Payment of Accounts by Company’s Account Debtors Sample Clauses

Payment of Accounts by Company’s Account Debtors. Company shall instruct all account debtors to make payments either directly to the Lockbox for deposit by Xxxxx Fargo directly to the Collection Account, or instruct them to deliver such payments to Xxxxx Fargo by wire transfer, ACH, or other means as Xxxxx Fargo may direct for deposit to the Collection Account or for direct application to the Line of Credit. If Company receives a payment or the Proceeds of Collateral directly, Company will promptly deposit the payment or Proceeds into the Collection Account. Until deposited, it will hold all such payments and Proceeds in trust for Xxxxx Fargo without commingling with other funds or property. All deposits held in the Collection Account shall constitute Proceeds of Collateral and shall not constitute the payment of Indebtedness.
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Payment of Accounts by Company’s Account Debtors. Prior to the Lockbox Transfer Date, Parent shall instruct all of its account debtors to make payments either directly to the Comerica Lockbox for deposit by Comerica Bank directly to the Comerica Collection Account, or instruct them to deliver such payments to Comerica Bank by wire transfer, ACH or other means as Comerica Bank may direct for deposit to the Comerica Collection Account. On and after the Lockbox Transfer Date, Parent shall instruct all of its account debtors to make payments either directly to the Lockbox for deposit by Xxxxx Fargo directly to the Collection Account, or instruct them to deliver such payments to Xxxxx Fargo by wire transfer, ACH, or other means as Xxxxx Fargo may direct for deposit to the Collection Account or for direct application to the Line of Credit. Prior to the XX Xxxxxxx Lockbox Commencement Date, XX Xxxxxxx shall instruct all of its account debtors to direct payments to the XX Xxxxxxx Operating Account via wire transfer, ACH or other means. On and after the XX Xxxxxxx Lockbox Commencement Date, XX Xxxxxxx shall instruct all of its account debtors to make payments either directly to the XX Xxxxxxx Lockbox for deposit by the applicable depository bank directly to the XX Xxxxxxx Collection Account, or instruct them to deliver payments directly to the XX Xxxxxxx Collection Account via wire transfer, ACH or other means. If Company receives a payment of any type or the Proceeds of any Collateral directly, Company will promptly deposit the payment or Proceeds into (i) if received by Parent on a date prior to the Lockbox Transfer Date, the Comerica Collection Account, (ii) if received by Parent on a date on or after the Lockbox Transfer Date, the Collection Account, (iii) if received by XX Xxxxxxx on a date prior to the XX Xxxxxxx Lockbox Commencement Date, the XX Xxxxxxx Operating Account and (iv) if received by XX Xxxxxxx on a date on or after the XX Xxxxxxx Lockbox Commencement Date, the XX Xxxxxxx Collection Account. Until deposited, Company will hold all such payments and Proceeds in trust for Xxxxx Fargo without commingling with other funds or property. All deposits held in the Comerica Collection Account, the XX Xxxxxxx Collection Account or the Collection Account shall constitute Proceeds of Collateral and shall not constitute the payment of Indebtedness.
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Payment of Accounts by Company’s Account Debtors. Company shall instruct all account debtors to pay Accounts owed to Company as follows:
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Payment of Accounts by Company’s Account Debtors. Upon the occurrence of an Event of Default or Default Period, at the direction of Wxxxx Fargo, to be given in Wxxxx Fargo's sole discretion, Company shall instruct all account debtors to make payments either directly to the Lockbox for deposit by Wxxxx Fargo directly to the Collection Account, or instruct them to deliver such payments to Wxxxx Fargo by wire transfer, ACH, or other means as Wxxxx Fargo may direct for deposit to the Collection Account or for direct application to the Line of Credit. If Company receives a payment or the Proceeds of Collateral directly, Company will promptly deposit the payment or Proceeds into the Collection Account. Until deposited, it will hold all such payments and Proceeds in trust for Wxxxx Fargo without commingling with other funds or property. All deposits held in the Collection Account shall constitute Proceeds of Collateral and shall not constitute the payment of Indebtedness.
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Payment of Accounts by Company’s Account Debtors. Company shall arrange for all proceeds of Collateral (including, but not limited to, payments from its account debtors) to be promptly deposited into the Collection Account, and, with respect to any payment by wire transfer or similar means, to instruct such payor to deliver such payments to Xxxxx Fargo by wire transfer, ACH, or other means as Xxxxx Fargo may direct for deposit to the Collection Account or for direct application to the Line of Credit. Until deposited, Company shall hold all such payments and Proceeds in trust for Xxxxx Fargo without commingling with other funds or property. All deposits held in the Collection Account shall constitute Proceeds of Collateral and shall not constitute the payment of Indebtedness.”
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Payment of Accounts by Company’s Account Debtors. Company shall instruct all account debtors to make payments either directly to the Lockbox for deposit by Xxxxx Fargo directly to the Collection Account, or instruct them to deliver such payments to Xxxxx Fargo by wire transfer, ACH, or other means as Xxxxx Fargo may direct for deposit to the Collection Account or for direct application to the Line of Credit. If Company receives a payment or the Proceeds of Collateral directly, Company will promptly deposit the payment or Proceeds into the Collection Account. Until deposited, it will hold all such payments and Proceeds in trust for Xxxxx Fargo without commingling with other funds or property. All deposits held in the Collection Account shall constitute Proceeds of Collateral and shall not constitute the payment of Indebtedness. Notwithstanding, Company and Xxxxx Fargo have agreed contemporaneously herewith, and on an interim basis, to the establishment of a control deposit account and lockbox with KeyBank, N.A. in the KeyBank Control/Lockbox Agreement to which such Proceeds and payments shall be initially deposited. Upon termination of the KeyBank Control/Lockbox Agreement, and in accordance with its terms, all such Proceeds and payments shall be deposited and delivered to the Collection Account and/or Lockbox in accordance with this paragraph and subject to the terms of this Agreement.
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Payment of Accounts by Company’s Account Debtors. Company shall instruct all account debtors to make payments either directly to the Lockbox for deposit by Xxxxx Fargo directly to the Collection Account, or instruct them to deliver such payments to Xxxxx Fargo by wire transfer, ACH, or other means as Xxxxx Fargo may direct for deposit to the Collection Account or for direct application to the Line of Credit; provided that (i) proceeds of Accounts and other Collateral arising from Company’s Canadian operations may be paid directly to a lockbox maintained by the Royal Bank of Canada as provided in Section 1.6(a), and (ii) Company may continue to maintain its California Lockbox with Union Bank, N.A. for up to 120 days after the date of this Agreement in accordance with Section 1.6(a). If Company receives a payment or the Proceeds of Collateral directly, Company will promptly deposit the payment or Proceeds into the Collection Account or, if such payment is a Canadian Dollar payment, into the Canadian Concentration Account. Until deposited, it will hold all such payments and Proceeds in trust for Xxxxx Fargo without commingling with other funds or property. All deposits held in the Collection Account or the Canadian Concentration Account shall constitute Proceeds of Collateral and shall not constitute the payment of Indebtedness.
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Related to Payment of Accounts by Company’s Account Debtors

