Collections; Management of Collateral Sample Clauses

Collections; Management of Collateral. (a) Borrowers shall establish and maintain, at their expense, blocked accounts or lockboxes and related blocked accounts (in either case, "Blocked Accounts"), as Agent may specify, with such banks as are acceptable to Agent into which Borrowers shall promptly deposit and direct its account debtors to directly remit all payments on Accounts and all payments constituting proceeds of Inventory or other Collateral in the identical form in which such payments are made, whether by cash, check or other manner. The banks at which the Blocked Accounts are established shall enter into an agreement, in form and substance satisfactory to Lender, providing that all items received or deposited in the Blocked Accounts are the property of Agent and Lenders, that the depository bank has no lien upon, or right to setoff against, the Blocked Accounts, the items received for deposit therein, or the funds from time to time on deposit therein and that the depository bank will wire, or otherwise transfer, in immediately available funds, on a daily basis, at such time as Lender shall direct, all funds received or deposited into the Blocked Accounts to such bank account of Agent as Agent may from time to time designate for such purpose ("Payment Account"). Agent shall instruct the depository banks at which the Blocked Accounts are maintained to transfer the funds on deposit in the Blocked Accounts to such operating bank account of Borrowers as Borrowers may specify in writing to Agent until such time as Agent shall notify the depository bank otherwise. Agent may instruct the depository banks at which the Blocked Accounts are maintained to transfer all funds received or deposited into the Blocked Accounts to the Payment Account at any time that either: (i) an Event of Default, or an act, condition or event which with notice or passage of time or both would constitute an Event of Default, shall exist or have occurred, or (ii) Excess Availability shall be less than $10,000,000 for fifteen (15) consecutive Business Days. Borrowers agree that all payments made to such Blocked Accounts or other funds received and collected by Lender, whether on the Accounts or as proceeds of Inventory or other Collateral or otherwise, shall be the property of Lender. (b) For purposes of calculating interest on the Obligations, such payments or other funds received will be applied (conditional upon final collection) to the Obligations on the Business Day of receipt by Agent of immediately available funds...
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Collections; Management of Collateral. (a) The Borrower shall (i) establish and maintain cash management services of a type and on terms reasonably satisfactory to the Agents at the bank set forth on Schedule 8.01, the “Cash Management Bank”, and shall take such reasonable steps to enforce, collect and receive all amounts owing on the Insurance Premium Loans of the Borrower, and (ii) deposit or cause to be deposited promptly, and in any event no later than the next Business Day after the date of receipt thereof, all proceeds in respect of any Collateral and all Collections (of a nature susceptible to a deposit in a bank account) and other amounts received by the Borrower (including payments made by any Premium Finance Borrower directly to the Borrower) into the Collection Account. (b) On or prior to the Effective Date, the Borrower shall, with respect to each of the Operating Account, the Reserve Account and the Collection Account, deliver to the Collateral Agent a Cash Management Agreement. (c) All amounts received in the Collection Account shall at the Administrative Agent’s direction be wired each Business Day into the Administrative Agent’s Account to be applied pursuant to Section 2.05(d) or Section 4.04(b), as applicable. (d) So long as no Default or Event of Default has occurred and is continuing, the Borrowers may amend Schedule 8.01 to add or replace the Cash Management Bank, the Collection Account, the Reserve Account or the Operating Account; provided, however, that (i) such prospective Cash Management Bank shall be reasonably satisfactory to the Collateral Agent and the Collateral Agent shall have consented in writing in advance to the opening of such Collection Account, Reserve Account and the Operating Account with the prospective Cash Management Bank, and (ii) prior to the time of the opening of such Collection Account, such Reserve Account and such Operating Account, the Borrower and such prospective Cash Management Bank shall have executed and delivered to the Collateral Agent a Cash Management Agreement with respect to each of the Collection Account, the Reserve Account and the Operating Account. The Borrower shall close its Collection Account, its Reserve Account and its Operating Account (and establish replacement cash management accounts in accordance with the foregoing sentence) promptly and in any event within 30 days of notice from the Collateral Agent that the creditworthiness of any Cash Management Bank is no longer acceptable in the Collateral Agent’s reasonable judgm...
