ACCOUNTS AND COLLECTIONS Clause Samples

The "Accounts and Collections" clause outlines the procedures and responsibilities related to invoicing, payment, and the collection of amounts due under a contract. Typically, it specifies how and when invoices should be issued, the timeframe for payment, and the steps to be taken if payments are late or disputed, such as the application of interest or the involvement of collection agencies. This clause ensures that both parties have a clear understanding of their financial obligations and provides mechanisms to address non-payment, thereby reducing the risk of payment disputes and facilitating smooth financial transactions.
ACCOUNTS AND COLLECTIONS. 21 SECTION 3.01. Collection Account ............................................................................... 21 SECTION 3.02. [Reserved] ............................................................................................. 22 SECTION 3.03. Collections ............................................................................................ 22 ARTICLE IV
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ACCOUNTS AND COLLECTIONS. (a) All Obligors shall be instructed to cause all Collections of the Receivables to be either (i) mailed directly to a Lockbox with a Qualified Bank which has entered into a Lockbox Agreement governing such Lockbox and the related Lockbox Account (which shall be a separate and segregated account) or (ii) electronically transferred to a Lockbox Account or the Collection Account. If CPFC or the Servicer receives any Collections on the Receivables, it shall hold such Collections in trust for the Buyers in respect of the Purchased Interest. All Lockbox Accounts shall be swept daily into (and as soon as possible, but in any event not later than two Business Days after receipt of any Collections on the Receivables by CPFC or the Servicer other than through a Lockbox Account, such Collections shall be deposited in) a single collection account (the "Collection Account") to be at all times maintained with a Qualified Bank which has entered into a Collection Account Agreement (the "Collection Account Agreement") (which shall be substantially in the form of Exhibit F-2 hereto which has been executed and delivered to the Collateral Agent; PROVIDED that if such Qualified Bank's certificates of deposit are not at the time rated A-1+ by S&P the Collection Account shall be a corporate trust account at such Qualified Bank. Each Lockbox Account and the Collection Account shall be in the names of CPFC and the Collateral Agent, and the funds deposited in each such Account shall consist solely of Collections on the Receivables and shall not be commingled with any other funds of CPFC or the Servicer or any other Person. Any funds in a Lockbox Account or the Collection Account which are not held as a deposit in such account but are invested shall be invested in Cash Collateral Account Investments. The location of each Lockbox and the number and location of each Lockbox Account and the Collection Account on the Closing Date is set forth on Schedule 1 hereto and such locations and account numbers shall not be changed, and no new Lockbox or Lockbox Account shall be added, without 30 days' prior written notice to the Collateral Agent. (b) At all times during the term of this Agreement the Collateral Agent shall maintain an account in its name, on behalf of the Buyers, and under its control 42
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ACCOUNTS AND COLLECTIONS. SectionC4o.l0l1ec. tions
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ACCOUNTS AND COLLECTIONS. Section 4.01 Lockboxes; Rights after Replacement of Servicer....................................................40 Section 4.02 Establishment of Collection Account.................................................................40 Section 4.03 Collections and Allocations.........................................................................41
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ACCOUNTS AND COLLECTIONS 
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Related to ACCOUNTS AND COLLECTIONS

  • Payments and Collections All funds received by the Agent in respect of any payments made by any Borrower on the Term Notes shall be distributed promptly on the date of receipt thereof by the Agent among the Banks, in like currency and funds as received, ratably according to each Bank’s Term Loan Percentage. All funds received by the Agent in respect of any payments made by any Borrower on the Revolving Notes, Revolving Commitment Fees or Letter of Credit Fees shall be distributed promptly on the date of receipt thereof by the Agent among the Banks, in like currency and funds as received, ratably according to each Bank’s Revolving Percentage. After any Event of Default has occurred, all funds received by the Agent, whether as payments by the Borrowers or as realization on collateral or on any guaranties, shall (except as may otherwise be required by law) be distributed by the Agent in the following order: (a) first to the Agent or any Bank that has incurred unreimbursed costs of collection with respect to any Obligations hereunder, ratably to the Agent and each Bank in the proportion that the costs incurred by the Agent or such Bank bear to the total of all such costs incurred by the Agent and all Banks; (b) next to the Agent for the pro rata account of (i) the Banks (in accordance with their respective Total Percentages) for application on the Notes and (ii) the Rate Protection Providers (in accordance with their outstanding and owed Rate Protection Obligations) for application on the Rate Protection Agreements; (c) next to the Agent for the account of the Banks (in accordance with their respective Revolving Percentages) for any unpaid Revolving Commitment Fees or Letter of Credit Fees owing by the Borrowers hereunder; and (d) last to the Agent to be held in the Holding Account to cover any outstanding Letters of Credit.

  • Accounts Collection At any time after the occurrence and during the continuation of an Event of Default, Bank may notify any Person owing funds to Borrower of Bank’s security interest in such funds and verify the amount of such Account. Borrower shall collect all amounts owing to Borrower for Bank, receive in trust all payments as Bank’s trustee, and immediately deliver such payments to Bank in their original form as received from the account debtor, with proper endorsements for deposit.

  • Administration and Collections Section 4.1. Appointment of the Servicer ................................ 12 Section 4.2. Duties of the Servicer ..................................... 13 Section 4.3. Lock-Box Arrangements ...................................... 14 Section 4.4. Enforcement Rights ......................................... 14 Section 4.5. Responsibilities of the Seller ............................. 15 Section 4.6. Servicing Fee .............................................. 15

  • Payment and Collection Your bill will be based on monthly meter readings provided to XOOM Energy by your NGDC. If there is an error in your meter reading, XOOM Energy will adjust its bill to you upon your NGDC providing a corrected meter reading to XOOM Energy. You represent that you are financially able and willing to fulfill the terms and conditions of this Agreement and that you have not filed, are not in the process of filing or plan to begin any bankruptcy proceedings. Your first bill payment will be due to the NGDC on the date specified in the NGDC bill. If you do not pay it on time, you could be subject to interest and late charges imposed by the NGDC, and your service could be disconnected. In all events, you shall remain obligated to pay for all natural gas received by you and any interest, fees and penalties incurred by XOOM Energy. You will also be responsible for all costs, including legal fees, associated with the collection of amounts owed to XOOM Energy.

  • Allocations of Finance Charge Collections The Servicer shall allocate to the Series 1997-1 Certificateholders and retain in the Collection Account for application as provided herein an amount equal to the product of (A) the Floating Allocation Percentage and (B) the Series 1997-1 Allocation Percentage and (C) the aggregate amount of Collections of Finance Charge Receivables deposited in the Collection Account on such Deposit Date.