Payments and Remittances. Without limiting the generality of the foregoing, after the Closing, if Buyer or any of its Affiliates receives any invoice, xxxx or other request for payment which arises prior to Closing and is not an Assumed Liability or a Transferred Liability, or is otherwise due and owing by Seller or any of its Affiliates in accordance with the terms of this Agreement, Buyer will promptly remit, or will cause to be remitted, such request for payment to Seller at the address set forth in Section 10.8.
Payments and Remittances. 2.2.1 All checks, remittances, other items of payment and other Proceeds of Purchased Assets shall be property of Purchaser. All invoices evidencing Accounts owing from Customers whose Accounts are at any time purchased by Purchaser hereunder shall indicate that the Account evidenced by such invoice is payable directly and only to Client at the applicable USD Collection Accounts or CAD Collection Accounts (or, upon and after the occurrence of a Servicer Default and during its continuation, such other lockboxes or accounts as Administrative Purchaser may from time to time specify). If any checks, remittances, other items of payment or other Proceeds of Purchased Assets are received by Client, Client shall hold the same in trust for the benefit of Purchaser and will promptly deposit all such checks, remittances and other items of payment and other Proceeds of Purchased Assets into the applicable Collection Account. The Collection Accounts as of the date hereof are listed on Schedule 2.2 hereto. Proceeds and collections from Purchased Accounts that are USD Accounts shall be remitted and deposited only into Collection Accounts designated solely for collection and deposit of USD Accounts (the “USD Collection Accounts”). Proceeds and collections from Purchased Accounts that are CAD Accounts shall be remitted and deposited only into Collection Accounts designated solely for collection and deposit of CAD Accounts (the “CAD Collection Accounts”).
Payments and Remittances. 2.2.1 All checks, remittances, other items of payment and other Proceeds of Purchased Assets shall be property of Purchaser. All invoices evidencing Accounts owing from Customers whose Accounts are at any time purchased by Purchaser hereunder shall prominently indicate that the Account evidenced by such invoice is payable to Client, at the Collection Accounts (or, during the continuance of a Servicer Default, such other lockboxes or accounts as Purchaser may from time to time specify). If any checks, remittances, other items of payment or other Proceeds of Purchased Assets are received by Client, Client shall hold the same in trust for the benefit of Purchaser and will immediately deposit all such checks, remittances and other items of payment and other Proceeds of Purchased Assets into the applicable Collection Account. The Collection Accounts as of the date hereof are listed on Schedule 2.2 hereto.
Payments and Remittances. Section 4.1 (a) So long as the Participant has made all payments required to be made by it under the terms of this Agreement, and subject to the remaining terms of Section 4 hereof, the Bank shall, within one Business Day following receipt thereof, remit to the Participant in immediately available funds to the account of the Participant identified on Exhibit B hereto the Participant's share (determined in accordance with clauses (ii) and (iii) of Section 4.1(e) hereof) of any payment made to the Bank in respect of the Letters of Credit and the Obligations. The Participant shall not be entitled to receive any interest in respect of any Reimbursement Obligation which accrued prior to the date that the Participant paid, in accordance with Section 2.2 hereof, the purchase price for its Participation in such Reimbursement Obligation and the related Letter of Credit.
Payments and Remittances. 2.2.1 All checks, remittances, other items of payment and other Proceeds of Purchased Assets shall be property of WFB. Client and Servicer shall cause to be deposited into such blocked accounts or lockboxes and related blocked accounts as WFB may specify (collectively, the “Collection Accounts”), in each instance established and maintained by Client at WFB at Client’s expense, all Proceeds of Purchased Accounts and all Proceeds of other Accounts due from a Purchased Customer. Client shall deliver to WFB, in form and substance acceptable to WFB, a deposit account control agreement with respect to each Collection Account duly executed by Client (collectively, the “Deposit Account Control Agreements”). WFB is irrevocably authorized, at any time, to give instructions pursuant to such Deposit Account Control Agreements directing the disposition of funds in the Collection Accounts to the WFB Payment Account. Without limiting the foregoing, until such time as WFB shall elect, in its discretion, to give such instructions, Client shall remit to WFB at the WFB Payment Account, on a daily basis, all funds on deposit in or deposited into the Collection Accounts from Purchased Customers or constituting Proceeds of Accounts of Purchased Customers. Without limiting Section 2.2.5 below, amounts received by WFB in the WFB Payment Account from the Collection Accounts pursuant to such Deposit Account Control Agreements shall be credited by WFB to the Client Ledger Account on the Settlement Date and any credit balance in the Client Ledger Account, including as a result of the receipt by WFB of funds from the Collection Accounts pursuant to the Deposit Account Control Agreements, shall be remitted to or for the benefit of Client pursuant to Section 2.1.2 of this Agreement.
Payments and Remittances. 2.2.1 All checks, remittances, other items of payment and other Proceeds of Collateral shall be property of WFB. If any checks, remittances, other items of payment or other Proceeds of Collateral are received by Client, Client shall hold the same in trust for the benefit of WFB and will immediately deliver to WFB all such checks, remittances, other items of payment and other Proceeds of Collateral in the same form as received by Client. Without limiting WFB’s other rights and remedies, Client shall pay a misdirected payment fee to WFB in the amount of fifteen percent (15%) of the amount of any check, remittance, other item of payment or other Proceeds of Collateral which has been received by Client and not delivered to WFB on the next Business Day following receipt by Client as required by the preceding sentence.
