Collection of Revenues Clause Samples
The COLLECTION OF REVENUES clause establishes the procedures and responsibilities for gathering and managing payments or income generated under the agreement. Typically, it outlines which party is authorized to collect revenues, the methods for remitting funds, and any timelines or reporting requirements associated with these collections. This clause ensures that all parties understand how revenues will be handled, reducing the risk of disputes over payment flows and promoting transparency in financial transactions.
Collection of Revenues. The Project Sponsor shall use its best efforts to collect all rates, fees and other charges due to it. The Project Sponsor shall establish liens on premises served by the Utility System for the amount of all delinquent rates, fees and other charges where such action is permitted by law. The Project Sponsor shall, to the full extent permitted by law, cause to discontinue the services of the Utility System and use its best efforts to shut off water service furnished to persons who are delinquent beyond customary grace periods in the payment of Utility System rates, fees and other charges.
Collection of Revenues. The Local Government shall use its best efforts to collect all rates, fees and other charges due to it. The Local Government shall establish liens on premises served by the Water or Sewer System for the amount of all delinquent rates, fees and other charges where such action is permitted by law. The Local Government shall, to the full extent permitted by law, cause to discontinue the services of the Water and Sewer Systems and use its best efforts to shut off water service furnished to persons who are delinquent beyond customary grace periods in the payment of Water and Sewer System rates, fees and other charges.
Collection of Revenues. The parties hereto agree that all the revenues of the Company shall be collected into the Segregated Account (as defined in the Management Services Agreement) in accordance with the terms of the Management Services Agreement until it terminates (and thereafter in accordance with instructions from the Company). Notwithstanding the foregoing, those obligations under the Management Services Agreement which survive the termination thereof shall remain in full force and effect.
Collection of Revenues. In connection with the exercise by ▇▇▇▇▇▇ of the rights and remedies provided for in subparagraph (a)(ii) of this Paragraph 22:
(i) Lender may notify any tenant, lessee or licensee of the Property, or any account debtor either in the name of Lender or Borrower, to make payment of Revenues directly to Lender or Lender's agents, may advise any person of Lender's interest in and to the Revenues, and may collect directly from such tenants, lessees and licensees all amounts due on account of the Revenues;
(ii) At Lender's request, Borrower will provide written notification to any or all tenants, lessees and licensees of the Property and account debtors concerning ▇▇▇▇▇▇'s interest in the Revenues and will request that such tenants, lessees and licensees and account debtors forward payment thereof directly to Lender;
(iii) Borrower shall hold any proceeds and collections of any of the Revenues in trust for Lender and shall not commingle such proceeds or collections with any other funds of Borrower; and
(iv) Borrower shall deliver all such proceeds to Lender immediately upon the receipt thereof by Borrower in the identical form received, but duly endorsed or assigned on behalf of Borrower to Lender.
Collection of Revenues. In connection with the exercise by Mortgagee of the rights and remedies provided for in subparagraph (a)(ii) of this Paragraph 18:
(i) Mortgagee may notify any tenant, lessee or licensee of the Property, either in the name of Mortgagee or Mortgagor, to make payment of Revenues directly to Mortgagee or Mortgagee's agents, may advise any person of Mortgagee's interest in and to the Revenues, and may collect directly from such tenants, lessees and licensees all amounts due on account of the Revenues;
(ii) At Mortgagee's request, Mortgagor will provide written notification to any or all te▇▇▇▇▇, ▇▇ssees and licensees of the Property concerning Mortgagee's interest in the Revenues and will request that such tenants, lessees and licensees forward payment thereof directly to Mortgagee;
(iii) Mortgagor shall hold any proceeds and collections of any of the Revenues in trust for Mortgagee and shall not commingle such proceeds or collections with any other funds of Mortgagor; and
(iv) Mortgagor shall deliver all such proceeds to Mortgagee immediately upon the receipt thereof by Mortgagor in the identical form received, but duly endorsed ▇▇ ▇▇▇▇▇▇ed on behalf of Mortgagor to Mortgagee.
Collection of Revenues. The Local Borrower shall use its best efforts to collect all rates, fees and other charges due to it. The Local Borrower shall establish liens on premises served by the Sewer System for the amount of all delinquent rates, fees and other charges where such action is permitted by law. The Local Borrower shall, to the full extent permitted by law, cause to discontinue the services of the Sewer System and use its best efforts to shut off water service furnished to persons who are delinquent beyond customary grace periods in the payment of Sewer System rates, fees and other charges.
Collection of Revenues. The Local Government shall use its best efforts to collect all rates, fees and other charges due to it. The Local Government shall establish liens on premises served by the Water or Sewer System for the amount of all delinquent rates, fees and other charges where such action is permitted by law.
