Collections on Receivables Clause Samples

Collections on Receivables. (a) The Lender hereby authorizes the Borrower to collect the Receivables, subject to the Lender's direction and control, and the Lender may curtail or terminate said authority at any time after the occurrence and during the continuance of an Event of Default. If required by the Lender at any time after the occurrence and during the continuance of an Event of Default, any payments of Receivables, when collected by the Borrower, (i) shall be forthwith (and, in any event, within two Business Days) deposited by the Borrower in the exact form received, duly indorsed by the Borrower to the Lender if required, in a Collateral Account maintained under the sole dominion and control of the Lender, subject to withdrawal by the Lender only as provided in subsection 8.3, and (ii) until so turned over, shall be held by the Borrower in trust for the Lender, segregated from other funds of the Borrower. (b) Each such deposit of Proceeds of Receivables shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit. (c) At the Lender's request, the Borrower shall deliver to the Lender all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to the Receivables, including, without limitation, all original orders, invoices and shipping receipts.

Collections on Receivables. (a) In the event that the Servicer is unable to determine the specific Transferred Receivables on which Collections have been received from the Obligor thereunder, the parties agree that such Collections shall be deemed to have been received on such Receivables in the order in which they were originated with respect to such Obligor. In the event that the Servicer is unable to determine the specific Transferred Receivables on which discounts, offsets or other non-cash reductions have been granted or made with respect to the Obligor thereunder, the parties agree for purposes of this Agreement only that such reductions shall be deemed to have been granted or made (i) prior to a Termination Event, on such Receivables as determined by the Servicer, and (ii) from and after the occurrence of a Termination Event, in the reverse order in which they were originated with respect to such Obligor. (b) If the Servicer determines that amounts unrelated to the Transferred Receivables (the “Unrelated Amounts”) have been deposited in any Account, then the Servicer shall provide written evidence thereof to Buyer no later than the first Business Day following the day on which the Servicer had actual knowledge thereof, which evidence shall be provided in writing and shall be otherwise satisfactory to Buyer.

Collections on Receivables. The Administrative Agent hereby authorizes each Pledgor to collect such Pledgor’s Receivables, subject to the Administrative Agent’s direction and control, and the Administrative Agent may curtail or terminate said authority at any time after the occurrence and during the continuance of an Event of Default. If required by the Administrative Agent at any time after the occurrence and during the continuance of an Event of Default, any payments of Receivables, when collected by any Pledgor, (i) shall be forthwith (and, in any event, within two (2) Business Days) deposited by such Pledgor in the exact form received, duly endorsed by such Pledgor to the Administrative Agent if required, in a special collateral account maintained by the Administrative Agent, subject to withdrawal by the Administrative Agent for the account of the Secured Parties only, as hereinafter provided, and (ii) until so turned over, shall be held by such Pledgor in trust for the Administrative Agent and the other Secured Parties, segregated from other funds of such Pledgor. Each such deposit of any Proceeds constituting collections of Receivables shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in such deposit. All Proceeds constituting collections of Receivables while held by the Administrative Agent (or by any Pledgor in trust for the Administrative Agent and the other Secured Parties) shall continue to be collateral security for all of the Secured Obligations and shall not constitute payment thereof until applied as hereinafter provided. At any time after the occurrence and during the continuance of an Event of Default, at the Administrative Agent’s election, the Administrative Agent shall apply all or any part of the funds on deposit in said collateral account on account of the Secured Obligations in such order as the Administrative Agent may elect, and any part of such funds which the Administrative Agent elects not so to apply and deems not required as collateral security for the Secured Obligations shall be paid over from time to time by the Administrative Agent to the Pledgors or to whomsoever may be lawfully entitled to receive the same. At the Administrative Agent’s request, each Pledgor shall deliver to the Administrative Agent all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to such Pledgor’s Receivables, including, without limitation, all original order...

Collections on Receivables. The Grantors shall instruct and shall use commercially reasonable efforts to cause the Account Debtor on each Receivable to remit all amounts owing in respect of such Receivable to a Cash Management Account. Any amounts in respect of any Receivable collected by any Grantor, (i) shall be promptly deposited by such Grantor in the exact form received, duly endorsed by such Grantor to the Administrative Agent if required, in a Cash Management Account, and (ii) until so turned over, shall be held by such Grantor in trust for the Administrative Agent and the other Secured Parties, segregated from other funds of such Grantor. All Proceeds constituting collections of Receivables while held by the Administrative Agent (or by any Grantor in trust for the Administrative Agent and the other Secured Parties) shall continue to be collateral security for all of the Obligations and shall not constitute payment thereof until applied as hereinafter provided. At the Administrative Agent’s reasonable request, each Grantor shall deliver to the Administrative Agent all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to such Grantor’s Receivables, including, without limitation, all original orders, invoices and shipping receipts.

