Common use of Collections on Receivables Clause in Contracts

Collections on Receivables. The Administrative Agent hereby authorizes each Pledgor to collect such Pledgor’s Receivables, subject to the Administrative Agent’s direction and control, and the Administrative Agent may curtail or terminate said authority at any time after the occurrence and during the continuance of an Event of Default. If required by the Administrative Agent at any time after the occurrence and during the continuance of an Event of Default, any payments of Receivables, when collected by any Pledgor, (i) shall be forthwith (and, in any event, within two (2) Business Days) deposited by such Pledgor in the exact form received, duly endorsed by such Pledgor to the Administrative Agent if required, in a special collateral account maintained by the Administrative Agent, subject to withdrawal by the Administrative Agent for the account of the Secured Parties only, as hereinafter provided, and (ii) until so turned over, shall be held by such Pledgor in trust for the Administrative Agent and the other Secured Parties, segregated from other funds of such Pledgor. Each such deposit of any Proceeds constituting collections of Receivables shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in such deposit. All Proceeds constituting collections of Receivables while held by the Administrative Agent (or by any Pledgor in trust for the Administrative Agent and the other Secured Parties) shall continue to be collateral security for all of the Secured Obligations and shall not constitute payment thereof until applied as hereinafter provided. At any time after the occurrence and during the continuance of an Event of Default, at the Administrative Agent’s election, the Administrative Agent shall apply all or any part of the funds on deposit in said collateral account on account of the Secured Obligations in such order as the Administrative Agent may elect, and any part of such funds which the Administrative Agent elects not so to apply and deems not required as collateral security for the Secured Obligations shall be paid over from time to time by the Administrative Agent to the Pledgors or to whomsoever may be lawfully entitled to receive the same. At the Administrative Agent’s request, each Pledgor shall deliver to the Administrative Agent all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to such Pledgor’s Receivables, including, without limitation, all original orders, invoices and shipping receipts.

Collections on Receivables. The Administrative Agent Lender hereby authorizes each Pledgor Grantor to collect such Pledgor’s the Receivables, subject to the Administrative AgentLender’s direction and control, and the Administrative Agent Lender may curtail or terminate said authority at any time after the occurrence and during the continuance of an Event of Default. If required by the Administrative Agent Lender at any time after the occurrence and during the continuance of when an Event of DefaultDefault shall have occurred and be continuing, any payments of Receivables, when collected by any PledgorGrantor, (i) shall be forthwith (and, in any event, within two (2) Business Days) deposited by such Pledgor Grantor in the exact form received, duly endorsed by such Pledgor Grantor to the Administrative Agent Lender if required, in a special collateral account (the “Collateral Account:”) maintained by the Administrative AgentLender, subject to withdrawal by the Administrative Agent for the account of the Secured Parties only, Lender as hereinafter provided, and (ii) and, until so turned over, shall be held by such Pledgor Grantor in trust for the Administrative Agent and the other Secured PartiesLender, segregated from other funds of such Pledgorthe Grantors. Each such deposit of any such Proceeds constituting collections of Receivables shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in such the deposit. All Proceeds constituting collections of Receivables while held by the Administrative Agent Lender (or by any Pledgor Grantor in trust for the Administrative Agent and the other Secured PartiesLender) shall continue to be collateral security for all of the Secured Obligations and shall not constitute payment thereof until applied as hereinafter provided. At any time after such intervals as may be agreed upon by the occurrence Grantors and during the continuance of Lender, or, if an Event of DefaultDefault shall have occurred and be continuing, at any time at the Administrative AgentLender’s election, the Administrative Agent Lender shall apply all or any part of the funds on deposit in said collateral account Collateral Account on account of the Secured Obligations in such order as the Administrative Agent may electpursuant to Section 8(b) hereof, and any part of such funds which the Administrative Agent Lender elects not so to apply and deems not required as collateral security for the Secured Obligations shall be paid over from time to time by the Administrative Agent Lender to the Pledgors Grantors or to whomsoever may be lawfully entitled to receive the same. At the Administrative AgentLender’s request, each Pledgor Grantor shall deliver to the Administrative Agent Lender all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to such Pledgor’s the Receivables, including, without limitation, all original orders, invoices and shipping receipts. At any time after the occurrence and during the continuance of an Event of Default upon the request of the Lender, each Grantor will cooperate with the Lender to establish a system of lockbox accounts, under the sole dominion and control of the Lender, into which all Receivables shall be paid and from which all collected funds will be transferred to a Collateral Account.

