Administration of Receivables Sample Clauses
The Administration of Receivables clause outlines the responsibilities and procedures for managing, collecting, and processing payments owed under a contract. Typically, this clause specifies which party is authorized to handle invoicing, pursue overdue payments, and maintain records of receivables, often including requirements for timely remittance and reporting. Its core function is to ensure that the flow of funds is properly managed and that both parties have clarity on how receivables are administered, thereby reducing the risk of disputes or delays in payment.
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Administration of Receivables. (a) Consistent with the Company's ownership of the Purchased Receivables of the Originator, the Company shall have all rights to and shall be solely responsible for servicing, administering and collecting the Purchased Receivables. Until the Company (or the Agent pursuant to the Receivables Loan Agreement) gives contrary notice, the Company hereby appoints Eagle-Picher Industries and its sub-agents as its agent (and as Collection Agent under the terms of the Receivables Loan Agreement) for the servicing, administering and collecting of the Purchased Receivables (the "Servicing Agent"), and the Originator hereby accepts such appointment and agrees to perform such duties in accordance with the applicable terms and conditions of the Receivables Loan Agreement. The Originator hereby further agrees not to voluntarily resign as Servicing Agent.
(b) As Servicing Agent, the Originator shall take all actions necessary or advisable to collect each Purchased Receivable with care and diligence and shall perform all other servicing activities related to such Receivables as are required by the Collection Agent pursuant to the Receivables Loan Agreement, including providing reports and other information concerning the Purchased Receivables required to be furnished by the Collection Agent pursuant to the Receivables Loan Agreement and segregating into a separate account all cash, checks and other instruments received by it, in its capacity as Servicing Agent, and, as may be required by the terms of Receivables Loan Agreement, remitting immediately all such Collections thereon to the Company (including the due endorsement or execution of instruments of transfer in the case of checks or other instruments).
(c) In consideration for the Originator's services as Servicing Agent, for so long as the Originator performs such duties, the Company shall pay to the Originator a cash fee equal to (x) 0.5% divided by twelve multiplied by (y) the average daily amount of Purchased Receivables for the immediately preceding month, payable on the Monthly Settlement Date for the immediately preceding month. The parties hereto agree such servicing fee is a fair market value fee for the servicing functions required hereby.
(d) The Company may replace the Originator as Servicing Agent at any time for any reason and upon such replacement, the Originator shall:
(i) on the date each new Purchased Receivable is originated by it, deliver to the Company (or any replacement Servicing Agent appointed b...
Administration of Receivables. (a) Consistent with BSF's ownership of the Receivables, BSF shall be responsible for servicing, administering and collecting the Receivables, and the Seller, as seller, shall have no obligation whatsoever in this regard; provided that nothing shall prevent BSF from engaging the services of any Person, including BSC, to service, administer and collect the Receivables as Servicer. The Seller hereby grants to BSF an irrevocable power of attorney, with full power of substitution, coupled with an interest, to take in the name of the Seller all steps necessary or desirable, as determined by BSF, to collect all amounts due under any Receivable, including, without limitation, endorsing the name of the Seller on checks and other instruments representing Collections, enforcing such Receivables and the related Contracts, and adjusting, settling or compromising the amount or payment thereof, in the same manner and to the same extent as the Seller would have been entitled.
(b) Upon BSF's request, the Seller shall promptly deliver or make available to BSF all records relating to the Receivables, and, in either case, shall hold all such records in trust for BSF. The Seller will clearly indicate in its corporate records that Receivables are owned by BSF or otherwise mark its records relating to Receivables w▇▇▇ a legend evidencing that BSF has purchased and owns such Receivables.
(c) The Seller shall hold in trust for the benefit of the Buyers any Collections received directly by the Seller with respect to any Receivables and shall deposit such Collections in the Collection Account within two Business Days of the receipt thereof.
Administration of Receivables. Consistent with the Buyer’s ownership of the Purchased Assets with respect to each Originator, the Buyer shall have all rights to and shall be solely responsible for servicing, administering and collecting the Receivables that are part of such Purchased Assets. The Buyer may appoint any Person as its agent to perform such services.
Administration of Receivables. (a) Upon and after the occurrence of an Event of Default (which has not been waived or cured if permitted under Section 7), the Lender or, if so directed by the Lender, the Servicer shall have the exclusive right to settle or adjust all disputes and claims directly with any Obligor and to compromise the amount or extend the time for payment of the Receivables upon such terms and conditions as the Lender may deem advisable. Upon notice by the Lender, after the occurrence of an Event of Default, which notice may be given in the Lender’s sole discretion, the Borrower shall relieve the Servicer of any further authority and future administrative obligations with respect to the Receivables.
(b) If any Receivable includes a charge for any tax payable to any governmental authority, the Lender is authorized, after the occurrence of an Event of Default, to pay the amount thereof to the proper governmental authority for the Receivable and charge the Borrower therefor. The Borrower shall notify the Lender if any Receivable includes any tax payable to any governmental authority and, in the absence of such a notice (i)with respect to any Receivable, the Borrower shall be deemed to have made a representation and warranty to the Lender that, to the Borrower’s knowledge, no portion of such Receivable is payable to any governmental authority and (ii) the Lender shall have the right to retain the full proceeds of the Receivable. In no event shall the Lender be liable for any taxes to any governmental authority that may be due by the Borrower by reason of the sale and delivery of any Receivable.
