Collections of Accounts Receivable. Pursuant to and in accordance with the Security Agreement, (i) instruct each Account Debtor of an Account Receivable to make all payments to the applicable Loan Party in respect of such Account Receivable to a Controlled Account, (ii) with respect to any items sent directly to a Loan Party by an Account Debtor, hold such items in trust for the Secured Parties and promptly deposit such items into a Controlled Account and (iii) otherwise comply with the Security Agreement.
Collections of Accounts Receivable. (a) Pursuant to and in accordance with Section 3(c) of the U.S. Security Agreement or Section 3(c) of the Canadian Security Agreement, as applicable, (i) instruct each Account Debtor of an Account Receivable to make all payments to the applicable Loan Party in respect of such Account Receivable to a Controlled Account and (ii) with respect to any items sent directly to a Loan Party by an Account Debtor, hold such items in trust for the Secured Parties and promptly deposit such items into a Controlled Account and (b) otherwise comply with Section 3 of the U.S. Security Agreement, Section 3 of the Canadian Security Agreement or Section 5 of the Dutch Receivables Pledge Agreement, as applicable.
Collections of Accounts Receivable. To the extent not inconsistent with the terms of the Transition Services Agreement, subject to the terms and conditions of this Section 8.13, after the closing and on a daily basis, Purchaser shall promptly (but in no event later than ten (10) days after receipt thereof) deliver to Sellers any cash, checks or other property that Purchaser receives following the closing to the extent relating to the accounts receivable or the operations of an Excluded Business. After the closing and on a daily basis, Sellers shall promptly (but in no event later than ten (10) days after receipt thereof) deliver to Purchaser any cash, checks or other property that Sellers receive to the extent relating to the Business, Purchased Assets, Purchased Companies (including any Subsidiaries thereof) or the Non-Controlled Entities. Sellers, on the one hand, and Purchaser, on the other hand, will promptly deliver to the other a true copy of any notice of a dispute as to the validity or enforceability of any accounts receivable received from the debtor of such accounts receivable. Neither Sellers nor Purchaser shall agree to any settlement, discount or reduction of the accounts receivable belonging to the other. Neither Sellers nor Purchaser shall assign, pledge or grant a security interest in the accounts receivable of the other to any third party or claim a security interest or right in and to the accounts receivable, and payment of the accounts receivable shall not be subject to off-set. Sellers’ and Purchaser’s collection obligation under this Section 8.13 shall not include any obligation to bring suit, engage a collection agent or take any other legal action for the collection or sale (as the case may be) of the accounts receivable.
Collections of Accounts Receivable. (a) Pursuant to and in accordance with Section 3(c) of the U.S. Security Agreement, Section 3(c) of the Canadian Security Agreement or any similar provision in any Quebec Security Document, as applicable, (i) instruct each Account Debtor of an Account Receivable to make all payments to the applicable Loan Party in respect of such Account Receivable to a Controlled Account and (ii) with respect to any items sent directly to a Loan Party by an Account Debtor, hold such items in trust for the Secured Parties and promptly deposit such items into a Controlled Account, (b)
Collections of Accounts Receivable. Pursuant to and in accordance with Section 3(d) of the New York Security Agreement and Section 4(d) of the Canadian Security Agreement, (i) instruct each Account Debtor of an Account Receivable to make all payments to the Borrowers in respect of such Account Receivable to a Cash Management Account, (ii) with respect to any items sent directly to a Loan Party by an Account Debtor, hold such items in trust for the Secured Parties and promptly deposit such items into a Cash Management Account, and (iii) otherwise comply with Section 3 of the New York Security Agreement and Section 4 of the Canadian Security Agreement.
Collections of Accounts Receivable. (a) If all or part of any payment received by Intek or any Affiliate of Intek relates exclusively to an account receivable arising prior to the Effective Date, such payment shall be held in trust for MIC and shall not be commingled with any other assets of Intek or such Affiliate. Intek shall immediately deliver to MIC, or cause its Affiliate to immediately deliver to MIC, such payment in the form received together with such endorsements as shall be necessary for MIC to deposit and collect such payment.
(b) If all or part of any payment received by MIC, Xxxxxxxx or any Affiliate thereof relates exclusively to an account receivable arising after the Effective Date, such payment shall be held in trust for Intek and shall not be commingled with any other assets of MIC, Xxxxxxxx or such Affiliate. MIC and Xxxxxxxx shall immediately deliver to Intek, or cause its Affiliate to immediately deliver to Intek, such payment in the form received together with such endorsements as shall be necessary for Intek to deposit and collect such payment.
(c) If a payment is received which relates to accounts receivables arising both before and after the Effective Date, the recipient thereof shall immediately pay to the other party cash in an amount equal to that portion of the payment which is specifically identified to a receivable or receivables owned by such other party.
