Collection and Administration of Accounts Clause Samples

The 'Collection and Administration of Accounts' clause defines the rights and responsibilities related to managing and collecting payments on accounts receivable. Typically, it outlines who is authorized to collect payments, how collected funds should be handled, and any reporting or remittance obligations. For example, it may specify that a lender can step in to collect payments if a borrower defaults, or that collected funds must be deposited into a designated account. This clause ensures that there is a clear process for handling receivables, reducing the risk of disputes and protecting the interests of parties entitled to those funds.
Collection and Administration of Accounts. 6.1. Borrower shall direct its customers to send the proceeds of Accounts to an address or deposit account as directed by Lender. 6.2. In the event Borrower receives proceeds of Collateral in the form of a wire transfer or other intangible funds transfer mechanism, Borrower shall immediately pay such proceeds to Lender.
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Collection and Administration of Accounts. 6.1. Borrower shall direct its customers to send the proceeds of Accounts to the Lock Box Address or deposit account as directed by Lender. 6.2. Thirty days prior to the Initial Borrowing Date, Borrower and Lender shall execute, and Borrower shall cause Lock Box Bank to execute the Blocked Account Control Agreement (With Lockbox Services) which is Exhibit 6.2 hereto. 6.3. Immediately after the Initial Borrowing Date, in the event Borrower receives proceeds of Collateral in the form of a wire transfer or other intangible funds transfer mechanism, Borrower shall immediately pay such proceeds to Lender.
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Collection and Administration of Accounts 
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  • COLLECTION AND ADMINISTRATION 42 5.1 Borrower's Loan Accounts ............................................................. 42 5.2 Statements ........................................................................... 42 5.3

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  • Financial, Accounting, and Administrative Services The Manager shall maintain the existence and records of the Corporation; maintain the registrations and qualifications of Fund Shares under federal and state law; monitor the financial, accounting, and administrative functions of the Fund; maintain liaison with the various agents employed by the Corporation (including the Corporation’s transfer agent, custodian, independent accountants and legal counsel) and assist in the coordination of their activities on behalf of the Fund.

  • Administration and Collection SECTION 6.01.

  • 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