Collections and Remittances Clause Samples
The "Collections and Remittances" clause outlines the procedures and responsibilities for collecting payments from customers and transferring those funds to the appropriate party. Typically, this clause specifies who is responsible for collecting payments, the timelines for remitting collected funds, and any reporting or documentation requirements. For example, a distributor may collect payments from end customers and must remit those funds to the supplier within a set number of days. The core function of this clause is to ensure timely and accurate transfer of funds, reducing the risk of payment delays or disputes between parties.
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Collections and Remittances. (a) Subservicer shall segregate on its records the various funds held in trust for Participant.
(b) All moneys collected by Subservicer pertaining to the Mortgage Loans shall be held in trust for the Participant and initially be deposited into the Collection Account and, within one (1) Business Day following receipt, shall be deposited in the Separate Account. Funds on deposit in the Separate Account may be invested at Subservicer's direction in Permitted Investments. Subservicer shall be entitled to retain all income and gain from investment of funds. The Subservicer shall deposit from its own funds the amount of any losses incurred on any investments of funds held in trust for the Participant into the Separate Account, promptly after such losses are incurred. The foregoing notwithstanding, upon sixty (60) Business Days written notice from the Corporation or Participant, the Subservicer will deposit all collections on account of Mortgage Loans directly to the Separate Account. The Corporation shall reimburse Subservicer promptly for all reasonable expenses incurred by it in arranging for such direct deposit.
(c) On each Remittance Date, Subservicer shall withdraw from the Separate Account and remit from funds collected in respect of Mortgage Loans during the Due Period to an account designated by Participant (1) all payments of principal and (2) out of the interest portion, an amount equal to the interest due Participant on the applicable Outstanding Participation Purchase Price for such Due Period calculated as set forth in Section 2.1(i)(iv) of the Participation Agreement. The Subservicer shall then withdraw from the Separate Account the remaining interest portion of such funds and shall remit to an account designated by the Corporation, any such interest portion remaining after retention by the Subservicer for its own account of (1) amounts necessary to pay itself the Servicing Fee and any applicable related fees for such month attributable to the related Mortgage Loans and (2) amounts necessary to reimburse itself or a predecessor Subservicer for NonRecoverable Advances made in respect of the Mortgage Loans in accordance with Section 4.04(b) below and any Loan Setup Fees and other service fees earned pursuant to Section 4.14 below, Expenses and Advances not to be reimbursed from Escrow Payments. The Corporation shall pay to the Subservicer within five (5) Business Days following its receipt of the Subservicer's invoice, a copy of which shall be sent t...
Collections and Remittances. Whenever Letter of Credit Issuing Bank receives any payment, interest reimbursement, collection, recovery, setoff, counterclaim or banker’s lien on account of a Letter of Credit, whether from a Letter of Credit Account Party, the Collateral, or otherwise, it shall allocate such receipt as follows:
(a) First, to the payment of taxes, assessments, insurance premiums, legal fees, or for similar purposes as required by the Letter of Credit, as the case may be, or any other Loan Document, and, if previously paid by Agent or Letter of Credit Issuing Bank, such sums shall be retained by Agent or Letter of Credit Issuing Bank, as the case may be; and
(b) Second, in the event a Letter of Credit Account Party fails to reimburse Letter of Credit Issuing Bank, when due, for any draw under a Letter of Credit, and Letter of Credit Issuing Bank receives a payment of or on account of such defaulted amount as to which a Participating Bank has paid Letter of Credit Issuing Bank the amount of its Pro Rata Share pursuant to Section 4.04 hereof, that portion of the amount received shall be allocated between each such Participating Bank and Letter of Credit Issuing Bank pro rata, with each such Participating Bank’s percentage of the principal amount based on its Pro Rata Share and with each such Participating Bank’s portion of the interest and fees on its Pro Rata Share based upon the amounts set forth above. If any payment received by Letter of Credit Issuing Bank and distributed or credited to a Participating Bank is later rescinded or is otherwise returned by Letter of Credit Issuing Bank for whatever reason (including, without limitation, settlement of an alleged claim), each such Participating Bank, upon demand by Letter of Credit Issuing Bank, shall immediately pay to Letter of Credit Issuing Bank, such Participating Bank’s Pro Rata Share of the amount so returned, with interest at the Federal Funds Rate from and after the date of demand. The covenants contained in this paragraph shall survive the termination of this Agreement.
Collections and Remittances. Whenever CITBC receives any payment, interest, reimbursement, collection, or recovery on account of a Letter of Credit Guaranty whether from Borrower, the Collateral, or otherwise, it shall allocate such receipts between each Lender and CITBC pro rata, with each such Lender's percentage of the principal amount based on its Share.
Collections and Remittances. Writing Agent is not authorized to collect any premiums except for the initial premium. All monies received or collected by Writing Agent for Ameritas shall be made payable to Ameritas and Writing Agent shall immediately remit directly to Ameritas all moneys received or collected on behalf of Ameritas. Writing Agent is not authorized to endorse or cash checks, drafts, money orders or financial instruments made payable to Ameritas. Writing Agent is not authorized to commingle Ameritas funds, including gross premiums on business produced by Writing Agent, with any other funds.
