Returned Instruments. In the event that any check or other instrument received in payment of a Receivable shall be returned uncollected for any reason, Secured Party shall again forward the same for collection or return the same to Debtor. Upon receipt of a returned check or instrument by Debtor, Debtor shall immediately make the necessary entries on its books and records to reinstate the Receivable as outstanding and unpaid and immediately notify Secured Party of such entries. All Receivables of an Account Debtor with respect to which such check or instrument was received shall thereupon become Ineligible Receivables.
Appears in 4 contracts
Samples: Loan and Security Agreement (FFP Partners L P), Loan and Security Agreement (FFP Partners L P), Loan and Security Agreement (FFP Marketing Co Inc)
Returned Instruments. In the event that any check or other instrument received in payment of a Receivable shall be returned uncollected for any reason, Secured Party shall again forward the same for collection or return the same to Debtor. Upon receipt of a returned check or instrument by Debtor, Debtor shall immediately make the necessary entries on its books and records to reinstate the Receivable as outstanding and unpaid and immediately notify Secured Party of such entries. All Receivables of an Account Debtor with respect to which such check or instrument was received shall thereupon become Ineligible Receivables.. 8.4
Appears in 1 contract
Samples: Loan and Security Agreement (Mercury Air Group Inc)