(d) If a customer's payment does not specifically identify an invoice, or MUSA is unable to identify the invoice to which such receivable should be applied with reasonable certainty, MUSA shall contact the customer directly and request that the customer identify the invoice to which such receivable should be applied. The recipient shall promptly thereafter pay to the other party cash in an amount equal to that portion of the payment which was so identified to a receivable or receivables owned by such other party.
(e) To facilitate the collection of receivables pursuant to this Section 3.4, MIC and Intek shall not, and Intek shall not permit MUSA to, change the payment instructions to customers of the U.S. LMR Distribution Business during the 90 day period commencing on the date of the Closing. On October 16, 1996, MIC shall convey to MUSA all of MUSA's right, title and interest into post office boxes X.X. Xxx 000, Xxxx. 000, Xxxxxx Xxxx XX 00000-0000, X.X. Xxx 000, Xxxx. 000, Xxxxxx Xxxx XX 00000-0000 (the "P.O. Boxes") and bank account number 010161070176 titled to MIC at Boatmen's First National Bank of Ka...
Collections of Accounts Receivable. For the period commencing as of the Closing and ending one hundred twenty (120) days thereafter (the "Collection Period"), the Buyer shall use its reasonable best efforts to collect on behalf of the Seller, as the Seller's agent, all of the accounts receivable attributable to the Division as reflected on the Recent Balance Sheet (the "May Accounts Receivable"). Any payment received by the Buyer during the Collection Period from any account debtor obligated with respect to any of the May Accounts Receivable shall be applied in the manner described on SCHEDULE 1.8 attached hereto unless specifically directed otherwise by such account debtor because of a bona fide dispute between the Seller and such account debtor. The Buyer shall not have the right to compromise, settle or adjust the amount of any of the May Accounts Receivable without the Seller's prior consent. The Buyer shall remit such collections to the Seller within five (5) days of the end of the month in which they were collected. The Buyer shall not have any liability to the Seller for any May Accounts Receivable that are not collected and following the expiration of the Collection Period, the Buyer shall have no further obligation with respect to the May Accounts Receivable except to remit to the Seller any payment that is received by the Buyer with respect thereto.
Collections of Accounts Receivable. From and after the Closing, Buyer will use commercially reasonable eff01ts to collect the accounts receivable of Seller included in the Purchased Assets, and all amounts received from any on-going customer of the Business shall be applied and credited in the customary manner, i.e., by matching to the appropriate outstanding invoice for the customer. If any such accounts receivable of Seller is not collected within twelve (12) months after the Closing Date, then Seller shall credit Buyer for the amount of that receivable (and pay the same out of escrow if necessary).
Collections of Accounts Receivable. Notify in writing and otherwise take such reasonable steps to ensure that all Account Debtors under any of their Accounts forward payment in the form of cash, checks, drafts or other similar items of payment by wire transfer or directly to a Bank Blocked Account and shall provide the Collateral Agent with reasonable evidence of such notification, such notice to include notice of the Collateral Agent’s Lien and payment directions, and (b) deposit or cause to be deposited any payment under such Accounts (other than those sent directly by wire transfer into) to a Bank Blocked Account no later than the Business Day following the date on which each Borrower or its Subsidiary, as applicable receives such payment. If either (i) payments received by the Borrower and its Subsidiaries from all Account Debtors exceed, in the aggregate, $500,000.00 per day for a period of twenty (20) consecutive Business Days, or (b) a Default or Event of Default occurs, then Borrower shall immediately establish a lockbox (“Lock Box”) and notify in writing and otherwise take such reasonable steps to ensure that all Account Debtors under any of its Accounts forward payment in the form of cash, checks, drafts or other similar items of payment directly to such Lock Box or directly by wire transfer to a Bank Blocked Account and shall provide the Collateral Agent with reasonable evidence of such notification, such notice to include notice of the Collateral Agent’s Lien and payment directions. In the event that any Account Debtor makes payment into any account other than a Bank Blocked Account, such Borrower shall promptly deposit such amounts into a Bank Blocked Account. Administrative Agent at any time may apply amounts contained in the Bank Blocked Accounts maintained with the Collateral Agent toward satisfaction of the Obligations.
Collections of Accounts Receivable. On and after the Closing Date, the Purchaser shall have the sole irrevocable right and authority to collect, for its own account and sole benefit, all monies payable in respect of the Acquired Assets, no matter how or when earned. If the Seller, SkyMall or any of their respective Affiliates shall receive any such monies, it shall hold all such monies in trust for the sole benefit of the Purchaser. Within fifteen (15) Business Days after receipt thereof, such Person shall cause the transfer and delivery to the Purchaser of any monies or other property which any such Person may receive after the Closing Date in payment of accounts receivable or payment of other monies payable in respect of the Acquired Assets. Each of the Seller and SkyMall authorize the Purchaser to endorse in such Person's name all notes, checks, drafts money orders or other instruments of payment in respect of the foregoing which may come into the possession of the Purchaser, and each of the Seller and SkyMall hereby ratifies all that the Purchaser shall lawfully do or cause to be done by virtue hereof.
