Funds Collected Sample Clauses

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Funds Collected. All Cash Receipts derived from the operation of the Premises are funds of Authority and shall be deposited in the name of Authority at least daily into an account designated by Authority. Until they are deposited, funds shall be held in trust by Contractor for the benefit of Authority while such funds are in its custody and control. Failure to make timely deposits in excess of two (2) occurrences per month may be cause for automatic termination by Authority of this Agreement. Contractor shall on weekends, holidays or nights, deposit Cash Receipts in a designated night deposit vault, unless otherwise authorized in writing by Authority. It shall be considered that Authority has come into possession of the Cash Receipts only when Authority has received verification of the deposit. Failure by Contractor to deposit Cash Receipts as outlined above shall result in a Fine as outlined in Exhibit “C” attached hereto. If any such monies are lost, stolen or otherwise unlawfully removed from the custody and control of Contractor, Contractor shall notify Authority within twenty-four (24) hours of any such discovery of loss, theft or fraud. Contractor shall continue to be responsible therefor and shall deposit in the Account an equal sum of monies within forty-eight (48) hours after discovery of any such loss, theft or unlawful removal. For the purposes of this Agreement, theft shall include but not be limited to fraudulently removing parking tickets from ticket dispenser, intentionally failing to turn in all tickets at the end of a shift, filing a false lost ticket claim, taking of receipts, intentional mischarging customers and any and all other actions which may compromise the integrity of the revenue control process, taking a patron’s vehicle or any part thereof, or taking an article left in or on a patron’s vehicle. If such loss, theft or unlawful removal is insured or otherwise secured by Contractor, any payments subsequently made to Authority by the insurance company, bonding company or other surety, when paid to Authority, shall be reimbursed to Contractor to the extent of such deposit. For use of the Public Parking Facilities, Contractor shall accept as payment cash, Visa, Master Card, and American Express credit cards and any other form of payment specified by Authority. In the event that a customer disputes credit card charges by Contractor, it shall be the responsibility of Contractor to research such dispute and respond to the credit card issuer within the t...
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Related to Funds Collected

  • Excess Finance Charge Collections Any amounts remaining in the Cap Proceeds Account, the Collection Account and the Payment Reserve Account, to the extent of any Available Series 1998-3 Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsection 4.9(a)(i) through (xii) of the Agreement, shall be treated as Excess Finance Charge Collections, and the Servicer shall direct the Trustee in writing on each Business Day to withdraw such amounts from the Collection Account and to first make such amounts available to pay to Securityholders of other Series to the extent of shortfalls, if any, in amounts payable to such Securityholders from Finance Charge Collections allocated to such other Series, then to pay any unpaid commercially reasonable costs and expenses of a Successor Servicer, if any, and then on each Business Day other than the Default Recognition Date, to pay to the Transferor to be treated as "Transferor Retained Finance Charge Collections," and, on each Default Recognition Date, to pay any remaining Excess Finance Charge Collections to the Transferor. Notwithstanding the foregoing, if on any Default Recognition Date the sum of the amount of Available Series 1998-3 Finance Charge Collections (including, all amounts on deposit in the Payment Reserve Account) and Transferor Retained Finance Charge Collections is less than the Series Default Amount for such Default Recognition Date, the Servicer shall apply amounts deposited in the Accumulation Period Reserve Account pursuant to subsection 4.9(a)(xi) of the Agreement and the Spread Account pursuant to subsection 4.9(a)(viii) of the Agreement during the then current Monthly Period in accordance with subsection 4.9(a)(iii) of the Agreement to the extent of such shortfall.

  • Accounts Collection At any time after the occurrence and during the continuation of an Event of Default, Bank may notify any Person owing funds to Borrower of Bank’s security interest in such funds and verify the amount of such Account. Borrower shall collect all amounts owing to Borrower for Bank, receive in trust all payments as Bank’s trustee, and immediately deliver such payments to Bank in their original form as received from the account debtor, with proper endorsements for deposit.

  • Finance Charge Each Receivable provides for the payment of a finance charge or shall yield interest calculated on the basis of an APR ranging from 0.50% to 22.05%.

  • Income Collection Unless otherwise directed by Instruction, the Custodian shall collect any amount due and payable to the Fund with respect to Investments and promptly credit the amount collected to a Principal or Agency Account; provided, however, that the Custodian shall not be responsible for: (a) the collection of amounts due and payable with respect to Investments that are in default or (b) the collection of cash or share entitlements with respect to Investments that are not registered in the name of the Custodian or its Subcustodians. The Custodian is hereby authorized to endorse and deliver any instrument required to be so endorsed and delivered to effect collection of any amount due and payable to the Fund with respect to Investments.

  • Liquidation Proceeds Cash received in connection with the liquidation of a defaulted Mortgage Loan, whether through the sale or assignment of such Mortgage Loan, trustee’s sale, foreclosure sale, payment in full, discounted payoff or otherwise, or the sale of the related Mortgaged Property if the Mortgaged Property is acquired in satisfaction of the Mortgage Loan, including any amounts remaining in the related Escrow Account.