Collections and Disbursements Clause Samples
The "Collections and Disbursements" clause outlines the procedures and responsibilities related to the receipt and payment of funds under an agreement. It typically specifies how payments are to be collected from one party and subsequently disbursed to another, including timelines, methods of transfer, and any conditions that must be met before funds are released. For example, it may require that collected funds be held in a designated account until certain obligations are fulfilled, after which they are distributed to the appropriate parties. This clause ensures transparency and accountability in the handling of financial transactions, reducing the risk of disputes over payments and clarifying the flow of funds between parties.
Collections and Disbursements. (a) The Agent will have the right to collect and receive all payments of the Obligations, together with all fees, charges and other amounts due under this Agreement and the Loan Documents, and the Agent will remit to each Lender according to applicable Pro Rata Percentages all such payments actually received by Agent (subject to any required clearance procedures) on the same Business Day of receipt thereof (but if such payments shall not have been received by the Agent prior to 12:00 noon Eastern Time on such Business Day then, on the next Business Day).
(b) On the Business Day for which notice is given Lenders by Agent with respect to requested Advances (which notice shall state the date and amount of such payment), each Lender shall remit to the Agent its Pro Rata Percentage of the payment in respect to such Advance. The obligations of Lenders hereunder are unconditional, not subject to set-off, and irrevocable and may not be terminated at any time.
(c) If any such payment received by the Agent is rescinded, determined to be unenforceable or invalid or is otherwise required to be returned for any reason at any time, whether before or after termination of this Agreement and the Loan Documents, each Lender will, upon written notice from the Agent, promptly pay over to the Agent its Pro Rata Percentage of the amount so rescinded, held unenforceable or invalid or required to be returned, together with interest and other fees thereon if also required to be rescinded or returned.
(d) All payments by the Agent and the Lenders to each other hereunder shall be in immediately available funds. The Agent will at all times maintain proper books of account and records reflecting the interest of each Lender in the Credit Facility, in a manner customary to the Agent's keeping of such records, which books and records shall be available for inspection by each Lender at reasonable times during normal business hours, at such Lender's sole expense. In the event that any Lender shall receive any payments in reduction of the Obligations in an amount greater than its applicable Pro Rata Percentage in respect of indebtedness to the Lenders evidenced hereby (including, without limitation amounts obtained by reason of setoffs), such Lender shall hold such excess in trust for Agent (on behalf of all other Lenders) and shall promptly remit to the Agent such excess amount so that the amounts received by each Lender hereunder shall at all times be in accordance with its applicable Pro...
Collections and Disbursements. In connection with each Lease of an Aircraft Asset under which any Person within AerCo Group is the Lessor, the Servicer will:
(a) Invoice the Lessee or otherwise arrange, as the Servicer deems reasonably appropriate on behalf of such Person within AerCo Group, for all payments due from the Lessee, including Rents, Security Deposits, Maintenance Reserves, late payment charges and any payments in respect of Taxes and other payments (including technical, engineering, insurance and other charges) due under the relevant lease, use commercially reasonable efforts to direct the Lessee, subject to the terms of the Lease, to make such payments to such accounts as are specified in writing by the Cash Manager and use commercially reasonable efforts to enforce the payment thereof in the event of a nonpayment by the relevant due date;
(b) Review from time to time, as deemed necessary by the Servicer, the level of Rents, Security Deposits, Maintenance Reserves and other amounts that may be adjusted under the Leases and propose to the relevant Lessee or make such adjustments to the Rents, Security Deposits, Maintenance Reserves and other amounts as are required under the terms of the relevant Lease or that the Servicer otherwise deems reasonably appropriate considering, among other things, practices that the Servicer believes are prevalent in the operating lease market, provided that such adjustment is not contrary to any direction issued by AerCo or to the terms of the Indenture or any other documents notified to the Servicer with which AerCo Group must comply;
(c) Maintain appropriate records regarding payments under the Leases;
(d) Subject to the terms of any applicable Aircraft Asset Related Document, take such actions as are necessary to apply any payments of any type received from any Lessee on a basis consistent with the directions of such Lessee and, to the extent that any such payments are made to an account other than the account to which such payment should have been directed pursuant to such Lessee's direction, to take such further actions as are necessary to give effect to such directions; and
(e) Provide for the safekeeping and recording of any letters of credit, guarantees or other credit support (other than cash and cash equivalents) held as part of Security Deposits or Maintenance Reserves and the timely renewal or drawing on or disbursement thereof as provided under the applicable Lease or other Aircraft Asset Related Document or otherwise in accordanc...