  • Notification of Account Debtors MLBFS may notify any Account Debtor that its Account or Chattel Paper has been assigned to MLBFS and direct such Account Debtor to make payment directly to MLBFS of all amounts due or becoming due with respect to such Account or Chattel Paper; and MLBFS may enforce payment and collect, by legal proceedings or otherwise, such Account or Chattel Paper.

  • Payment of Accounts (a) Each of Company and each Eligible Subsidiary will irrevocably direct all of its present and future Account Debtors and other Persons obligated to make payments constituting Collateral to make such payments directly to the lockboxes maintained by Company and each Eligible Subsidiary (the "Lockboxes") with North Fork Bank, the Royal Bank of Canada or such other financial institution accepted by Laurus in writing as may be selected by Company and/or any Eligible Subsidiary (collectively, the "Lockbox Bank") pursuant to the terms of the documentation acceptable to Laurus. On or prior to the Closing Date, each of Company and each Eligible Subsidiary shall and shall cause the Lockbox Bank to enter into all such documentation acceptable to Laurus pursuant to which, among other things, the Lockbox Bank agrees to: (a) sweep the Lockbox on a daily basis and deposit all checks received therein to an account designated by Laurus in writing and (b) comply only with the instructions or other directions of Laurus concerning the Lockbox. All of Company's and each Eligible Subsidiary's invoices, account statements and other written or oral communications directing, instructing, demanding or requesting payment of any Account of Company or any Eligible Subsidiary or any other amount constituting Collateral shall conspicuously direct that all payments be made to the Lockbox or such other address as Laurus may direct in writing. If, notwithstanding the instructions to Account Debtors, Company or any Eligible Subsidiary receives any payments, Company or such Eligible Subsidiary, as the case may be, shall immediately remit such payments to Laurus in their original form with all necessary endorsements. Until so remitted, Company and each Eligible Subsidiary shall hold all such payments in trust for and as the property of Laurus and shall not commingle such payments with any of its other funds or property.