Collections on Receivables. The Administrative Agent hereby authorizes each Pledgor to collect such Pledgor’s Receivables, subject to the Administrative Agent’s direction and control, and the Administrative Agent may curtail or terminate said authority at any time after the occurrence and during the continuance of an Event of Default. If required by the Administrative Agent at any time after the occurrence and during the continuance of an Event of Default, any payments of Receivables, when collected by any Pledgor, (i) shall be forthwith (and, in any event, within two (2) Business Days) deposited by such Pledgor in the exact form received, duly endorsed by such Pledgor to the Administrative Agent if required, in a special collateral account maintained by the Administrative Agent, subject to withdrawal by the Administrative Agent for the account of the Secured Parties only, as hereinafter provided, and (ii) until so turned over, shall be held by such Pledgor in trust for the Administrative Agent and the other Secured Parties, segregated from other funds of such Pledgor. Each such deposit of any Proceeds constituting collections of Receivables shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in such deposit. All Proceeds constituting collections of Receivables while held by the Administrative Agent (or by any Pledgor in trust for the Administrative Agent and the other Secured Parties) shall continue to be collateral security for all of the Secured Obligations and shall not constitute payment thereof until applied as hereinafter provided. At any time after the occurrence and during the continuance of an Event of Default, at the Administrative Agent’s election, the Administrative Agent shall apply all or any part of the funds on deposit in said collateral account on account of the Secured Obligations in such order as the Administrative Agent may elect, and any part of such funds which the Administrative Agent elects not so to apply and deems not required as collateral security for the Secured Obligations shall be paid over from time to time by the Administrative Agent to the Pledgors or to whomsoever may be lawfully entitled to receive the same. At the Administrative Agent’s request, each Pledgor shall deliver to the Administrative Agent all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to such Pledgor’s Receivables, including, without limitation, all original orders, invoices and shipping receipts.

Collections on Receivables. The Administrative Agent hereby authorizes each Pledgor to collect such Pledgor’s Receivables, subject to the Administrative Agent’s direction and control, and the Administrative Agent may curtail or terminate said authority at any time after the occurrence and during the continuance of an Event of Default. If required by the Administrative Collateral Agent at any time after the occurrence and during the continuance of an Event of Default, any payments of Receivables, when collected by any PledgorGrantor, (i) shall be forthwith (and, in any event, within two (2) Business Days) deposited by such Pledgor Grantor in the exact form received, duly endorsed indorsed by such Pledgor Grantor to the Administrative Collateral Agent if required, in a special collateral account maintained by the Administrative Collateral Agent, subject to withdrawal by the Administrative Agent for the account of the Secured Parties onlyand, as hereinafter provided, and (ii) until so turned over, shall be held by such Pledgor Grantor in trust for the Administrative Agent and the other Secured PartiesCollateral Agent, segregated from other funds of such PledgorGrantor. Each such deposit of any such Proceeds constituting collections of Receivables shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in such the deposit. All Proceeds constituting collections of Receivables while held by the Administrative Collateral Agent (or by any Pledgor the Grantor in trust for the Administrative Agent and the other Secured PartiesCollateral Agent) shall continue to be collateral security for all of the Secured Obligations and shall not constitute payment thereof until applied as hereinafter provided. At any time after the occurrence and during the continuance of an Event of Default, at the Administrative Collateral Agent’s 's election, the Administrative Collateral Agent shall apply all or any part of the funds on deposit in said special collateral account on account of the Secured Obligations in such order as the Administrative Collateral Agent may elect, and any part of such funds which the Administrative Collateral Agent elects not so to apply and deems not required as collateral security for the Secured Obligations shall be paid over from time to time by the Administrative Collateral Agent to the Pledgors applicable Grantor or to whomsoever may be lawfully entitled to receive the same. At After the Administrative occurrence and during the continuance of an Event of Default, at the Collateral Agent’s 's request, each Pledgor the Grantors shall deliver to the Administrative Collateral Agent all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to such Pledgor’s the Receivables, including, without limitation, all original orders, invoices and shipping receipts.

