Segregation of Payments Sample Clauses

Segregation of Payments. Upon Administrative Agent's request, at the direction of Requisite Lenders, following an Event of Default, Borrowers shall immediately deliver to Administrative Agent on behalf of Lenders all Proceeds received by any Loan Party, in the form received except for Borrower's endorsement if required. Alternatively, Administrative Agent may, at the direction of Requisite Lenders, require Borrowers, at the direction of Requisite Lenders, to immediately deliver, or may require the delivery of, such Proceeds to a special bank account or post office box from which only Administrative Agent on behalf of Secured Parties can withdraw them. In either case, all such Proceeds and any payments received by any Loan Party under or in connection with any of the Collateral received by such Loan Party shall be held by Borrowers in trust for Administrative Agent on behalf of Secured Parties and shall be segregated from other funds of Borrowers. Any and all such payments so received by Administrative Agent on behalf of Secured Parties (whether from Borrowers or otherwise) may, in the sole discretion of Administrative Agent, be held by Administrative Agent on behalf of Secured Parties as collateral security for, and/or then or at any time thereafter applied in whole or in part by Administrative Agent, against all or any part of the Obligations of Loan Parties in such order as Administrative Agent may determine in its sole discretion. Any balance of such payments held by Administrative Agent and remaining after payment in full of all the Obligations shall be paid over to Borrowers or to any Person lawfully entitled to receive the same.
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Segregation of Payments. If an Event of Termination has occurred and is continuing, the Servicer shall hold all Collections received by it separate and apart from its general funds in a segregated account for the benefit of the Trust and remit such amounts to the Collections Account within two Business Days of receipt, unless Section 5.2(5) applies, in which case the initial Servicer shall continue to remit amounts as required under such section, whereupon neither the Seller nor the initial Servicer shall have any further obligations pursuant to Section 5.2 in respect of the funds so remitted. Interest earned on such amounts shall be for the account of the Servicer until remitted to the Trust.
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Segregation of Payments. If a tax is assessed on the provision of any of the Services, the parties will work together to segregate the payments into (i) those for taxable Services, and (ii) those for nontaxable Services.
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Segregation of Payments. Upon the Administrative Agent's request, at the direction of the Requisite Lenders, following and during the continuance of an Event of Default, the Borrower shall immediately deliver to the Administrative Agent on behalf of the Lenders all Proceeds received by any Loan Party, in the form received except for the Borrower' endorsement if required. Alternatively, the Administrative Agent may, at the direction of the Requisite Lenders, require the Borrower, to immediately deliver, or may require the delivery of, such Proceeds to a special bank account or post office box from which only the Administrative Agent on behalf of the Secured Parties can withdraw them. In either case, all such Proceeds and any payments received by any Loan Party under or in connection with any of the Collateral received by such Loan Party following and during the continuance of an Event of Default shall be held by the Borrower in trust for the Administrative Agent on behalf of the Secured Parties and shall be segregated from other funds of the Borrower. Any and all such payments so received by the Administrative Agent on behalf of the Secured Parties (whether from the Borrower or otherwise) may, in the sole discretion of the Administrative Agent, be held by the Administrative Agent on behalf of the Secured Parties as collateral security for, and/or then or at any time thereafter applied in whole or in part by the Administrative Agent, against all or any part of the Obligations of the Loan Parties in such order as the Administrative Agent may determine in its sole discretion. Any balance of such payments held by the Administrative Agent and remaining after payment in full of all the Obligations shall be paid over to the Borrower or to any Person lawfully entitled to receive the same.
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Related to Segregation of Payments

  • Collection of Payments Borrower authorizes Bank to collect all principal, interest and fees due under each credit created by the Loan Documents by charging Borrower’s deposit account number 4121261853 with Bank, or any other deposit account maintained by Borrower with Bank, for the full amount thereof. Should there be insufficient funds in any such deposit account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by Borrower.

