Receivables; Accounts Clause Samples

Receivables; Accounts. (i) Each Borrower shall instruct each account debtor in respect of any Account Receivable for which such Borrower is Obligee to pay all amounts due and owing to such Borrower directly into a Receivables Account established for such Borrower. (ii) Each Borrower shall cause all payments received in connection with the Blender’s Production Credit to be deposited directly into a Receivables Account established in the name of such Borrower. (iii) All payments received by any Borrower under or in connection with any Account Receivable, and all payments received by the Borrower that would constitute a Blender’s Production Credit, that in either case are not otherwise deposited into a Receivables Account established in the name of such Borrower or not released from the Lien granted, or purported to be granted, to the Collateral Agent (for the benefit of the Senior Secured Parties) under the Security Documents shall be held by each such Borrower in trust for the Collateral Agent, shall be segregated from other funds of each such Borrower and shall, forthwith upon receipt by such Borrower, be deposited into a Receivables Account established in the name of such Borrower.

Receivables; Accounts. (a) Each Eligible Receivable constitutes an “account” or a “general intangible” within the meaning of the applicable UCC. (b) Each Account constitutes a “deposit account” or “securities account” within the meaning of the applicable UCC. (c) With respect to each Account which constitutes a “securities account” within the meaning of the applicable UCC: i. The securities intermediary for each such Account has agreed to treat all assets credited to such Account as “financial assets” within the meaning of the UCC. ii. The Borrower has received all consents and approvals required by the terms of the applicable Account Agreement and related Bank to the transfer to the Administrative Agent of its interest and rights in the Account hereunder. iii. No such Account is in the name of any Person other than the Borrower or the Administrative Agent. The Borrower has not consented to the securities intermediary of any Account to comply with entitlement orders of any person other than the Administrative Agent.

Receivables; Accounts. (a) Each of the SPE and the Receivables Agent hereby acknowledges that the Collateral Agent shall be entitled to Unsold Receivables Collections, that Unsold Receivables Collections shall not constitute Receivables Assets and that the SPE and the Receivables Agent have no claim on Unsold Receivables Collections. The Collateral Agent hereby acknowledges that the Receivables Agent shall be entitled to Collections, that Collections shall not constitute Lender Collateral and that the Collateral Agent and the Lenders have no claim on Collections. (b) Each of the parties hereto hereby agrees that all Collections shall be paid or delivered to the Receivables Agent for application in accordance with Section 2.2(a) hereof and all Unsold Receivables Collections shall be paid or delivered to the Collateral Agent in accordance with Section 2.2(b) hereof. For the purpose of determining whether specific collections have been received on account of Receivables Assets or on account of Unsold Receivables, the parties agree as follows: (i) All payments made by an Obligor which is obligated to make payments on Transferred Receivables or Related Security but is not obligated to make any payments on Unsold Receivables (including Unsold Related Security) shall be conclusively presumed to be payments on account of Transferred Receivables or Related Security and all payments made by an Obligor which is obligated to make payments on Unsold Receivables but is not obligated to make any payments on Transferred Receivables or Related Security shall be conclusively presumed to be payments on account of Unsold Receivables; and (ii) All payments made by an Obligor which is obligated to make payments with respect to both Transferred Receivables (including Related Security) and Unsold Receivables (including Unsold Related Security) shall be applied against the specific Receivables or Related Security, if any, or the specific Unsold Receivables or Unsold Related Security, if any, which are identified by such Obligor by reference to the applicable Receivables Contract or the applicable Unsold Receivables Contract, as the case may be (or otherwise identified by such Obligor in a writing delivered with such payment) as the Receivables or Related Security, on the one hand, or the Unsold Receivables or Unsold Related Security, on the other hand, with respect to which such payments should be applied; PROVIDED THAT where any Obligor makes payment and identifies the applicable Receivables Contracts ...

Receivables; Accounts. (A) Each Receivable constitutes an “account” or a “payment intangible” within the meaning of the applicable UCC and, in the case of any Canadian Originator, each such Receivable also constitutes an “account” within the meaning of the PPSA. (B) Each Lockbox Account constitutes a “deposit account” within the meaning of the applicable UCC.

Receivables; Accounts all of its rights in any credit balance of any Receivables Account and the indebtedness represented by it;

Receivables; Accounts