Cost of Collection Clause Samples
The Cost of Collection clause defines the responsibility for paying expenses incurred in recovering outstanding debts or payments. Typically, this clause stipulates that if one party fails to pay amounts owed, they are liable for any additional costs the other party incurs in pursuing collection, such as legal fees, court costs, or agency charges. Its core function is to deter late payments and ensure the party owed is not financially disadvantaged by the need to enforce payment obligations.
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Cost of Collection. If default is made in the payment of this Note, Borrower shall pay the Holder hereof reasonable costs of collection, including reasonable attorneys' fees.
Cost of Collection. If default is made in the payment of this Note, each Borrower shall jointly and severally pay the Holder hereof reasonable costs of collection, including reasonable attorneys' fees.
Cost of Collection. If default is made in the payment of this ------------------ Note, Borrower shall pay the Holder hereof reasonable costs of collection, including reasonable attorneys' fees.
Cost of Collection. If default is made in the payment of this Note, Borrower shall pay the Holder hereof costs of collection, including reasonable attorney's fees.
Cost of Collection. If default is made in the payment of this Note, the Borrower shall pay to Holder reasonable costs of collection, including reasonable attorney's fees. [Balance of page intentionally left blank; signature page follows.]
Cost of Collection. In case of any Event of Default under this Note, the Company shall pay the Holder reasonable costs of collection, including reasonable attorneys’ fees.
Cost of Collection. If default is made in the payment of this Note, the Corporation shall pay to Holder reasonable costs of collection, including reasonable attorney’s fees.
Cost of Collection. If the Borrower fails to make any payment under this Agreement as and when required, the Borrower must pay, to the extent permitted by Applicable Law, the Secured Parties' court and collection costs, including legal fees, any costs incurred in the disposition of the Collateral, and, if the Loan is referred for collection to any attorney not employed by the Agent or one of its Affiliates, the Agent's reasonable attorney fees.
Cost of Collection. All reasonable costs of collection of Borrower’s Receivables, including Attorneys’ Fees, out-of-pocket expenses, administrative and recordkeeping costs, and all service charges and costs related to the establishment and maintenance of the Locked Box and the Special Account shall be the sole responsibility of Borrower, whether the same are incurred by Bank or Borrower, and Bank, at its discretion, may charge the same against Borrower and any account maintained by Borrower with Bank and the same shall be deemed part of the Obligations.
Cost of Collection. If default is made in the payment of this Debenture, the Corporation shall pay the Holder hereof costs of collection, including reasonable attorneys' fees.