Receipt and Credit for Collections Sample Clauses

Receipt and Credit for Collections. Concurrently with the execution of this Agreement, the Borrower shall enter into a Lock Box Agreement with the Lender and NationsBank (the "Bank") pursuant to which the Bank will be granted access to the post office box to which all Account Debtors shall be instructed to forward payments with respect to all Property. All checks, drafts, cash, notes, money orders, acceptances and other remittances in part or full payment with respect to the Property ("Collections") received through the Lock Box shall be retained by the Bank and processed in accordance with the Lock Box Agreement. All Collections received directly by the Borrower shall immediately be sent or delivered by the Borrower to the post office box that is part of the lock box arrangement. The Bank shall, without further inquiry and without regard to any instructions from the Borrower, send all collections by electronic funds transfer to the Lender at such account or accounts as the Lender shall direct in the Lock Box Agreement, or otherwise in writing from time to time. Any fees or expenses charged to the Lender by the Bank or any other bank for transfer of funds from the Borrower's account shall be charged as accrued, as a debit to the Obligations.
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Receipt and Credit for Collections. Until their authority to do so is terminated by Banks at Bank's option, which option shall be available to Banks at any time after an Event of Default that is continuing, Borrower, GRS and GMO shall, at their own expense, collect all amounts unpaid on Receivables and all receipts from the sale or other disposition of Inventory (other than credit card transactions settled through Harrxx) xxd deliver in accordance with section 2.5.2 hereof immediately upon receipt, all checks, drafts, cash, notes, money orders, acceptances and other remittances, including payments on amounts owing to Borrower from GRS and GMO (collectively, "Receipts") received in part or full payment of or with respect to the Collateral or the Subsidiary Collateral in precisely the form received (but endorsed by Borrower, GRS or GMO, as applicable, if necessary for collection). Until such delivery Borrower, GRS and GMO shall not commingle any Receipts with their own funds or any of their property or use the Receipts in any way except to pay the Obligations (as defined in the Security Agreement) but shall hold the Receipts in trust for Banks. With respect to credit card transactions settled through Harrxx, xxl amounts otherwise payable to or for the account of Borrower, GRS or GMO pursuant to the Merchant Agreement shall be transferred by Harrxx xx Bank One for application to the Obligations.
Sample 1
Receipt and Credit for Collections. Within 60 days after the Closing Date, the Borrower shall enter into a Lock Box Agreement with the Lender pursuant to which the Lender will be granted access to the post office box to which all Account Debtors shall be instructed to forward payments with respect to all Property. All checks, drafts, cash, notes, money orders, acceptances and other remittances in part or full payment with respect to the Property ("Collections") received through the Lock Box shall be retained by the Lender and processed in accordance with the Lock Box Agreement. All Collections received directly by the Borrower shall immediately be sent or delivered by the Borrower to the post office box that is part of the lock box arrangement. The Lender shall, without further inquiry and without regard to any instructions from the Borrower, deposit all collections in such account or accounts as the Lender shall from time to time elect. Any fees or expenses charged to the Lender by any other bank for transfer of funds from the Borrower's account shall be charged as accrued, as a debit to the Obligations.
Sample 1
Receipt and Credit for Collections. Until its authority to do so is terminated by Bank, Borrower shall, at its own expense, collect all amounts unpaid on Receivables, and deliver to Bank immediately upon receipt, all checks, drafts, cash, notes, money orders, acceptances and other remittances ("Collections") received in part or full payment of or with respect to the Collateral in precisely the form received (but endorsed by Borrower if necessary for collection). All Collections in part or full payment of and with respect to the Collateral received by Bank shall be processed and retained by Bank in a depository account (the "Cash Collateral Account") for application to the Obligations. The Cash Collateral Account shall be in Bank's name and Borrower shall have no right to make withdrawals or transfers from the Cash Collateral Account or otherwise have any right to access or control the Cash Collateral Account. Until such delivery Borrower shall not commingle any Collection with its own funds or any of its property or use the Collection in any way except to pay its Obligations to Bank but shall hold the Collection in trust for Bank. In the event that any such item, the amount of which has been credited against the Obligations, is subsequently dishonored or otherwise returned unpaid to Bank, Bank may retroactively debit the Borrower's loan account ledger for the Revolving Credit Facility for the amount of such item, or debit the Borrower's commercial demand account maintained with Bank for the amount of such item.
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Related to Receipt and Credit for Collections

