agent of Laurus.
(b) Proceeds of Accounts received by Laurus will be deemed received on the Business Day after Laurus’ receipt of such proceeds in good funds in dollars of the United States of America to an account designated by Laurus. Any amount received by Laurus after 12:00 noon (New York time) on any Business Day shall be deemed received on the next Business Day.
(c) As Laurus receives the proceeds of Accounts of any Company, it shall (i) apply such proceeds, as required, to amounts outstanding under the Notes, and (ii) remit all such remaining proceeds (net of interest, fees and other amounts then due and owing to Laurus hereunder) to Company Agent (for the benefit of the applicable Companies) upon request (but no more often than twice a week). Notwithstanding the foregoing, following the occurrence and during the continuance of an Event of Default, Laurus, at its option, may (a) apply such proceeds to the Obligations in such order as Laurus shall elect, (b) hold all such proceeds as cash collateral for the Obligations and each Company hereby grants to Laurus a security interest in such cash collateral amounts as security for the Obligations and/or (c) do any combination of the foregoing.
Collection and Maintenance of Collateral. (a) Laurus may verify each Company’s Accounts from time to time, but not more often than twice every calendar year and not more than once in any consecutive six-month period, unless an Event of Default has occurred and is continuing, utilizing an audit control company or any other agent of Laurus. Any audit of any Company’s Accounts shall be done following five (5) days prior written notice from Laurus during regular business hours and will be conducted in a manner that does not unreasonably interfere with such Company’s business activities. No Company shall provide any material, non-public information to Laurus during such audit unless Laurus first signs a confidentially agreement and otherwise complies with Regulation FD, under the federal securities laws.
(b) Proceeds of Accounts received by Laurus will be deemed received on the Business Day after Laurus’ receipt of such proceeds in good funds in dollars of the United States of America to an account designated by Laurus. Any amount received by Laurus after 12:00 noon (New York time) on any Business Day shall be deemed received on the next Business Day.
(c) As Laurus receives the proceeds of Accounts of any Company, it shall (i) apply such proceeds, as required, to amounts outstanding under the Note, and (ii) remit all such remaining proceeds (net of interest, fees and other amounts then due and owing to Laurus hereunder) to Company Agent (for the benefit of the applicable Companies) upon request (but no more often than twice a week). Notwithstanding the foregoing, following the occurrence and during the continuance of an Event of Default, Laurus, at its option, may (a) apply such proceeds to the Obligations in such order as Laurus shall elect, (b) hold all such proceeds as cash collateral for the Obligations and each Company hereby grants to Laurus a security interest in such cash collateral amounts as security for the Obligations and/or (c) do any combination of the foregoing.
Collection and Maintenance of Collateral. (a) Laurus may verify Company's Accounts from time to time, but not more often than once every three (3) months unless an Event of Default has occurred and is continuing, utilizing an audit control company or any other agent of Laurus.
(b) Proceeds of Accounts received by Laurus will be deemed received on the Business Day after Laurus' receipt of such proceeds in good funds in dollars of the United States of America in Laurus' account. Any amount received by Laurus after 12:00 noon (New York time) on any Business Day shall be deemed received on the next Business Day.
(c) As Laurus receives the proceeds of Accounts, it shall remit all such proceeds (net of interest, fees and other amounts then due and owing to Laurus hereunder) to Company upon request (but no more often than twice a week). Notwithstanding the foregoing, following the occurrence and during the continuance of an Event of Default, Laurus, at its option, may (a) apply such proceeds to the Obligations in such order as Laurus shall elect, (b) hold such proceeds as cash collateral for the Obligations and Company hereby grants to Laurus a security interest in such cash collateral amounts as security for the Obligations and/or (c) do any combination of the foregoing.
Collection and Maintenance of Collateral. (a) GSSF may verify each Company's Accounts from time to time, but not more often than once every three (3) months, unless an Event of Default has occurred and is continuing or GSSF believes that such verification is necessary to preserve or protect the Collateral, utilizing an audit control company or any other agent of GSSF.
(b) Proceeds of Accounts received by GSSF will be deemed received on the Business Day after GSSF's receipt of such proceeds in good funds in dollars of the United States of America to an account designated by GSSF. Any amount received by GSSF after 12:00 noon (New York time) on any Business Day shall be deemed received on the next Business Day.
(c) As GSSFGSSF receives the proceeds of Accounts of any Company, it shall (i) apply such proceeds, as required, to amounts outstanding under the Note, and (ii) remit all such remaining proceeds (net of interest, fees and other amounts then due and owing to GSSF hereunder) to Company Agent (for the benefit of the applicable Companies) upon request (but no more often than twice a week). Notwithstanding the foregoing, following the occurrence and during the continuance of an Event of Default, GSSF, at its option, may (a) apply such proceeds to the Obligations in such order as GSSF shall elect, (b) hold all such proceeds as cash collateral for the Obligations and each Company hereby grants to GSSF a security interest in such cash collateral amounts as security for the Obligations and/or (c) do any combination of the foregoing.
Collection and Maintenance of Collateral. 12 ARTICLE 10 INSPECTIONS AND APPRAISALS. 13 ARTICLE 11 FINANCIAL REPORTING. 13
Collection and Maintenance of Collateral. 21 10. Inspections..........................................................22 11.
Collection and Maintenance of Collateral. (a) Lender may at any time verify Borrower’s Accounts utilizing an audit control company or any other agent of Lender. Lender or Lender’s designee may notify Account Debtors, at any time at Lender’s sole discretion, of Lender’s security interest in Accounts, collect them directly and charge the collection costs and expenses to Borrower’s account, but, unless and until Lender does so or gives Borrower other instructions, Borrower shall collect all Accounts for Lender, receive all payments thereon for Lender’s benefit in trust as Lender’s trustee and immediately deliver them to Lender in their original form with all necessary endorsements or, as directed by Lender, deposit such payments as directed by Lender pursuant to Section 8.
(b) For purposes of determining the balance of the Loans outstanding, Lender will credit (conditional upon final collection) all such payments to Borrower’s account upon receipt by Lender of good funds in dollars of the United States of America in Lender’s account, provided, however, for purposes of computing interest on the Obligations, Lender will credit (conditional upon final collection) all such payments to Borrower’s account three (3) Business Days after receipt by Lender of such funds in dollars of the United States of America in Lender’s account. Any amount received by Lender after 12:00 noon (New York time) on any Business Day shall be deemed received on the next Business Day.
Collection and Maintenance of Collateral. (a) Laurus may verify each Company’s Accounts from time to time, but not more often than once every three (3) months, unless an Event of Default has occurred and is continuing, utilizing an audit control company or any other agent of Laurus.
(b) Proceeds of Accounts received by Laurus will be deemed received on the Business Day after Laurus’ receipt of such proceeds in good funds in dollars of the United States of America to an account designated by Laurus. Any amount received by Laurus after 12:00 noon (New York time) on any Business Day shall be deemed received on the next Business Day.
(c) As Laurus receives the proceeds of Accounts of any Company, it shall (i) apply such proceeds, as required, to amounts outstanding under the Notes, and (ii) remit all such remaining proceeds (net of interest, fees and other amounts then due and owing to Laurus
Collection and Maintenance of Collateral. (a) Access Capital may at any time verify Companies’ Accounts utilizing an audit control company or any other agent of Access Capital. All costs associated with such verifications shall be at the cost and expense of the Companies, and shall be paid by the Companies with thirty (30) days of demand; provided, however, that the Companies shall only be obligated to bear the expense of such verifications once in any calendar year during the Term, unless an Event of Default exists and is continuing.
(b) Access Capital will credit (conditional upon final collection) all proceeds of Accounts to Companies’ account one (1) Business Day after receipt by Access Capital of good funds in dollars of the United States of America in Access Capital’s account, provided, however, for purposes of computing interest on the Obligations, Access Capital will credit (conditional upon final collection) all such payments to Companies’ account three (3) Business Days after receipt by Access Capital of good funds in dollars of the United States of America in Access Capital’s account. Any amount received by Access Capital after 12:00 noon (New York time) on any Business Day shall be deemed received on the next Business Day.
(c) As Access Capital receives the proceeds of Accounts, it shall pay to Companies in weekly intervals as requested by Company Agent (or at such other time as agreed upon by Access Capital and Company Agent) an amount equal to the excess, if any, of (i) the aggregate amount so collected less (ii) the sum of (A) the aggregate Revolving Credit Advances to which such Accounts relate, (B) the interest and fees earned by Access Capital with respect to such Accounts, and (C) the aggregate amount of Overadvances, if any, made by Access Capital with respect to such Accounts.
Collection and Maintenance of Collateral. (a) The Agent may verify each Company’s Accounts from time to time, but not more than three (3) times during the first three (3) fiscal quarters of any fiscal year, unless an Event of Default has occurred and is continuing, utilizing an audit control company or any other agent of the Agent or the Lenders.
(b) Proceeds of Accounts received by the Agent will be deemed received on the Business Day after the Agent’s receipt of such proceeds in good funds in dollars of the United States of America to an account designated by the Agent. Any amount received by the Agent after 12:00 noon (New York time) on any Business Day shall be deemed received on the next Business Day.
(c) As the Agent receives the proceeds of Accounts of any Company, it shall (i) apply such proceeds, as required, to amounts outstanding under the Secured Revolving Notes, and (ii) remit all such remaining proceeds (net of interest, fees and other amounts then due and owing to Creditor Parties hereunder) to Company Agent (for the benefit of the applicable Companies) upon request (but no more often than twice a week). Notwithstanding the foregoing, following the occurrence and during the continuance of an Event of Default, the Agent, at its option, may apply such proceeds to the Obligations in such order as the Agent shall elect.
