Common use of Payment Collection Clause in Contracts

Payment Collection. Effective as of the Closing Date, the Credit Parties shall have directed, and will at all times thereafter direct, the Servicer to (i) direct each of the Obligors to forward all payments on account of Receivables directly to the related Collection Account and (ii) upon receipt (except as set forth in the proviso to this Section 5.7(b)) to deposit all payments received by it on account of Receivables, whether in the form of cash, cheques, notes, drafts, bills of exchange, money orders or otherwise, in the Collection System in precisely the form in which they are received (but with any endorsements of the applicable Credit Party necessary for deposit or collection), and until they are so deposited to hold such payments in trust for and as the property of the Borrower, subject to the Lien of the Collateral Agent for the benefit of the Secured Parties; provided, however, that with respect to any payment received that does not contain sufficient identification of the account number to which such payment relates or cannot be processed due to an act beyond the control of the Servicer, such deposit shall be made no later than the second Business Day following the date on which such account number is identified or such payment can be processed, as applicable.

Payment Collection. Effective as of the Closing Funding Date, the Credit Parties shall have directed, and will at all times thereafter direct, the Servicer to (i) direct each of the Obligors to forward all payments on account of Receivables directly to the related Collection Account and (ii) upon receipt (except as set forth in the proviso to this Section 5.7(b)) to deposit all payments received by it on account of Receivables, whether in the form of cash, cheques, notes, drafts, bills of exchange, money orders or otherwise, in the Collection System in precisely the form in which they are received (but with any endorsements of the applicable Credit Party necessary for deposit or collection), and until they are so deposited to hold such payments in trust for and as the property of the Borrower, subject to the Lien of the Collateral Agent for the benefit of the Secured Parties; provided, however, that with respect to any payment received that does not contain sufficient identification of the account number to which such payment relates or cannot be processed due to an act beyond the control of the Servicer, such deposit shall be made no later than the second Business Day following the date on which such account number is identified or such payment can be processed, as applicable.

Payment Collection. Effective as of the Closing Date, the Credit Parties shall have directed, and will at all times thereafter direct, the Servicer to (i) direct each of the Obligors to forward all payments on account of Receivables directly to the related Collection Account and (ii) upon receipt (except as set forth in the proviso to this Section 5.7(b)5.7 (b) ) to deposit all payments received by it on account of Receivables, whether in the form of cash, cheques, notes, drafts, bills of exchange, money orders or otherwise, in the Collection System in precisely the form in which they are received (but with any endorsements of the applicable Credit Party necessary for deposit or collection), and until they are so deposited to hold such payments in trust for and as the property of the Borrower, subject to the Lien of the Collateral Agent for the benefit of the Secured Parties; provided, however, that with respect to any payment received that does not contain sufficient identification of the account number to which such payment relates or cannot be processed due to an act beyond the control of the Servicer, such deposit shall be made no later than the second Business Day following the date on which such account number is identified or such payment can be processed, as applicable.