Collection Periods. Any check, draft, money order or other instrument given in payment of all or any portion hereof may be accepted by the Payee and handled for collection in the customary manner, but the same shall not constitute payment hereunder or diminish any rights of the Payee except to the extent that actual cash proceeds of such instrument are unconditionally received by the Payee; provided, however, that this Note and Agreement shall not be in default as the result of normal collection periods on such instruments.
Appears in 4 contracts
Samples: Note and Security Agreement (Stratex Oil & Gas Holdings, Inc.), Note and Security Agreement (RICHFIELD OIL & GAS Co), Note and Security Agreement (RICHFIELD OIL & GAS Co)
