Payments from Account Debtors. Unless and until Agent gives Borrower other written instructions, Borrower shall instruct all Receivable Debtors and other account debtors of Borrower to remit all payments as contemplated under the Operating Agreement. Upon the occurrence of an Event of Default, Agent may instruct Receivable Debtors and other account debtors, in each case with respect to Receivables generated by Borrower, to remit all payments to post office boxes which have been established as lock boxes by Agent and Borrower, and, in such event, all checks and other payments received by Agent shall be applied by Agent, in accordance with the provisions of Section 2.11(c), in reduction of the Obligations. The receipt of any check or other payment by Agent shall not be considered a payment on account until such check or other payment is honored when presented for payment by Agent and has been paid to Agent.
Payments from Account Debtors. Borrower agrees to direct payments from its account debtors into its operating account No. 1820763017 at Lender via wire transfer or such other manner approved by Lender.
Payments from Account Debtors. Borrower agrees to direct payments from its account debtors into the Operating Account via wire transfer or such other manner approved in writing by Lender. 3.13
Payments from Account Debtors. Pursuant to this Agreement, at the Closing, SDWCA shall transfer to Buyer all of the accounts receivable of Amcraft (each an "Account Receivable" and collectively the "Accounts Receivable"). Attached hereto as Exhibit "B" is a schedule (the "Schedule") of the Accounts Receivable as of December 7, 1998. Buyer acknowledges that the Schedule was prepared by Amcraft and SDWCA makes no representation or warranty of any kind whatsoever with respect to the Accounts Receivable, express or implied, including but not limited to, the existence or amount thereof or the existence or lack thereof of any defenses to payment thereon. On the tenth (10th) day of each month, commencing in January, 1999, Buyer shall pay to SDWCA the following amounts with respect to all Accounts Receivable collected by Buyer during the previous calendar month: - 90% of all Accounts Receivable collected at 0-30 days from Closing. - 80% of all Accounts Receivable collected at 31-60 days from Closing. - 70% of all Accounts Receivable collected at 61-120 days from Closing. For purposes of this SECTION 2.2, "collection" shall occur at such time as Buyer receives any payment from the account debtor on account of such Account Receivable; provided, however, Buyer shall have a right to be reimbursed by SDWCA for any amount paid by Buyer to SDWCA (but not including any amount offset as provided below) under this SECTION 2.2 which relates to a payment on an Account Receivable which is later dishonored or charged back to Buyer by Buyer's depositary bank as a result of dishonor by the account debtor's payor bank. SDWCA shall have the option, at its sole and absolute election, to receive a reassignment from Buyer of any Account Receivable which is not collected by Buyer within 120 days of Closing. Upon SDWCA's request with respect thereto, Buyer shall execute such documents as SDWCA shall reasonably request to effectuate such transfer and reassignment, which transfer and reassignment shall be free and clear of any liens, claims and encumbrances not existing against the Account Receivable immediately prior to the Closing. From and after its election to receive a reassignment of any Account Receivable and thereafter, Buyer shall have no right, title or interest in or to such Account Receivable or proceeds thereof, and SDWCA shall be entitled to receive and retain any and all collections upon such Account Receivable. Any amount received by Buyer with respect to any Account Receivable that has been reassigned ...
Payments from Account Debtors. Unless and until Agent gives Xxxxxxxx other written instructions, Borrower shall instruct all Receivable Debtors and other account debtors of Borrower to remit all payments as contemplated under the Operating Agreement. Upon the occurrence of an Event of Default, Agent may instruct Receivable Debtors and other account debtors to remit all payments to post office boxes which have been established as lock boxes by Agent and Borrower, and, in such event, all checks and other payments received by Agent shall be applied by Agent, in accordance with the provisions of Section 2.10(c), in reduction of the Obligations. The receipt of any check or other payment by Agent shall not be considered a payment on account until such check or other payment is honored when presented for payment by Agent and has been paid to Agent.
