Common use of Proceeds of Accounts Clause in Contracts

Proceeds of Accounts. Checks and all other proceeds received by Greystone in payment of any Account sold or pledged hereunder shall decrease the amount of the Funds Employed by the amount of such proceeds as soon as deposited in Seller's lockbox account. No checks, drafts or other instruments received by Greystone shall constitute final payment of an Account unless and until such instruments have actually been collected. If more than one Account purchased hereunder is originally owed to a Client by an account debtor and the check or other proceeds received from such account debtor by Greystone are not designated by such account debtor for the payment of a particular Account or Accounts, Greystone may apply such proceeds to the Account or Accounts which have the earliest invoice date(s) with respect to such Client. 4.

Proceeds of Accounts. Checks and all other proceeds received by Greystone in payment of any Account sold or pledged hereunder shall decrease the amount of the Funds Employed by the amount of such proceeds as soon as deposited in Seller's lockbox account. No checks, drafts or other instruments received by Greystone shall constitute final payment of an Account unless and until such instruments have actually been collected. If more than one Account purchased hereunder is originally owed to a Client by an account debtor and the check or other proceeds received from such account debtor by Greystone are not designated by such account debtor for the payment of a particular Account or Accounts, Greystone may apply such proceeds to the Account or Accounts which have the earliest invoice date(s) with respect to such Client. 4.