Collection of Revenues. (i) The Borrower shall at all times levy, charge and collect Farebox Revenues from its customers in accordance with its internal policies. The Borrower shall take all reasonable actions necessary to (A) ensure that it remains eligible under all applicable laws and TAMC guidelines to receive LTF Funds and STA Funds, (B) maintain compliance with the then-applicable Farebox Recovery Ratio and ensure that LTF Funds and STA Funds allocable to the Borrower are not subject to reduction due to any act or omission of the Borrower and (C) apply for or otherwise request LTF Funds and STA Funds from TAMC, in each case in accordance with all applicable TAMC guidelines. The Borrower shall take all reasonable actions necessary to (A) ensure that it remains eligible under the Transportation Safety and Investment Plan that is administered by TAMC and all applicable TAMC guidelines to receive Measure X Revenues and to ensure that Measure X Revenues allocable to the Borrower are not subject to reduction due to any act or omission of the Borrower and (B) comply with the Measure X Funding Agreement and request disbursements of Measure X Revenues in accordance therewith.
(ii) The Borrower shall budget and apply for LTF Funds in each Borrower Fiscal Year in amounts at least sufficient to pay 2.0x (A) all TIFIA Debt Service due and payable during such Borrower Fiscal Year plus (B) all Debt Service due and payable in respect of all outstanding Pari Passu Obligations during such Borrower Fiscal Year. In the event that TAMC allocates to the Borrower an amount of LTF Funds that is lower than the amount requested by the Borrower, the Borrower shall deliver to the TIFIA Lender written notice of such event within five (5) Business Days after the date of such allocation, which notice shall include an explanation for the reasons for such shortfall in allocation of LTF Funds to the Borrower.
(iii) Pursuant to the TAMC Irrevocable Instruction, the Borrower shall instruct TAMC to transfer all LTF Funds allocated to the Borrower to the Collateral Agent to be deposited in the Revenue Account immediately upon allocation from TAMC but no less frequently than on a monthly basis. The Borrower shall ensure that the TAMC Irrevocable Instruction remains in full force and effect at all times while the TIFIA Loan remains outstanding. The Borrower shall use all commercially reasonable efforts to ensure that TAMC maintains compliance with the TAMC Irrevocable Instruction at all times while the TIFIA Loan...
Collection of Revenues. In connection with the exercise by Collateral Agent of the rights and remedies provided for in subparagraph (a)(ii) of this Paragraph 18:
(i) Collateral Agent may notify any tenant, lessee or licensee of the Property, either in the name of Collateral Agent or Grantor, to make payment of Revenues directly to Collateral Agent or Collateral Agent's agents, may advise any person of Collateral Agent's interest in and to the Revenues, and may collect directly from such tenants, lessees and licensees all amounts due on account of the Revenues;
(ii) At Collateral Agent's request, Grantor will provide written notification to any or all tenants, lessees and licensees of the Property concerning Collateral Agent's interest in the Revenues and will request that such tenants, lessees and licensees forward payment thereof directly to Collateral Agent;
(iii) Grantor shall hold any proceeds and collections of any of the Revenues in trust for Collateral Agent and shall not commingle such proceeds or collections with any other funds of Grantor; and
(iv) Grantor shall deliver all such proceeds to Collateral Agent immediately upon the receipt thereof by Grantor in the identical form received, but duly endorsed or assigned on behalf of Grantor to Collateral Agent.
Collection of Revenues. (A) SLG will collect fees generated from subscribers of Prime and wholesale or bulk purchases of Prime subscriptions, as well as from Brand Partnerships, Third-Party Partnerships, and Pass-Through Partnerships.
(B) SLG shall provide to ggCircuit within 15 days of the close of each calendar quarter a summary of (i) Prime subscriptions (including quantity and prices paid by subscribers); and (ii) each Brand Partnership, Third-Party Partnership, and Pass-Through Partnership, which such summary will detail the length of the agreement, the consideration for the agreement and payment schedule, any renewal provisions or rights to extend, and any other material terms.
(C) SLG shall retain for a period of not less than two years all contracts, invoices, and other financial information relating to Prime, Brand Partnerships, and Third-Party Partnerships (the “Accounting Materials”). During the Term and for two years thereafter, upon reasonable advance notice, SLG shall make available the Accounting Materials to an audit firm engaged by ggCircuit at reasonable intervals no more than once annually. SLG shall pay to ggCircuit the amount of any discrepancy plus interest in the amount of 1.5% per month. Should the audit reveal an underpayment by SLG of 5% or more, then SLG shall reimburse ggCircuit for its reasonable costs of the audit.