COLLECTIONS; REPAYMENT; BORROWING AND LOCKBOX Sample Clauses

COLLECTIONS; REPAYMENT; BORROWING AND LOCKBOX. If required by Agent in its Permitted Discretion, Borrower shall maintain a lockbox together with a blocked account (individually and collectively, the "BLOCKED ACCOUNT") with such banks as are acceptable to Agent in its Permitted Discretion (each, a "BLOCKED ACCOUNT BANK"), and shall execute with each Blocked Account Bank one or more agreements acceptable to Agent in its Permitted Discretion (individually and collectively, the "BLOCKED ACCOUNT AGREEMENT"), and such other agreements related thereto as Agent may require in its Permitted Discretion. If requested by Agent in its Permitted Discretion, Borrower shall ensure that all collections of its Accounts and all proceeds of Inventory and all other cash payments received by Borrower (other than direct proceeds of sales of Permitted Securities) are paid and delivered only into the Blocked Account. The Blocked Account Agreements shall provide that the Blocked Account Banks immediately will transfer all funds paid into the Blocked Accounts into a depository account or accounts maintained by Agent or an Affiliate of Agent at such bank as Agent may communicate to Borrower from time to time (the "CONCENTRATION ACCOUNT"). Borrower at all times shall ensure that the proceeds of credit card payments from each credit card processor which processes credit card payments made by Borrower's customers immediately be transferred on a daily basis into the Concentration Account or Blocked Account, as determined by Agent. Notwithstanding and without limiting any other provision of any Loan Document, Agent shall have the right to apply, on a daily basis, all funds transferred into the Concentration Account pursuant to the Blocked Account Agreement and this Section 2.5 to the payment of the Loans together with accrued interest thereon and all other Obligations, such payment to be applied first, to all then unpaid fees and expenses; second, to all accrued and unpaid interest on the Loans at the Higher Applicable Rate; third, to all accrued and unpaid interest on the Loans at the Base Applicable Rate; fourth, to the principal amount of the Loans accruing interest at the Higher Applicable Rate; and fifth, to the principal amount of the Loans accruing interest at the Base Applicable Rate, in each case at such time and in such manner as Agent shall decide in its Permitted Discretion. To the extent that any proceeds of Accounts of Borrower, proceeds of Borrower's Inventory or any other cash payments received by Borrower (other than ...
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COLLECTIONS; REPAYMENT; BORROWING AND LOCKBOX. Borrowers shall maintain a lockbox together with a blocked account (individually and collectively, the "Blocked Account") with one or more banks acceptable to Agent (each, a "Lockbox Bank"), and shall execute with each Lockbox Bank one or more agreements acceptable to Agent (individually and collectively, the "Lockbox Agreement"), and such other agreements related thereto as Agent may require. Borrowers shall ensure that all collections of their respective Accounts and all other cash payments received by Borrowers are paid and delivered directly from Account Debtors and other
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COLLECTIONS; REPAYMENT; BORROWING AND LOCKBOX. (a) As to the Credit Parties other than the Canadian Credit Parties,
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COLLECTIONS; REPAYMENT; BORROWING AND LOCKBOX. Borrowers shall maintain a lockbox together with a blocked account (individually and collectively, the "Blocked Account") with one or more banks acceptable to Agent (each, a "Lockbox Bank"), and shall execute with each Lockbox Bank one or more agreements acceptable to Agent (individually and collectively, the "Lockbox Agreement"), and such other agreements related thereto as Agent may require. Borrowers shall ensure that all collections of their respective Accounts and all other cash payments received by Borrowers (other than direct proceeds of sales of Permitted Securities) are paid and delivered directly from Account Debtors and other Persons into the Blocked Account. The Lockbox Agreements shall provide that the Lockbox Banks immediately will transfer all funds paid into the Blocked Accounts into a depository account or accounts maintained by Agent or an Affiliate of Agent at such bank as Agent may communicate to Borrowers from time to time (the "Concentration Account"). Notwithstanding and without limiting any other provision of any Loan Document, Agent shall apply, on a daily basis, all funds transferred into the Concentration Account pursuant to the Lockbox Agreement and this Section 2.5 in such order and manner as determined by Agent. To the extent that any Accounts collections of Borrowers or any other cash payments received by Borrowers are not sent directly to the Blocked Account but are received by any Borrower or any of Borrowers' Affiliates, such collections and proceeds shall be held in trust for the benefit of Agent and Lenders and immediately remitted (and in any event within two (2) Business Days), in the form received, to the Blocked Account for immediate transfer to the Concentration Account. Borrowers acknowledge and agree that compliance with the terms of this Section 2.5 is an essential term of this Agreement, and that nothing shall prevent Agent from considering any failure to comply with the terms of this Section 2.5 to be a Default or an Event of Default or from taking any action or exercising any right or remedy available to Agent or any Lender with respect to any Default or Event of Default. All funds transferred to the Concentration Account for application to the Obligations under the Revolving Facility shall be applied to reduce the Obligations under the Revolving Facility, but, for purposes of calculating interest hereunder, shall be subject to a five (5) Business Day clearance charge. If as the result of collections of Accoun...
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Related to COLLECTIONS; REPAYMENT; BORROWING AND LOCKBOX

  • Interest for Account of Swingline Lender The Swingline Lender shall be responsible for invoicing the Borrower for interest on the Swingline Loans. Until each Revolving Lender funds its Base Rate Loan or risk participation pursuant to this Section to refinance such Revolving Lender’s Applicable Revolving Percentage of any Swingline Loan, interest in respect of such Applicable Revolving Percentage shall be solely for the account of the Swingline Lender.

  • Manner of Borrowing and Funding Revolver Loans Borrowings under the Commitments established pursuant to Section 1.1 hereof shall be made and funded as follows:

  • Borrowing and Repayment Borrower may from time to time during the term of the Line of Credit borrow, partially or wholly repay its outstanding borrowings, and reborrow, subject to all of the limitations, terms and conditions contained herein or in the Line of Credit Note; provided however, that the total outstanding borrowings under the Line of Credit shall not at any time exceed the maximum principal amount available thereunder, as set forth above.

  • Remittances; P&I Advances (a) On the Master Servicer Remittance Date immediately preceding each Distribution Date, the Master Servicer shall:

  • Interest and Fee Computation; Collection of Funds Interest accrued hereunder shall be payable as set forth in Section 2.1(c) hereof. Except as otherwise set forth herein, all interest and fees shall be calculated on the basis of a year consisting of 360 days and shall be paid for the actual number of days elapsed. Principal payments submitted in funds not immediately available shall continue to bear interest until collected. If any payment to be made by Borrower hereunder or under the Revolving Note shall become due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in computing any interest in respect of such payment. Any Obligations which are not paid when due (subject to applicable grace periods) shall bear interest at the Default Rate.

  • Funding Account The Administrative Agent shall have received a notice setting forth the deposit account of the Borrower (the “Funding Account”) to which the Administrative Agent is authorized by the Borrower to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement.

  • Income Collection, Transaction Processing, Account Administration 0.25 of a basis point per annum on the average net assets of the Fund.

  • Notification of Advances, Interest Rates, Prepayments and Commitment Reductions Promptly after receipt thereof, the Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder. The Agent will notify each Lender of the interest rate applicable to each Eurodollar Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

  • Collections Payment Processing Remittance (a) Collection Efforts, Policies, Procedures.

  • Deposits to the Collection Account and Special Payments Account (a) The Subordination Agent shall, upon receipt thereof, deposit in the Collection Account all Scheduled Payments received by it (other than any Scheduled Payment which by the express terms hereof is to be deposited to a Cash Collateral Account).

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