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. (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) (i) instruct each Forward Contract Counterparty of a Forward Contract to make all payments to the applicable Loan Party in respect of such Forward Contract to a Controlled Account and (ii) with respect to any items sent directly to a Loan Party by a Forward Contract Counterparty, hold such items in trust for the Secured Parties and promptly deposit such items into a Controlled Account and (c) otherwise comply with Section 3 of the U.S. Security Agreement, Section 3 of the Canadian Security Agreement or any similar provision in any Quebec Security Document, as applicable. 7.12
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) 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.
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) Although Seller is transferring its trade name to Buyer, Seller shall retain the limited right to use its trade name for the purpose of collecting the retained accounts receivable and paying obligations.
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. The Seller and the Company will endorse, as necessary, and promptly remit to the Buyer all payments of Accounts Receivable received by either of them, and otherwise cooperate as the Buyer shall reasonably request in the collection of Accounts Receivable. The Seller guarantees that all Accounts Receivable (less any associated reserve for bad debts as shown on the Final Balance Sheet) will be paid within a collection period of ninety (90) days immediately following the Closing (the “Collection Period”). Within ten (10) business days after delivery to the Seller of a schedule of Accounts Receivable unpaid at the end of the Collection Period, the Seller will pay to the Buyer the amount by which the Accounts Receivable (less any associated reserve for bad debts as shown on the Final Balance Sheet) exceeds the amount that the Buyer has collected on Accounts Receivable during the Collection Period, and the Buyer will re-assign to the Seller any such uncollected Accounts Receivable. If more than one invoice is outstanding for any customer of the Business, the “first-in, first-out” principle shall be applied in determining the invoice to which a payment relates, unless the payment by its terms specifies or clearly indicates the invoice to which it relates. To the extent the Seller has incurred or pays expenses for which it is entitled to reimbursement or payment under its agreement in Section 5.6 to provide transitional services, it shall have the right to offset any otherwise applicable payments to the Buyer under this Section 5.5
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.