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Collections; Management of Collateral. (a) All invoices evidencing Accounts shall indicate that remittances with respect thereto are to be made to Borrowers at the address of a lock box controlled by the Agent pursuant to an agreement between Agent and the Reference Bank (as it may be amended, the "Lock Box Agreement"), of which address if different from the address of such lock box to which remittances are currently made, Agent shall notify Salant in writing. All such remittances shall be deposixxx xx Agent's account with the Reference Bank pursuant to the Lock Box Agreement (the "Payment Account"). (b) Any checks or other forms of remittance which may be received directly by any Borrower in respect of the Accounts and other Collateral shall not be commingled with such Borrower's property, but shall be segregated, held by such Borrower in trust for Agent as the exclusive property of Agent, for the ratable benefit of Lenders, and immediately deposited by such Borrower, in the identical form received, with proper endorsements, into such account or accounts as Agent may designate from time to time. All funds received by Agent in respect of Accounts or other Collateral by wire transfer of federal funds or in other immediately available funds will be credited to the Payment Account upon receipt of such funds. All amounts received by Agent in respect of Accounts or other Collateral in remittances which are not immediately available, will be credited to the Payment Account as and when such remittances have become immediately available. All bank fees and expenses relating to the Payment Account, the Lock Box Agreement and the Blocked Accounts (as defined below) shall be charged to any of Borrower's account(s)
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Collections; Management of Collateral. (a) Borrower and Guarantors shall establish, and at all times maintain, at their expense, not less than two (2) lockboxes and related deposit accounts (the "Collection Accounts") with such banks as are acceptable to Lender (such banks being referred to herein as "Depository Banks") as follows: (i) Borrower and Guarantors shall promptly deposit, and Borrower and Guarantors shall direct each Fiscal Intermediary or other Third Party Payor in accordance with the applicable Medicare and Medicaid regulations to directly remit all payments on Medicare Accounts and Medicaid Accounts to one or more of such lockboxes and related deposit accounts, which shall only be used for purposes of receiving payments on Medicare Accounts and Medicaid Accounts and which deposit accounts shall be under the sole control of Borrower; provided, that, (A) Borrower and Guarantors shall authorize, direct and instruct the Depository Banks at which such deposit accounts are maintained to remit by federal funds wire transfer all funds received or deposited into such lockboxes and related deposit accounts on a daily basis to the Payment Account, which instructions by Borrower or Guarantors to such banks may only be changed after not less than five (5) Business Days' prior written notice to such banks and Lender and (B) any change in such instructions, without the prior written consent of Lender, shall be an Event of Default hereunder, and (ii) Borrower and Guarantors shall promptly deposit, and shall direct all Third Party Payors and other Account Debtors to remit payments on all Receivables other than Medicare Accounts and Medicaid Accounts to one or more of such lockboxes and related deposit accounts which shall only be used for purposes of receiving payments on Receivables other than Medicare Accounts and Medicaid Accounts and as to which the Depository Banks shall acknowledge and agree, in a manner and on terms satisfactory to Lender that: (A) all payments made, and items received or deposited in such lockboxes and related accounts shall be used to repay the Obligations, (B) the Depository Banks have no lien on, or right of setoff against, such deposit account, the items received for deposit therein, or the funds from time to time on deposit therein and (C) the Depository Banks will wire, or otherwise transfer, in immediately available funds, all funds received or deposited into such lockbox and related deposit account on a daily basis to such bank account of Lender as Lender may from ...
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Related to Collections; Management of Collateral

