COLLECTION AND ADMINISTRATION Clause Samples
The COLLECTION AND ADMINISTRATION clause defines the procedures and responsibilities for gathering, managing, and distributing funds or assets under an agreement. Typically, it outlines who is authorized to collect payments, how those payments are to be processed, and the methods for keeping accurate records of all transactions. This clause ensures that all parties understand the flow of funds and administrative duties, thereby reducing the risk of disputes and promoting transparency in financial dealings.
COLLECTION AND ADMINISTRATION. 42 5.1 Borrower's Loan Accounts ............................................................. 42 5.2 Statements ........................................................................... 42 5.3
COLLECTION AND ADMINISTRATION. 6.1 Borrower's Loan Account. Lender shall maintain one or more loan account(s) on its books in which shall be recorded (a) all Loans, Letter of Credit Accommodations and other Obligations and the Collateral, (b) all payments made by or on behalf of Borrower and (c) all other appropriate debits and credits as provided in this Agreement, including fees, charges, costs, expenses and interest. All entries in the loan account(s) shall be made in accordance with Lender's customary practices as in effect from time to time.
COLLECTION AND ADMINISTRATION. 6.1 Borrowers' Loan Accounts. Agent shall maintain one or more loan account(s) on its books in which shall be recorded (a) all Loans, Letter of Credit Accommodations and other Obligations and the Collateral, (b) all payments made by or on behalf of any Borrower or Guarantor and (c) all other appropriate debits and credits as provided in this Agreement, including fees, charges, costs, expenses and interest. All entries in the loan account(s) shall be made in accordance with Agent's customary practices as in effect from time to time.
COLLECTION AND ADMINISTRATION. 20 6.1 Borrower's Loan Account. . . . . . . . . . . . . . . . . . . .20 6.1 Borrower's Loan Account. . . . . . . . . . . . . . . . . . . .21 6.2 Statements . . . . . . . . . . . . . . . . . . . . . . . . . .21 6.3
COLLECTION AND ADMINISTRATION. 5.1. Until our authority to do so is curtailed or terminated at any time by you, we shall, at our expense and on your behalf, collect, as your property and in trust for you, all remittances and all amounts unpaid on Accounts, and we shall not commingle such collections with our own funds. We shall on the day received remit all such collections to you in the form received duly endorsed by us for deposit with you, unless you shall direct us otherwise. All amounts collected on Accounts when received by you shall be credited to our loan account, after adding three (3) business days for collection, clearance and transfer of remittances, except for federal funds wire transfers, as to which two (2) business days shall be added, conditional upon final payment to you.
5.2. You or your representatives shall at all times have free access to and right of inspection of the Collateral and have full access to and the right to examine and make copies of our Records, to confirm and verify all Accounts, to perform general audits and to do whatever else you deem necessary to protect your interests. You may at any time remove from our premises or require us or any accountants and auditors employed by us to deliver any Records and you may, without cost or expense to you, use such of our personnel, supplies, computer equipment and space at our places of business as may be reasonably necessary for the handling of collections.
5.3. We shall immediately upon obtaining knowledge thereof report to you all reclaimed, repossessed or returned goods, Account Debtor claims and any other matter affecting the value, enforceability or collectibility of Accounts. At your request, any goods reclaimed or repossessed by or returned to us will be set aside, marked with your name and held by us for your account and subject to your security interest. All claims and disputes relating to Accounts are to be promptly adjusted within a reasonable time, at our own cost and expense. You may, at your option, settle, adjust or compromise claims and disputes relating to Accounts which are not adjusted by us within a reasonable time.
COLLECTION AND ADMINISTRATION. 6.1 Borrowers’ Loan Accounts 6.2 Statements 6.3 Collection of Accounts.
COLLECTION AND ADMINISTRATION. BORROWER'S LOAN ACCOUNT. Lender shall maintain one or more loan account(s) on its books in which shall be recorded (a) all Loans, Letter of Credit Accommodations and other Obligations and the Collateral, (b) all payments made by or on behalf of Borrower and (c) all other appropriate debits and credits as provided in this Agreement, including, without limitation, fees, charges, costs, expenses and interest. All entries in the loan account(s) shall be made in accordance with Lender's customary practices as in effect from time to time.
COLLECTION AND ADMINISTRATION. 6.1 Borrower’s Loan Account
COLLECTION AND ADMINISTRATION. 20- ----------------------------- 6.1 Borrower's Loan Account .................................................. -20- ----------------------- 6.2 Statements ............................................................... -21- ---------- 6.3 Collection of Accounts ................................................... -21- ---------------------- 6.4 Payments ................................................................. -22- -------- 6.5 Authorization to Make Loans .............................................. -22- --------------------------- 6.6 Use of Proceeds .......................................................... -23- ---------------
COLLECTION AND ADMINISTRATION. 5.1 US Borrowers’ Loan Account