If, notwithstanding such instructions, any Grantor receives any proceeds of Accounts, it shall receive such payments as the Agent’s trustee, and shall immediately deliver such payments to the Agent in their original form duly endorsed in blank or deposit them into a Payment Account, as the Agent may direct. The Grantors shall instruct all Account Debtors to make all payments directly to the address established for such service. In addition, the Grantors shall maintain a lock-box service for collections of Accounts at a clearing bank acceptable to the Agent and subject to a blocked account agreement and other documentation acceptable to the Agent. Related to Accounting of Amounts Due CreditorsĬollection of Accounts Payments (a) Until the Agent notifies the Grantors to the contrary, each Grantor shall make collection of all Accounts and other Collateral for the Agent, shall receive all payments as the Agent’s trustee, and shall immediately deliver all payments in their original form duly endorsed in blank into a lock-box service or Payment Account established for the account of the Grantors at a clearing bank acceptable to the Agent, subject to a blocked account agreement. Accounting Procedures and Interpretation.Payments Generally Administrative Agents Clawback.Compensation and FUND ACCOUNTING Expenses.Payments Application of Payments Debit of Accounts.
Due to due from accounting update#
Collateral Agent shall update each Settlement Statement to reflect all Payments made by the Collateral Agent to each Creditor after the date the Settlement Statement is delivered to Collateral Agent. Each Creditor which is not a Bank and the Agent on behalf of each of the Banks shall also simultaneously provide a copy of the Settlement Statement to the Company. The Settlement Statement shall also provide a per diem interest amount due for each day after the Settlement Date based on the amount due to such Creditor ("Per Diem Interest"). Within five (5) business days after receipt of such notice, each Creditor which is not a Bank and the Agent on behalf of each of the Banks shall submit to Collateral Agent an accounting of all Secured Obligations due from Company to the applicable Creditor pursuant to the Credit Documents, which shall include a breakdown of the Secured Obligations due each Creditor and Agent (less any Payments received pursuant to the Sharing Provisions) (the "Settlement Statement"). Accounting of Amounts Due Creditors. If Collateral Agent is directed to foreclose on the Collateral pursuant to an Instruction Notice, Collateral Agent shall provide each Creditor and Company with written notice that the Collateral is to be foreclosed upon and a projected date for the completion of the foreclosures ("Settlement Date").
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