  • Impairment of Collateral Not use any material portion of the Collateral, or permit the same to be used, for any unlawful purpose, in any manner that is reasonably likely to materially adversely impair the value or usefulness of the Collateral, or in any manner inconsistent with the provisions or requirements of any policy of insurance thereon nor affix or install any accessories, equipment, or device on the Collateral or on any component thereof if such addition will materially impair the original intended function or use of the Collateral or such component.

  • Maintenance of Collateral Accounts Maintain any Collateral Account except pursuant to the terms of Section 6.6(b) hereof.

  • Compromises and Collection of Collateral The Grantors and the Administrative Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the foregoing, each Grantor agrees that the Administrative Agent may at any time and from time to time, if an Event of Default has occurred and is continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Administrative Agent in its sole discretion shall determine or abandon any Receivable, and any such action by the Administrative Agent shall be commercially reasonable so long as the Administrative Agent acts in good faith based on information known to it at the time it takes any such action.

  • Assignment of Collateral There is no material collateral securing any Mortgage Loan that has not been assigned to the Purchaser.

  • Establishment of Collateral Accounts Securities Intermediary acknowledges and agrees that: (i) it has established and is maintaining on its books and records the accounts identified on the attached Schedule 1 (each such account, together with any replacements thereof or substitutions therefor, the “Collateral Account” and such accounts, collectively, the “Collateral Accounts”) in the name of the Borrower; (ii) each Collateral Account is a “securities account” (within the meaning of Section 8-501(a) of the UCC) in respect of which Securities Intermediary is a “securities intermediary” (within the meaning of Section 8-102(a)(14) of the UCC and, with respect to any Book-Entry Security, within the meaning of Federal Book-Entry Regulations) and the Security Agent is the “entitlement holder” (within the meaning of Section 8-102(a)(7) of the UCC); provided, however, that if, notwithstanding the intention of the parties hereto, all or any portion of the Collateral Account is determined to be a “deposit account” (within the meaning of Section 9-102 of the UCC) rather than a “securities account,” then the Securities Intermediary represents, warrants, covenants and agrees that it is a “bank” (as defined in Section 9-102(a)(8) of the UCC) and will treat the Borrower as its customer (within the meaning of Section 9-104(a)(3) of the UCC) with respect to the Collateral Accounts (or portion thereof); (iii) all property delivered, or to be delivered, to Securities Intermediary pursuant to this Agreement is, and will be, promptly credited to the Collateral Accounts; (iv) it does not know of any claim to or interest in any Collateral Account or any assets or funds therein, except for claims and interests of the parties to this Agreement as set forth herein; and (v) it shall not change the name or account number of any Collateral Account without the prior written consent of the Security Agent. Except as provided in Section 2(b), Securities Intermediary agrees that it shall not take “entitlement orders” (as defined in Section 8-102(a)(8) of the UCC) or “instructions” (within the meaning of Section 9-104(a)(2) of the UCC) with respect to the Collateral Accounts or any assets or funds therein from any Person other than the Security Agent.

  • Collateral Examination Agent shall have completed Collateral examinations and received appraisals, the results of which shall be satisfactory in form and substance to Lenders, of the Receivables, Inventory, General Intangibles, and Equipment of each Borrower and all books and records in connection therewith;

  • Maintenance of Collateral Borrower will maintain the Collateral in good working condition, and Borrower will not use the Collateral for any unlawful purpose. Borrower will immediately advise Silicon in writing of any material loss or damage to the Collateral.

  • Collection of Accounts, General Intangibles and Negotiable Collateral At any time upon the occurrence and during the continuance of an Event of Default, Agent or Agent’s designee may (a) notify Account Debtors of any Grantor that the Accounts, General Intangibles, Chattel Paper or Negotiable Collateral of such Grantor have been assigned to Agent, for the benefit of the Lender Group and the Bank Product Providers, or that Agent has a security interest therein, and (b) collect the Accounts, General Intangibles and Negotiable Collateral of any Grantor directly, and any collection costs and expenses shall constitute part of such Grantor’s Secured Obligations under the Loan Documents.

  • Release of Collateral, etc Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including without limitation negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security, at any time existing in connection with, or assuring or securing payment of, all or any part of the Liabilities;

  • Security Management The Contractor shall comply with the requirements of the DOD 5200.1-M and the DD Form 254. Security of the Contractor’s electronic media shall be in accordance with the above documents. Effective Program Security shall require the Contractor to address Information Security and Operations Security enabled by the Security Classification Guides. The Contractor’s facility must be able to handle and store material up to the Classification Level as referenced in Attachment J-01, DD Form 254.

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