Xollection of Receivables; Control Agreements Sample Clauses

Xollection of Receivables; Control Agreements. Seller covenants and agrees (i) to direct each Account Debtor to pay all amounts owing under such Purchased Receivables only to a Collection Account, (ii) not to change such payment instructions while any Purchased Receivable remains outstanding, (iii) not to permit funds other than amounts owing under the Purchased Receivables to be deposited into any Collection Account, (iv) to take any and all other reasonable actions, including actions requested by Wells, tx xxxure that all amounts owing under the Purchased Receivables will be deposited exclusively to such Collection Account or directly to the Wells Paxxxxx Account, and (v) to hold in trust as Wells’ exxxxxive property and safeguard for the benefit of Wells alx Xxxlections and other amounts remitted or paid to Seller (or any of its Affiliates) in respect of Purchased Receivables for prompt deposit into the Wells Paxxxxx Account in the manner set forth in Section 6.2(f) below. Seller hereby grants to Wells a xxxxxity interest in Seller’s Collection Account as additional collateral to secure the payment and performance of Seller’s obligations to Wells hexxxxxer and under each of the other Transaction Documents or as may be determined in connection therewith by applicable law. Each Collection Account shall at all times be subject to a Control Agreement. Wells max, xxon five (5) Business Days prior written notice to Seller or without notice upon and during the occurrence of a Termination Event, give notice of exclusive control under each or any Control Agreement (each, an “Activation Notice”). Prior to Wells sexxxxx an Activation Notice, and after any election by Wells to xxxxind an Activation Notice, Seller shall be permitted to make withdrawals and distributions from the Collection Account. Upon and after Wells sexxxxx an Activation Notice through and including the earlier of the Final Collection Date or an election by Wells to xxxxind such Activation Notice, Wells wixx xxve exclusive authority to make withdrawals and distributions from the Collection Account subject to such Activation Notice.
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Related to Xollection of Receivables; Control Agreements

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