(c) Upon and following the occurrence of a Default or an Event of Default and while such Default or Event of Default is continuing, any of the Lender’s officers, employees or agents shall have the right in the name of the Lender, any designee of the Lender or the Borrower, to verify the validity, amount or any other matter relating to any Receivables by mail, telephone, telegraph or otherwise. The Borrower shall cooperate fully with the Lender in an effort to facilitate and promptly conclude any such verification process.
Administration of Receivables. The Parties shall read all customer meters and agree upon all meter readings on the Closing Date. After the Closing, Seller and Buyer shall cooperate with respect to payments made in the ordinary course by any third party so that Seller and Buyer each receive the third party payments appropriately payable to them under this Agreement. Buyer shall do all ▇▇▇▇▇▇▇▇ and collections after the Closing and shall use diligent efforts to collect all Receivables due from customers to Seller, including termination of service; provided, however, that Buyer shall not be required to commence legal proceedings for the collection of any Receivables. All monies Buyer receives from a customer shall be applied first to any debt such customer owes Seller and shall be promptly paid by Buyer to Seller.
Administration of Receivables. Consistent with the Company’s ownership of the Purchased Assets, the Company shall be solely responsible for servicing, administering and collecting such Purchased Assets, and the Originators shall have no obligation whatsoever in this regard. The Originators hereby grant the Company an irrevocable power of attorney, with full power of substitution, coupled with an interest to take in the name of the Originators all steps necessary or desirable, in the Company’s determination, to collect all amounts due under any Receivable, including without limitation, endorsing the name of the applicable Originator on checks and other instruments representing collection, enforcing such Receivables and the contracts or tariffs under which such Receivables arise, and adjusting, settling or compromising the amount or payment thereof, in the same manner and to the same extent as the Originators would have been entitled. Any payment by an Obligor in respect of any indebtedness owed by it to the Company shall, except as otherwise specified by such Obligor or otherwise required by contract or law, and subject to the Receivables Purchase Agreement, be applied in accordance with the Originators’ Credit and Collection Policy. The Originators hereby acknowledge and agree that the undertakings, covenants, and agreements made by the Originators in favor of the Company and the rights and powers granted to the Originators, in each case, pursuant to this Section 10.13 shall, subject to the terms of the Receivables Purchase Agreement and following a Termination Event, apply to the same extent to, and have the same force and effect in respect of, the Agent, as if such undertakings, covenants, agreements, rights and powers were made or granted directly to the Agent by the Originators.
Administration of Receivables. Acceptance of Appointment as Servicer and Back-up Servicer.............................................32 SECTION 3.2. Servicing Compensation and Back-up Servicing Compensation.......................................34 SECTION 3.3. Representations and Warranties of Servicer......................................................35 SECTION 3.4. Reports and Records for Trustee................................36 SECTION 3.5. Anual Servicer's Certificate...................................37 SECTION 3.6. Annual Independent Accountants' Servicing Repor...............................................37 SECTION 3.7. Tax Treatment..................................................38 SECTION 3.8. Notices to Transferor..........................................38 SECTION 3.9. Reports to the Commission......................................39 SECTION 3.10.
Administration of Receivables. 1. The Connection Client is authorized until revocation by MHB FS and obliged to them, to keep the total debtor books of the receivables listed in the inventory lists of receivables (purchased or not) and to carry out the collection procedure. This obligation includes:
1.1. the monthly listing of all accounting movements,
1.2. dunning and legal enforcement of receivables, also in del credere cases,
1.3. the customary supervision of debtors (e.g. control of available conditions and payment schedules).
2. MHB FS has the right to disclose the receivable data to a trustworthy professional with the goal of risk review of portfolios.
3. MHB FS reserves the right to own legal prosecution. In any case, the expenses for legal prosecution are charged to the Connection Client. The Connection Client will support MHB FS to his best knowledge and free of charge in the recovery of claims.
4. MHB FS duns and collects the receivables, if necessary. If, upon the Connection Client's request, MHB FS desists from collecting a receivable, MHB FS can request exemption from liability according to Section 5 paragraph 1 of the contract.
5. The Connection Client is obliged to orderly fulfill his tax obligations, especially payment of turnover tax amounts withheld by him from the collected receivables. MHB FS has the right to substantiate this obligation by adequate measures, in a given case, also through inquiry at the tax administration. The claim to this substantiation is justified by the obligations of Section 13c of the Value Added Tax Act.
6. The Connection Client will keep the documents required by commercial and tax laws for MHB FS in accordance with the legal rulings.
7. The Connection Client will transfer to MHB FS income not accountable according to Section 3 paragraph 3 that reach him or a third party on his behalf.
8. To the extent, due to the Connection Client's monthly invoicing, immediate payment of revenue from collections not accounted is not possible, then MHB FS has no claims for delay.
9. If MHB FS declares revocation according to paragraph 1, the following applies to beginning at the time of arrival of the declaration of revocation with the Connection Client:
9.1. In case of payments by check the ownership of these papers passes on to MHB FS, as soon as the Connection Client acquires them;
9.2. If payments are carried out by bills of exchange, the Connection Client assigns the rights thereof in advance to MHB FS;
9.3. The delivery of check and bill of exchange i...
Administration of Receivables. 6.1.1 The transfer shall not include receivables due to the Vendor. The Vendor shall undertake collection of the receivables itself.
Administration of Receivables. Should any of the Receivables be paid in full at any time subsequent to the date of this Agreement by the obligor(s), either pursuant to the payment schedule or otherwise, First Trinity shall be entitled to receive and retain the funds received without any obligation to account to Texas Republic. Texas Republic acknowledges that this transaction is a sale of the Receivables and not a loan or extension of credit.