Collections on Receivables. 1. The Pledgor shall collect the Accounts in the ordinary course of its business, except that, if required by the Administrative Agent, at any time after the occurrence and during the continuance of an Event of Default, any payments of Receivables, when collected by such Pledgor, (a) shall be forthwith (and, in any event, within two Business Days) deposited by such Pledgor in the exact form received, duly indorsed by such Pledgor to the Administrative Agent if required, in a Collateral Account maintained under the sole dominion and control of the Administrative Agent, subject to withdrawal by the Administrative Agent for the account of the Lenders only as provided in subsection , and (b) until so turned over, shall be held by such Pledgor in trust for the Administrative Agent and the Secured Parties, segregated from other funds of such Pledgor. 2. Each such deposit of Proceeds of Receivables shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit. 3. At the Administrative Agent's request, such Pledgor shall deliver to the Administrative Agent all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to the Receivables, including, without limitation, all original orders, invoices and shipping receipts.

Collections on Receivables. The Administrative Agent hereby authorizes each of the Subsidiary Grantors to collect the Receivables, subject to the Administrative Agent's direction and control, and the Administrative Agent may curtail or terminate said authority at any time after the occurrence and during the continuance of an Event of Default. If required by the Administrative Agent at any time after the occurrence and during the continuance of an Event of Default, any payments of Receivables, when collected by any of the Subsidiary Grantors, (a) shall be forthwith (and, in any event, within two Business Days) deposited by such Subsidiary Grantor in the exact form received, duly indorsed by such Subsidiary Grantor to the Administrative Agent if required, in a Collateral Account maintained under the sole dominion and control of the Administrative Agent, subject to withdrawal by the Administrative Agent for the account of the Lenders only as provided in Section 6.3, and (b) until so turned over, shall be held by such Subsidiary Grantor in trust for the Administrative Agent and the Lenders, segregated from other funds of such Subsidiary Grantor.

Collections on Receivables. (a) In the event that the Servicer is unable to determine the specific Transferred Receivables on which Collections have been received from the Obligor thereunder, the parties agree for purposes of this Agreement only that such Collections shall be deemed to have been received on such Receivables in the order in which they were originated with respect to such Obligor. In the event that the Servicer is unable to determine the specific Transferred Receivables on which discounts, offsets or other non-cash reductions have been granted or made with respect to the Obligor thereunder, the parties agree for purposes of this Agreement only that such reductions shall be deemed to have been granted or made on such Receivables (i) prior to the occurrence of a Termination Event, as determined by the Servicer and (ii) from and after the occurrence of a Termination Event, in the reverse order in which they were originated with respect to such Obligor. (b) If the Servicer determines that amounts unrelated to the Transferred Receivables (the "Unrelated Amounts") have been deposited in the Collection Account, then the Servicer shall provide written evidence thereof to the Purchaser, the Operating Agent and the Collateral Agent no later than the first Business Day following the day on which the Servicer had actual knowledge thereof, which evidence shall be provided in writing and shall be otherwise satisfactory to each such Affected Party. Upon receipt of any such notice, the Seller, the Servicer and Operating Agent shall segregate the Unrelated Amounts and return the same to the appropriate Originator and the same shall not be deemed to constitute Collections on Transferred Receivables and shall not be subject to the provisions of Article VI.

Collections on Receivables. In the event that the Servicer -------------------------- is unable to determine the specific Receivables on which Collections have been received from an Obligor, for the purposes of this Agreement only, the parties agree that such Collections shall be deemed to have been received on the Receivables in the order in which they were originated with respect to such Obligor. In the event that the Servicer is unable to determine the specific Receivables on which discounts, offsets or other non-cash reductions have been granted or made with respect to an Obligor, the parties agree that such reductions shall be deemed to have been granted or made (i) prior to a Termination Event, in the reasonable discretion of the Servicer, and (ii) after a Termination Event, in the reverse order in which they were originated with respect to such Obligor.

Collections on Receivables. The Borrower, the Parent and the Facility Owners shall have the right to service and collect Receivables in accordance with their normal business practices, and shall arrange to have any Transferred Receivables collected promptly applied to reduce the balance of Loan, as necessary, to ensure that the Loan balance does not exceed the Maximum Balance. Notwithstanding the previous sentence, Lender, at any time in its sole (a) first, to all accrued and unpaid Fees; (b) second, to all accrued and unpaid Interest on the Loan to such Business Day; (c) third, to all Indemnified Amounts incurred and payable to any Indemnified Party; (d) fourth, to the principal balance of the Loan; and (e) finally, to any other Obligations owed to the Lender hereunder.