  • Compliance with Contracts and Credit and Collection Policy Originator will timely and fully (i) perform and comply with all provisions, covenants and other promises required to be observed by it under the Contracts related to the Receivables, and (ii) comply in all respects with the Credit and Collection Policy in regard to each Receivable and the related Contract.

  • Modifications to Contracts and Credit and Collection Policy Such Seller Party will not make any change to the Credit and Collection Policy that could adversely affect the collectability of the Receivables or decrease the credit quality of any newly created Receivables. Except as provided in Section 8.2(d), Servicer will not extend, amend or otherwise modify the terms of any Receivable or any Contract related thereto other than in accordance with the Credit and Collection Policy.

  • Compliance with Credit and Collection Policy Such Seller Party has complied in all material respects with the Credit and Collection Policy with regard to each Receivable and the related Contract, and has not made any material change to such Credit and Collection Policy, except such material change as to which Agent and each Purchaser Agent have been notified in accordance with Section 7.1(a)(vii) and receipt Agent’s and each Purchaser Agent’s consent to the extent referenced therein.

  • Performance and Compliance with Contracts and Credit and Collection Policy The Seller shall (and shall cause the Servicer to), at its expense, timely and fully perform and comply with all material provisions, covenants and other promises required to be observed by it under the Contracts related to the Receivables, and timely and fully comply in all material respects with the applicable Credit and Collection Policies with regard to each Receivable and the related Contract.

  • Data Collection and Usage The Company and the Employer collect, process and use certain personal information about the Participant, including, but not limited to, the Participant’s name, home address and telephone number, email address, date of birth, social insurance, passport or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all restricted stock units or any other entitlement to Shares or equivalent benefits awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor (“Data”), for the legitimate purpose of implementing, administering and managing the Plan. The legal basis, where required, for the processing of Data is the Participant’s consent.

  • Credit, Payment and Collection You will receive a single monthly bill for both your natural gas and the delivery of such natural gas from your utility distribution company. Payment is due by the date set forth on the invoice. Should you fail to pay the monthly bill or fail to meet any agreed upon payment arrangement, your service may be terminated in accordance with your local utility’s tariffs and your contract with XOOM may be automatically terminated, leading to XOOM seeking cost recovery fees as set out herein. You represent that you are financially able and willing to fulfill the terms and conditions of this Agreement and that you have not filed, are not in the process of filing or plan to begin any bankruptcy proceedings. If accepted as a customer, XOOM may report your payment experience. Bills not paid by their due date are subject to a late payment fee at the greater of the rate of 1.5%, or the maximum permitted by law, based on your total outstanding balance per month. XOOM will charge a

  • Payment and Collection Your bill will be based on monthly meter readings provided to XOOM Energy by your NGDC. If there is an error in your meter reading, XOOM Energy will adjust its bill to you upon your NGDC providing a corrected meter reading to XOOM Energy. You represent that you are financially able and willing to fulfill the terms and conditions of this Agreement and that you have not filed, are not in the process of filing or plan to begin any bankruptcy proceedings. Your first bill payment will be due to the NGDC on the date specified in the NGDC bill. If you do not pay it on time, you could be subject to interest and late charges imposed by the NGDC, and your service could be disconnected. In all events, you shall remain obligated to pay for all natural gas received by you and any interest, fees and penalties incurred by XOOM Energy. You will also be responsible for all costs, including legal fees, associated with the collection of amounts owed to XOOM Energy.