Collections and Disbursements. In connection with the Lease, the Servicer will:
Collections and Disbursements. Agent shall deposit all money received in connection with the Premises in one or more federally insured bank accounts in the name of Agent. All interest on such account(s) in excess of interest on security deposits which is required to be paid to Tenants shall belong to Agent. Agent may draw upon this account(s) to pay all expenses incurred in connection with the Premises, including all amounts payable to Agent, and the expenses of maintaining the account(s). On a monthly basis, Agent shall deliver to Owner, at Owner’s address, reports of receipts, expenses, and charges in connection with the Premises, and remit to Owner, at the Payment Address, all receipts less disbursements and reserves authorized by this Agreement. Agent shall not be liable in the event of the failure of any depository.
Collections and Disbursements. 30 Section 6.01.
Collections and Disbursements. 50 9.8 Indemnification................................................................................ 51 9.9 Expenses....................................................................................... 51 9.10
Collections and Disbursements. Manager, with Owner’s prior approval and direction as to the account(s) and financial institution, shall set up the Operating Account in Owner’s name, with Manager having signatory authority. Manager shall deposit all collections (including, but not limited to, Property rent) and receipts of any kind into the Operating Account in accordance with such procedures as Owner may establish via the MOB Policies. Manager shall pay directly from the Operating Account any and all expenditures in accordance with the approved Operating Budget, provided that Manager shall secure Owners approval for all expenditures in excess of $10,000.00 for any one item of operation, except for utilities and such specific monthly and recurring operation and maintenance items which are listed in the approved Operating Budget and for items which would be deemed an emergency and required for maintaining tenancy, but provided Manager will take diligence to contact Owner for approval in the event of an emergency. Manager shall be responsible for any expenses that were not authorized under this Agreement.
Collections and Disbursements. Section 6.01. Establishment of Accounts 35 Section 6.02. Funding of Collection Account 38 Section 6.03. Daily Disbursements From the Collection Account; Revolving Period 39 Section 6.04. Liquidation Settlement Procedures 40 Section 6.05. Termination Procedures 40
Collections and Disbursements. Agent shall deposit all money received in connection with the Premises in one or more federally insured escrow accounts in the name of Agent. All interest on such account(s) in excess of interest on security deposits which is required to be paid to Tenants shall belong to Agent. Agent may draw upon this account(s) to pay all expenses incurred in connection with the Premises, including all amounts payable to Agent, and the expenses of maintaining the account(s). In the event of security deposit forfeiture, any amounts owed to agent shall be deducted by agent before remittance to owner. On a monthly basis, Agent shall deliver to Owner, at Owner’s address, reports of receipts, expenses, and charges in connection with the Premises, and remit to Owner, at the Payment Address, all receipts less disbursements and reserves authorized by this Agreement. Agent shall not be liable in the event of the failure of any depository.
Collections and Disbursements. In connection with each Lease of an Asset under which any Person within the Serviced Group is the lessor, the Servicer will: (a) invoice the Lessee (if contemplated by the applicable Lease) or otherwise arrange, on behalf of such Person, for all payments due from the Lessee, including Rental Payments, late payment charges and any payments in respect of Taxes and other payments (including technical, engineering, transportation, insurance and other charges) due under the relevant Lease, direct the Lessee to make such payments to such accounts as are required pursuant to the Indenture and take reasonable steps to enforce the rights and remedies of the Lessor under the Lease in the event of a nonpayment by the relevant due date; (b) review from time to time, as deemed necessary by the Servicer, the level of Usage Fees and other amounts payable under a Lease (to the extent that such Usage Fees and other amounts may be adjusted under the Lease) and propose to the relevant Lessee or make such adjustments to the Usage Fees and other amounts as are required or that the terms of the relevant Lease and practices that the Servicer believes are prevalent in the aircraft or Aircraft Engine operating lease market, as applicable;