HANDLING OF MONIES Sample Clauses

The HANDLING OF MONIES clause sets out the rules and procedures for managing, receiving, and disbursing funds under an agreement. It typically details who is responsible for holding payments, how funds are to be transferred between parties, and may specify requirements such as escrow arrangements or timelines for payment. This clause ensures transparency and accountability in financial transactions, reducing the risk of disputes or mismanagement of funds.
HANDLING OF MONIES. All employees who are responsible for handling monies and assets shall not be liable for loss due to theft, burglary or robbery, providing proper security measures have been taken by the employee concerned.
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HANDLING OF MONIES. 24.01 All employees who are responsible for handling of monies and assets shall not be liable or disciplined for loss due to theft, burglary or robberies, providing they have been trained in the Employer’s security and cash handling procedures and have followed them. Persistent cash shortages shall be subject to disciplinary action by the Employer only where the employee has had exclusive access to the cash during the work shift. No employee shall be required to make up cash register shortages.
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HANDLING OF MONIES. All employees who are responsible for handling monies and assets shall not be liable for loss due to theft, burglary or robbery, providing proper security measures has been taken by the employee concerned.
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HANDLING OF MONIES. (A) All monies belonging to the Licensee collected by Company at Terminals which are Automated Locations shall be remitted to Licensee as follows: unless Company and Licensee have mutually agreed to different remittance procedures, Company agrees to submit to Licensee within 15 days following the 7th, 14th and 21st and last day of the month, a remittance for the prior seven day period. Company will prepare Licensee's sales reports and remit to Licensee in compliance with the method and schedule agreed to by Licensee and Company. (B) All remittances to the Licensee will be net of commissions due. No funds shall be remitted to Licensee until the monthly minimum commission is deducted by Company from Licensee's collections. (C) Payment obligations of Licensee and Company shall be settled via Company’s preferred payment type established in Licensee’s accounts payable system. (D) At Automated Locations, Company may deposit any sums collected for Licensee in its or its Contractor's own depository, without separate identification or earmarking, and shall not be responsible or liable to Licensee in the event of any loss of Licensee's funds by reason of the insolvency of the depository, inability to make withdrawals because of any condition of the depository or any decision or ruling of public authority relating thereto or for any other reason. (E) Loss of cash or negotiable instruments through defalcation, theft or willful acts by Company, Contractor, Company's employees or Contractor's employees shall be borne by Company. (F) In the event of loss of cash or negotiable instruments through theft, robbery or burglary by a third person, the amount of cash and negotiable instruments, if any, remaining on hand immediately following such theft, robbery or burglary, when investigation shall be made to determine the loss, shall be apportioned among all the carriers, including Company, using the Terminal affected by such theft, robbery or burglary, on the basis of the respective amounts due each of them, such amounts to be determined by a joint audit by all carriers concerned. Any money recovered by Company from any such third party losses described in this section shall be allocated between the parties hereto in proportion to their respective interests in the account to which the recovery applies. (G) All monies collected by Company from the sale of Licensee's package express shall, prior to being remitted to Licensee pursuant to this Section, be held by Company in trust ...
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Related to HANDLING OF MONIES

  • Collection of Monies Except as otherwise expressly provided in this Agreement, the Trustee may demand payment or delivery of, and shall receive and collect, all money and other property payable to or receivable by the Trustee pursuant to this Agreement. The Trustee shall hold all such money and property received by it as part of the Trust Fund and shall distribute it as provided in this Agreement. If the Trustee shall not have timely received amounts to be remitted with respect to the Mortgage Loans from the Master Servicer, the Trustee shall request the Master Servicer to make such distribution as promptly as practicable or legally permitted. If the Trustee shall subsequently receive any such amount, it may withdraw such request.

  • Payment of Monies The parties acknowledge and agree that any payment of monies required to be made hereunder shall be made in Canadian funds and that any tender of monies or documents hereunder may be made upon the solicitors acting for the party upon whom the tender is desired and it shall be sufficient that a negotiable bank draft is tendered instead of cash.

  • Collection of Moneys Except as otherwise expressly provided in this Agreement, the Trustee and the Paying Agent may demand payment or delivery of, and shall receive and collect, all money and other property payable to or receivable by the Trustee or the Paying Agent, as the case may be, pursuant to this Agreement. The Trustee or the Paying Agent, as the case may be, shall hold all such money and property received by it as part of the Trust and shall distribute it as provided in this Agreement. If the Trustee or the Paying Agent, as the case may be, shall not have timely received amounts to be remitted with respect to the Mortgage Loans from the Master Servicer, the Trustee or the Paying Agent, as the case may be, shall request the Master Servicer to make such distribution as promptly as practicable or legally permitted. If the Trustee or the Paying Agent, as the case may be, shall subsequently receive any such amount, it may withdraw such request.

  • Application of Monies In the event that, during the continuance of any Default, the Administrative Agent or any Bank, as the case may be, receives any monies in connection with the enforcement of rights under the Loan Documents, such monies shall be distributed for application as follows: (a) First, to the payment of, or (as the case may be) the reimbursement of the Administrative Agent and the Banks for or in respect of all costs, expenses, disbursements, and losses that shall have been incurred or sustained by the Administrative Agent and the Banks in connection with the collection of such monies by the Administrative Agent or any such Banks, for the exercise, protection, or enforcement by the Administrative Agent or any such Banks of all or any of the rights, remedies, powers, and privileges of the Administrative Agent or any such Banks under this Credit Agreement or any of the other Loan Documents, or in support of any provision of adequate indemnity to the Administrative Agent or any such Banks against any taxes or Liens that by Government Mandate shall have, or may have, priority over the rights of the Administrative Agent or any such Banks to such monies; (b) Second, to all other Obligations in such order or preference as the Majority Banks may determine; provided, however, that distributions among Obligations owing to the Banks and the Administrative Agent with respect to each type of Obligation such as interest, principal, fees, and expenses, shall be made among the Banks and the Administrative Agent pro rata according to the respective amounts thereof; and provided, further, that the Administrative Agent may in its discretion make proper allowance to take into account any Obligations not then due and payable; and (c) Third, the excess, if any, shall be returned to the applicable Borrower or to such other Persons as are entitled thereto.

  • Collection of Money Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V.