Insurer Payment Mechanics Sample Clauses

The "Insurer Payment Mechanics" clause defines the procedures and requirements for how an insurer must make payments under an insurance policy. It typically outlines the timing, method, and conditions for disbursing funds to the insured or beneficiaries, such as specifying whether payments are made by check, wire transfer, or another method, and what documentation must be provided to trigger payment. This clause ensures that both parties understand the process for receiving insurance proceeds, thereby reducing confusion and disputes over payment logistics.
Insurer Payment Mechanics. (a) On or prior to the Initial Transfer Date, each of the Primary Servicer, the Originators, the Company, the Lender, and the Collecting Bank shall have entered into the Depositary Agreement and shall have caused the Collecting Bank to establish the Company Lockbox and the Company Lockbox Account. (b) On or prior to the Initial Transfer Date, each Originator shall prepare, execute and deliver to each Designated Obligor who is an Insurer, with copies to the Company and the Agent, a Notice to Insurers addressed to each such Insurer, which Notice to Insurers shall state that all present and future Accounts owing to such Originator have been and will be transferred to the Company and that all checks and EOB's from such Insurer on account of Accounts shall be sent to the Company Lockbox and all wire transfers from such Insurer on account of Accounts shall be wired directly into the Company Lockbox Account. (c) Each Originator covenants and agrees that, on and after the Initial Transfer Date, all invoices (and return envelopes, if provided by such Originator) that are sent to Designated Obligors who are Insurers shall set forth only the address of the Company Lockbox as a return address for payment of Accounts and delivery of EOB's, and only the Company Lockbox Account with respect to wire transfers for payment of Accounts. Each Originator hereby further covenants and agrees to instruct and notify each of the members of its accounting and collections staff to provide identical information in communications with Insurers with respect to Collections, wire transfers and EOB's.
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Insurer Payment Mechanics. 17 ss. 3.02. GOVERNMENTAL ENTITIES PAYMENT MECHANICS.................... 18 ss. 3.03. MISDIRECTED PAYMENTS: EOB'S................................ 19 ss. 3.04. UNIDENTIFIED PAYMENTS: COMPANY'S RIGHT OF PRESUMPTION...... 19 ss. 3.05. NO RIGHTS OF WITHDRAWAL.................................... 20
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Insurer Payment Mechanics. (a) On or prior to the initial ------------------------- Borrowing Date, the Borrower shall have entered into a lockbox agreement (the terms of which shall be satisfactory to the Agent) with respect to the Preexisting Lockbox and the related Preexisting Lockbox Account for each Health Care Provider that generates Pledged Receivables due and owing from Insurers that are, at any time, in excess of five percent (5%) of all Pledged Receivables generated by such Health Care Provider. On or prior to the initial Borrowing Date, the Borrower shall have entered into Assignment Agreements with each bank (each a "Preexisting Lockbox Bank") at which, at the time of the initial ------------------------ Borrowing Date, the Borrower maintains a Preexisting Lockbox and the related Preexisting Lockbox Account. The Borrower hereby conveys, transfers and assigns, as security, to the Agent for the benefit of the Lender all of its rights and interests of every kind in the Preexisting Lockboxes and the
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Related to Insurer Payment Mechanics

  • Payment Mechanics All payments of principal and interest hereunder are to be made in lawful money of the United States of America in the manner specified in Article III of the Purchase and Sale Agreement.

  • Application of Insufficient Payments If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties.

  • Civil Penalty Payment Method ▇▇▇▇▇▇ shall pay the civil penalty by check, credit card, wire transfer, or portal, payable to CARB, using instructions provided separately by CARB in a Payment Transmittal Form. ▇▇▇▇▇▇ is responsible for all payment processing fees. Payments shall be accompanied by the Payment Transmittal Form to ensure proper application. CARB shall deposit the civil penalty amount into the Air Pollution Control Fund for the purpose of carrying out CARB’s duties and functions to ensure the integrity of its air pollution control programs. Should payment instructions change, CARB will provide notice to ▇▇▇▇▇▇ in accordance with Paragraph 12 (Notices).

  • Retiree Benefits – Process for Payment Any bargaining unit nurse who retires and wishes to participate in the benefit plans as outlined in article 17.01(h) will provide advance payment of the benefits either through post-dated cheques provided on a yearly basis or through a preauthorized withdrawal process. It is understood that any transaction would be dated the first of each and every month. The Employer will notify the Union of the benefit costs to retired nurses in January of each year, and each time the benefit costs are renegotiated by the Employer.

  • Subordinate Certificate Loss Coverage; Limited Guaranty Subject to subsection (c) below, prior to the later of the third Business Day prior to each Distribution Date or the related Determination Date, the Master Servicer shall determine whether it or any Sub-Servicer will be entitled to any reimbursement pursuant to Section 4.02(a) on such Distribution Date for Advances or Sub-Servicer Advances previously made, (which will not be Advances or Sub-Servicer Advances that were made with respect to delinquencies which were subsequently determined to be Excess Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the Master Servicer shall demand payment from Residential Funding of an amount equal to the amount of any Advances or Sub-Servicer Advances reimbursed pursuant to Section 4.02(a), to the extent such Advances or Sub-Servicer Advances have not been included in the amount of the Realized Loss in the related Mortgage Loan, and shall distribute the same to the Class B Certificateholders in the same manner as if such amount were to be distributed pursuant to Section 4.02(a).