Collections on Receivables. The Administrative Agent Except as provided in clause (e) of this Section 3, the Secured Party hereby authorizes each Pledgor Grantor to collect such Pledgor’s the Receivables, subject to the Administrative Agent’s direction and control, and the Administrative Agent may curtail or terminate said authority at any time after the occurrence and during the continuance of an Event of Default. If required by the Administrative Agent Secured Party at any time after the occurrence and during the continuance of when an Event of DefaultDefault shall have occurred and be continuing, any payments of Receivables, when collected by any PledgorGrantor, (i) shall be forthwith (and, in any event, within two (2) Business Days) deposited by such Pledgor Grantor in the exact form received, duly endorsed by such Pledgor Grantor to the Administrative Agent Secured Party if required, in a special collateral account maintained by the Administrative AgentSecured Party, subject to withdrawal by the Administrative Agent for the account of the Secured Parties Party only, as hereinafter provided, and (ii) and, until so turned over, shall be held by such Pledgor Grantor in trust for the Administrative Agent and the other Secured PartiesParty, segregated from other funds of such Pledgorthe Grantors. Each such deposit of any Proceeds constituting collections of Receivables Upon request, each Grantor shall be accompanied by provide a report identifying in reasonable detail each deposit of any such Proceeds, including the nature and source of the payments included in such the deposit. All Proceeds constituting collections of Receivables while held by the Administrative Agent Secured Party (or by any Pledgor Grantor in trust for the Administrative Agent and the other Secured PartiesParty) shall continue to be collateral security for all of the Secured Obligations and shall not constitute payment thereof until applied as hereinafter provided. At any time after such intervals as may be agreed upon by the occurrence Grantors and during the continuance of Secured Party, or, if an Event of DefaultDefault shall have occurred and be continuing, at any time at the Administrative AgentSecured Party’s election, the Administrative Agent Secured Party shall apply all or any part of the funds on deposit in said collateral account Collateral Account on account of the Secured Obligations in such order as the Administrative Agent Secured Party may elect, and any part of such funds which the Administrative Agent Secured Party elects not so to apply and deems not required as collateral security for the Secured Obligations shall be paid over from time to time by the Administrative Agent Secured Party to the Pledgors Grantors or to whomsoever may be lawfully entitled to receive the same. At the Administrative AgentSecured Party’s request, each Pledgor Grantor shall deliver to the Administrative Agent Secured Party all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to such Pledgor’s the Receivables, including, without limitation, all original orders, invoices and shipping receipts. At any time during the continuance of an Event of Default, each Grantor will cooperate with the Secured Party to establish a system of lockbox accounts, under the sole dominion and control of the Secured Party, into which all Receivables shall be paid and from which all collected funds will be transferred to a Collateral Account.

Collections on Receivables. The Administrative Agent hereby authorizes each Pledgor to collect such Pledgor’s Receivables, subject to the Administrative Agent’s direction and control, and the Administrative Agent may curtail or terminate said authority at any time after the occurrence and during the continuance of an Event of Default. If required by the Administrative Agent Secured Party at any time after the occurrence and during the continuance of an Event of Default, any payments of Receivables, when collected by any Pledgorthe Grantor, (i) shall be forthwith (and, in any event, within two (2) Business Days) deposited by such Pledgor the Grantor in the exact form received, duly endorsed by such Pledgor the Grantor to the Administrative Agent Secured Party if required, in a Controlled Account or a special collateral account maintained by the Administrative AgentSecured Party, subject to withdrawal by the Administrative Agent for the account of the Secured Parties onlyParty, as hereinafter provided, and (ii) until so turned over, shall be held by such Pledgor the Grantor in trust for the Administrative Agent and the other Secured PartiesParty, segregated from other funds of such Pledgorthe Grantor. Each such deposit of any Proceeds constituting collections of Receivables shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in such deposit. All Proceeds constituting collections of Receivables while held by the Administrative Agent Secured Party (or by any Pledgor Individual Grantor in trust for the Administrative Agent and the other Secured PartiesParty) shall continue to be collateral security for all of the Secured Obligations and shall not constitute payment thereof until applied as hereinafter provided. At any time after the occurrence and during the continuance of an Event of Default, at the Administrative AgentSecured Party’s election, the Administrative Agent Secured Party shall apply all or any part of the funds on deposit in said collateral account Collateral Account on account of the Secured Obligations in such order as the Administrative Agent Secured Party may elect, and any part of such funds which the Administrative Agent Secured Party elects not so to apply and deems not required as collateral security for the Secured Obligations shall be paid over from time to time by the Administrative Agent Secured Party to the Pledgors Grantor or to whomsoever may be lawfully entitled to receive the same. At the Administrative AgentSecured Party’s request, each Pledgor at any time after the occurrence and during the continuance of an Event of Default, the Grantor shall deliver to the Administrative Agent Secured Party all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to such Pledgorthe Grantor’s Receivables, including, without limitation, all original orders, invoices and shipping receipts. At any time after the occurrence and during the continuance of an Event of Default, upon the request of the Secured Party, the Grantor will cooperate with the Secured Party to establish a system of lockbox accounts, under the sole dominion and control of the Secured Party, into which all of the Grantor’s Receivables shall be paid and from which all collected funds will be transferred to a Collateral Account.