  • Settlement of Accounts (a) On or before each Determination Date, the Servicer shall deliver, (i) to the Owner Trustee, the Settlor, the Lender, the Administrative Agent and the Collateral Agent, a monthly report with respect to the Lending Facility Pool (the “Monthly Lending Facility Pool Report”) and (ii) except as otherwise provided in the related Servicing Supplement, to the each related Secured Party, a monthly report with respect to each Designated Pool (each, a “Monthly Exchange Note Report”), in each case, documenting, as applicable, (A) all advances to be made to, and distributions (including Servicer reimbursements) to be made from, the related Collection Account or (B) the manner in which the Servicer will apply all collections on the related Pool received by the Servicer on or prior to the next Payment Date.

  • Notification to Account Debtors The Lender shall have the right at any time (whether or not an Event of Default has occurred) to notify any of the Borrower's Account Debtors to make payment directly to the Lender and to collect all amounts due on account of the Collateral.

  • Notice to Account Debtors Lender may, at any time after an Event of Default, notify the account debtors and obligors of any accounts, chattel paper, negotiable instruments or other evidences of indebtedness to Borrower included in the Property to pay Lender directly. Borrower shall at any time or from time to time upon the request of Lender provide to Lender a current list of all such account debtors and obligors and their addresses.

  • Verification of Accounts Any of Lender's officers, employees, or agents shall have the right, at any time or times hereafter, in the name of Lender, any designee of Lender or in the name of the Borrowers, to verify the validity, amount or any other matter relating to any Accounts by mail, telephone, telegraph, or otherwise.

  • Investment of Accounts (a) To the extent there are uninvested amounts deposited in the Series Accounts, the Issuer shall cause such amounts to be invested in Permitted Investments selected by the Issuer that mature no later than the immediately preceding Transfer Date.

  • Collection of Accounts Receivable At Closing, Seller will deliver Seller's existing accounts receivable on the Accounts Receivable List. Such Accounts Receivable List will be used by Buyer for purposes of collection only for the period of one hundred twenty (120) days immediately following Closing (the "Collection Period"). Acting as Seller's agent, during the Collection Period Buyer shall have the exclusive right to and shall make commercially reasonable efforts to collect Seller's accounts receivable listed on the Accounts Receivable List, but shall not be required to expend or advance any of its funds, to locate any debtor, or to institute or defend any suit, action, claim, or counterclaim in any legal or equitable proceeding. Under no circumstances shall Buyer be required to engage counsel or any outside collection agency or facility in collecting Seller's accounts receivable. Payments received on an account from any customer of Buyer that is an account debtor for an account of Seller on the Accounts Receivable List shall be applied first to the Seller's account on such list, unless such customer shall designate some other application of such payment or shall contest the account receivable, in which case Buyer shall promptly notify Seller of such designation or contest and return to Seller the account relating to such customer and thereafter shall have no further obligation with respect thereto. If Seller requests, Buyer also shall promptly return to Seller any account of Seller that is over 90 days old, and Buyer shall have no further obligation with respect to such account. Buyer shall transmit all monies collected on Seller's accounts receivable to Seller within fifteen (15) days after the end of each month in which such monies are collected. Upon expiration of the Collection Period, Buyer shall be relieved of all responsibility for, or to attempt collection of, Seller's accounts receivable, and thereafter Seller alone shall be responsible for collection of any balances due on such accounts. Within twenty (20) days after expiration of the Collection Period, Buyer will make final payment to Seller of the amounts collected on Seller's accounts and shall return to Seller each then uncollected Seller's account together with a final statement of the accounts outstanding.

  • Statement of Accounts The Company shall provide to the Director, within one hundred twenty (120) days after each anniversary of this Agreement, a statement setting forth the Deferral Account balance.

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