Collections and Remittances. Whenever Chase receives any payment, interest reimbursement, collection, recovery, setoff, counterclaim or banker's lien on account of a Letter of Credit whether from the Borrower, the Collateral, or otherwise, it shall allocate such receipt as follows:
(1) First, to the payment of taxes, assessments, insurance premiums, legal fees, or for similar purposes as required by the Letter of Credit, as the case may be, or any other Loan Document, and, if previously paid by Chase, such sums shall be retained by Chase; and
(2) In the event the Borrower fails to reimburse Chase for any draw under a Letter of Credit, as the case may be, when due and Chase receives a payment of or on account of such defaulted amount as to which a Participating Bank has paid Chase the amount of its Pro Rata Share pursuant to Section 4.04, that portion of the amount received shall be allocated between each such Participating Bank and Chase pro rata, with each such Participating Bank's percentage of the principal amount based on its Pro Rata Share and with each such Participating Bank's portion of the interest and fees on its Pro Rata Share based upon the amounts set forth above. If any payment received by Chase and distributed or credited to a Participating Bank is later rescinded or is otherwise returned by Chase for whatever reason (including, without limitation, settlement of an alleged claim), each such Participating Bank, upon demand by Chase, shall immediately pay to Chase, such Participating Bank's Pro Rata Share of the amount so returned with interest at the Federal Funds Rate from and after the date of demand. The covenants contained in this paragraph shall survive the termination of this Agreement.
Collections and Remittances. The Producer shall immediately remit to the Company all monies received or collected by the Producer on behalf of the Company. The Producer shall not use any such monies for any other purpose.
Collections and Remittances. After the Closing, if Seller or any of its Affiliates receive any collection, proceeds, refund or other amount which is a Transferred Asset or is otherwise properly due and owing to Buyer in accordance with the terms of this Agreement, Seller promptly shall remit or shall cause to be remitted, such amount to Buyer at the address set forth in Section 11.02. After the Closing, if Buyer or any of its Affiliates receive any collection, proceeds, refund or other amount which is an Excluded Asset or is otherwise properly due and owing to Seller in accordance with the terms of this Agreement, Buyer promptly shall remit or shall cause to be remitted, such amount to Seller at the address set forth in Section 11.02. After the Closing, if Buyer or any of its Affiliates receive any collection, proceeds, refund or other amount which is related to claims (including workers’ compensation), litigation, insurance or other matters for which Seller is responsible hereunder, and which amount is not a Transferred Asset, or is otherwise properly due and owing to Seller in accordance with the terms of this Agreement, Buyer promptly shall remit, or cause to be remitted, such amount to Seller at the address set forth in Section 11.02. After the Closing, if Seller or any of its Affiliates receive any collection, proceeds, refund or other amount which is related to claims (including workers’ compensation), litigation, insurance or other matters for which Buyer is responsible hereunder, and which amount is not an Excluded Asset, or is otherwise properly due and owing to Buyer in accordance with the terms of this Agreement, Seller promptly shall remit, or cause to be remitted, such amount to Buyer at the address set forth in Section 11.02. In lieu of remitting payment, each of Seller and Buyer may set off any amounts otherwise required to be remitted to the other party pursuant to this Section 5.09 against any amounts owed to such party or any of its Affiliates by the other party or any of its Affiliates pursuant to this Agreement or the transactions contemplated hereby.
Collections and Remittances. Borrower will notify all Obligors of all Accounts that payments and remittances are to be made directly to Lender or as otherwise directed by Lender. Such notification shall take the form of remittance instructions on all invoices that direct payments to Lender’s address or a Deposit Account under Lender’s control (a “Controlled Account”). Borrower will cooperate with Lender by providing Lender with access to any vendor portal utilized by Borrower and computer or on-line screen access to Borrower’s Deposit Accounts (to the extent the depository banks have operational capability) and by executing and delivering to Lender such instructions to Obligors and other documentation necessary to effectuate such payment notification to all Obligors. Funds received in the Controlled Account that are available for application to the outstanding balance of the Credit Facility as determined by Lender shall be applied toward re-payment of the Credit Facility daily on each Business Day. For interest calculation purposes, funds received for application to the Obligations shall be subject to a two (2) Business Day clearance period from the date of receipt.
Collections and Remittances. All customers shall be directed to make remittances to a lockbox or blocked account approved and controlled by Agent. For the purpose of crediting the loan account of the Borrowers and calculating interest, all items of payment shall be deemed applied by Agent one (1) business day following the business day of Agent’s receipt thereof. Cash collections will be applied to loan and collateral balances on a daily basis. Subject to certain exceptions to be mutually agreed upon, all of the cash of the Borrowers will be maintained at a PNC deposit account.
Collections and Remittances. Whenever Chase receives any payment, interest reimbursement, collection, recovery, setoff, counterclaim or banker's lien on account of a Letter of Credit, whether from Borrower, the Collateral, or otherwise, it shall allocate such receipt as follows: