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. 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. 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. 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. Inspections and Appraisals. At all times during normal business hours, Laurus, and/or any agent of Laurus shall have the right to (a) have access to, visit, inspect, review, evaluate and make physical verification and appraisals of Company's properties and the Collateral, (b) inspect, audit and copy (or take originals if necessary) and make extracts from Company's Books and Records, including management letters prepared by independent accountants, and (c) discuss with Company's principal officers, and independent accountants, Company's business, assets, liabilities, financial condition, results of operations and business prospects. Company will deliver to Laurus any instrument necessary for Laurus to obtain records from any service bureau maintaining records for Company. If any internally prepared financial information, including that required under this Section is unsatisfactory in any manner to Laurus, Laurus may request that the Accountants review the same.
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) Access Capital may at any time verify Companies’ Accounts utilizing an audit control company or any other agent of Access Capital.
(b) Access Capital will credit (conditional upon final collection) all proceeds of Accounts to Companies’ account two (2) 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) To the extent Access Capital collects Accounts, it shall pay to Companies in weekly intervals as requested by 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 and then due and owing to Access Capital with respect to such Accounts, (C) the aggregate amount of Overadvances made by Access Capital with respect to such Accounts and (D) any amounts otherwise due Access Capital including, without limitation, pursuant to Sections 2, 5(b), 21 and 25 hereof which have theretofore not been paid. Following the occurrence and during the continuance of an Event of Default, Access Capital shall have the right to apply all proceeds of Accounts to the Obligations in such order as Access Capital shall elect.
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) Lender may at any time verify any Borrower's Accounts utilizing an audit control company or any other agent of Lender. Upon the occurrence of a Default or an Event of Default or if Lender deems itself insecure or shall fear the diminution in the value of the Collateral, Lender or Lender's designee may notify Account Debtors of Lender's security interest in Accounts, collect them directly and charge the collection costs and expenses to Borrowers' account, but, unless and until Lender does so or gives Borrowers other instructions, Borrowers 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 Borrowers' 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