Eligible Contract Payments Clause Samples

Eligible Contract Payments. All Contract Payments included as Eligible Contract Payments in the calculation of the Borrowing Base in the most recently delivered Monthly Report are Eligible Contract Payments. The Borrower acknowledges that (i) all Obligors (and related agents) have been directed to make all payments directly to the Lockbox Account (and, in the case of Contract Payments not denominated in Dollars, each such Obligor shall convert such Contract Payments to Dollars prior to depositing into the Lockbox Account) and (ii) all Contract Payments received by it or its Affiliates with respect to the Collateral pledged hereunder are held and shall be held in trust for the benefit of the Facility Agent, on behalf of the Secured Parties until deposited into the applicable Collection Account in accordance with Section 7.3(b).