  • Establishment of and Deposits to Custodial Account The Servicer shall segregate and hold all funds collected and received pursuant to the Mortgage Loans separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts, titled as directed by the Master Servicer. The Custodial Account shall be an Eligible Deposit Account established with an Eligible Institution. Any funds deposited in the Custodial Account may be invested in Eligible Investments subject to the provisions of Section 3.11 hereof. Funds deposited in the Custodial Account may be drawn on by the Servicer in accordance with Section 3.04. The creation of any Custodial Account shall be evidenced by a letter agreement in the form of Exhibit B. A copy of such certification or letter agreement shall be furnished to the Master Servicer not later than 30 calendar days after the Closing Date, and, upon request, to any subsequent owner of the Mortgage Loans. The Servicer shall deposit in the Custodial Account within two Business Days of receipt, and retain therein, the following collections received by the Servicer and payments made by the Servicer after the Cut-off Date (other than scheduled payments of principal and interest due on or before the Cut-off Date or received by the Servicer prior to the Cut-off Date but allocable to the period subsequent thereto or Servicing Transfer Date), as applicable: (i) all payments on account of principal on the Mortgage Loans, including all Principal Prepayments; (ii) all payments on account of interest on the Mortgage Loans adjusted to the Mortgage Loan Remittance Rate; (iii) all Liquidation Proceeds; (iv) all Insurance Proceeds (other than amounts applied to the restoration or repair of the Mortgaged Property or immediately released to the Mortgagor in accordance with Accepted Servicing Practices); (v) all Condemnation Proceeds that are not applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor; (vi) with respect to each Principal Prepayment in full or in part, the Prepayment Interest Shortfall Amount, if any, for the month of distribution. Such deposit shall be made from the Servicer’s own funds, without reimbursement therefor up to a maximum amount per month of the Servicing Fee actually received for such month for the Mortgage Loans; (vii) all Monthly Advances made by the Servicer pursuant to Section 4.03; (viii) any amounts required to be deposited by the Servicer in connection with the deductible clause in any blanket hazard insurance policy; (ix) any amounts received with respect to or related to any REO Property or REO Disposition Proceeds; (x) any Prepayment Penalty Amount; and (xi) any other amount required hereunder to be deposited by the Servicer in the Custodial Account. The foregoing requirements for deposit into the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of the Servicing Fee and Ancillary Income need not be deposited by the Servicer into the Custodial Account. Any interest paid on funds deposited in the Custodial Account by the depository institution shall accrue to the benefit of the Servicer and the Servicer shall be entitled to retain and withdraw such interest from the Custodial Account pursuant to Section 3.04. Additionally, any other benefit derived from the Custodial Account associated with the receipt, disbursement and accumulation of principal, interest, taxes, hazard insurance, mortgage insurance, etc. shall accrue to the Servicer.

  • Servicer Advances For each Settlement Period, if the Servicer determines that any Scheduled Payment (or portion thereof) that was due and payable pursuant to a Loan included in the Collateral during such Settlement Period was not received prior to the end of such Settlement Period, the Servicer may, but shall not be obligated to, make an advance in an amount up to the amount of such delinquent Scheduled Payment (or portion thereof) to the extent that the Servicer reasonably expects to be reimbursed for such advance; in addition, if on any day there are not sufficient funds on deposit in the Collection Account to pay accrued Interest on any Advance the Settlement Period of which ends on such day, the Servicer may make an advance in the amount necessary to pay such Interest (in either case, any such advance, a “Servicer Advance”). Notwithstanding the preceding sentence, any Successor Servicer will not be obligated to make any Servicer Advances. The Servicer will deposit any Servicer Advances into the Collection Account on or prior to 11:00 a.m. (New York City time) on the related Payment Date, in immediately available funds.

  • Credit and Collection Policies Comply in all material respects with its Credit and Collection Policy in connection with the Receivables that it generates and all Contracts and other agreements related thereto.

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