Seller Collection Procedures Clause Samples

Seller Collection Procedures. Each Originator agrees to (i) direct, or cause each Payment Processor to direct, its respective Obligors to make payments of Receivables sold or purported to be sold by it hereunder to one or more Payment Processors, Deposit Accounts or Lock-Boxes and (ii) direct each Payment Processor to remit all payments of Receivables sold or purported to be sold by it hereunder to one or more Deposit Accounts or Lock-Boxes. Each Originator further agrees to transfer any Seller Collections of Sold Receivables that it receives directly to a Deposit Account within two (2) Business Days of receipt thereof, and agrees that all such Seller Collections shall be deemed to be received in trust for the Company and the Administrative Agent (as the Company’s assignee).