  • Allocation of Payments The Assignor and the Assignee agree that (i) the Assignor shall be entitled to any payments of principal with respect to the Assigned Interest made prior to the Assignment Date, together with any interest and fees with respect to the Assigned Interest accrued prior to the Assignment Date, (ii) the Assignee shall be entitled to any payments of principal with respect to the Assigned Interest made from and after the Assignment Date, together with any and all interest and fees with respect to the Assigned Interest accruing from and after the Assignment Date, and (iii) the Agent is authorized and instructed to allocate payments received by it for account of the Assignor and the Assignee as provided in the foregoing clauses. Each party hereto agrees that it will hold any interest, fees or other amounts that it may receive to which the other party hereto shall be entitled pursuant to the preceding sentence for account of such other party and pay, in like money and funds, any such amounts that it may receive to such other party promptly upon receipt.

  • Distribution of Payments On and after the Effective Date, the Agent shall make all payments under the Loan Documents in respect of each Assigned Interest (a) in the case of amounts accrued to but excluding the Effective Date, to Assignor and (b) otherwise, to Assignee.

  • Limitation of Payments In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 11, would be subject to the excise tax imposed by Section 4999 of the Code, then Executive’s benefits hereunder shall be either:

  • Proration of Payments If any Lender shall obtain any payment or other recovery (whether voluntary, involuntary, by application of offset or otherwise, on account of (a) principal of or interest on any Loan, but excluding (i) any payment pursuant to Section 8.7 or 15.6 and (ii) payments of interest on any Affected Loan) or (b) its participation in any Letter of Credit) in excess of its applicable Pro Rata Share of payments and other recoveries obtained by all Lenders on account of principal of and interest on the Loans (or such participation) then held by them, then such Lender shall purchase from the other Lenders such participations in the Loans (or sub-participations in Letters of Credit) held by them as shall be necessary to cause such purchasing Lender to share the excess payment or other recovery ratably with each of them; provided that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender, the purchase shall be rescinded and the purchase price restored to the extent of such recovery.

  • Coordination of Payments The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

  • Application of Payments Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect.

  • Termination of Payments Upon the breach by Employee of any covenant under this paragraph 8, Employer shall cease all payments to Employee and may offset and/or recover from Employee immediately any and all amounts payable to Employee under this Agreement against any damages to which Employer is legally entitled in addition to any and all other remedies available to Employer under the law or in equity.

  • Reduction of Payments Any reduction under Subsection (b) above shall be applied first to Payments that constitute “deferred compensation” (within the meaning of Section 409A of the Code and the regulations thereunder). If there is more than one such Payment, then such reduction shall be applied on a pro rata basis to all such Payments. Subject to the foregoing rules, the Employee may elect, in the Employee’s sole discretion, which and how much of the Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Payments equals the Reduced Amount) and shall advise the Company in writing of the Employee’s election within 10 business days of receipt of notice. If no such election is made by the Employee within such 10-day period, then the Company may elect which and how much of the Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Payments equals the Reduced Amount) and shall notify the Employee promptly of such election. For purposes of this Section 3, a present value shall be determined in accordance with Section 280G(d)(4) of the Code. All determinations made by the Accounting Firm under this Section 3 shall be binding upon the Company and the Employee and shall be made within 10 business days of the date when a Payment becomes payable or transferable. As promptly as practicable following such determination and the elections hereunder, the Company shall pay or transfer to or for the benefit of the Employee such amounts as are then due to the Employee and shall promptly pay or transfer to or for the benefit of the Employee in the future such amounts as become due to the Employee.

  • APPROPRIATION OF PAYMENTS Any and all payments made in respect of the Obligations from time to time and monies realized from any security interests held therefor (including monies collected in accordance with or realized on any enforcement of this Agreement) may be applied to such part or parts of the Obligations as the Secured Party may see fit, and the Secured Party may at all times and from time to time change any appropriation as the Secured Party may see fit.

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