Overdue Receivables Clause Samples

The Overdue Receivables clause defines the procedures and consequences when payments owed under a contract are not made by their due date. Typically, this clause outlines the timeframe after which a receivable is considered overdue, specifies any interest or late fees that will accrue, and may detail steps the creditor can take to recover the outstanding amount, such as suspending services or initiating collection actions. Its core function is to incentivize timely payment, provide a clear framework for handling late payments, and protect the financial interests of the party expecting payment.
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Overdue Receivables. Receivables due from Users not settled during the term specified in the agreement (invoice). The Overdue Receivables fall into Receivables Real for Collection, Bad Receivables.
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Overdue Receivables. On the Closing Date, and subject to the terms and conditions set forth in this Agreement, the Seller (subject to the provisions of Article 10 hereto) shall sell, assign, transfer and deliver to Purchaser, and the Purchaser shall purchase and take assignment and delivery of, all of the Seller's right, title and interest in, to and under the following assets as of the Closing Date (other than the Excluded Accounts and the Excluded Assets): any and all amounts owing from the Cardholders to the Seller (whether billed or unbilled, posted or not) in connection with the Overdue Accounts, including, without limitation, all principal, outstanding purchases, cash advances, interest (including accrued but unbilled interest), annual fees, finance and service charges and other charges and fees, less any and all amounts owing from the Seller to the Cardholders as a credit balance, whether or not credited (hereinafter referred to collectively as the "Overdue Receivables"). The parties hereto intend that the conveyance of the Seller's right, title and interest in and to the Overdue Receivables shall constitute an absolute sale, conveying good title free and clear of any liens, claims, encumbrances or rights of others from the Seller to the Purchaser and that the Overdue Receivables shall not be a part of the Seller's estate in the event of the insolvency of the Seller or a conservatorship, receivership or similar event with respect to the Seller. It is the intention of the parties hereto that the arrangements with respect to the Overdue Receivables shall constitute a purchase and sale of such Overdue Receivables and not a loan. In the event, however, that it were to be determined that the transactions evidenced hereby constitute a loan and not a purchase and sale, it is the intention of the parties hereto that this Agreement shall constitute a security agreement under applicable law, and that the Seller shall be deemed to have granted and does hereby grant to the Purchaser a first priority perfected security interest, in all of the Seller's right, title and interest, whether now owned or hereafter acquired, in, to and under the Overdue Receivables to secure the rights of the Purchaser hereunder and the obligations of the Seller hereunder.
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Overdue Receivables. Accounts Receivable of the Borrower that are outstanding for more than (a) with respect to Accounts Receivable owing by independent sales representatives of the division of the Borrower previously constituting the "Scholastic Division" of the Balfour Sellers, (i) during the months of July, August, November and December of any year (and during the month of June of 1997), one hundred eighty (180) days past the earlier to occur of (A) the date of the respective invoices therefor and (B) the date of shipment
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Overdue Receivables. Other than the right of Cardholders or other obligors to assert claims and defenses against the Seller pursuant to 12 C.F.R. ss.226.12(c) and under any other applicable laws and the Cardholders' "billing error" rights pursuant to 12 C.F.R. ss.226.13, to the best of the Seller's knowledge, the Overdue Receivables are not subject to Cardholder or other obligor claims, offsets or adjustments and represent the legal, valid and binding obligations of the Cardholders, enforceable against the Cardholders in accordance with their terms, except as enforcement thereof may be limited by bankruptcy, fraudulent transfer, reorganization, moratorium or similar laws of general applicability relating to or affecting creditors' rights or to general equity principles (regardless of whether such matters are considered in a proceeding in equity or at law) and the availability of equitable remedies. Seller makes no representation or warranty regarding the payment or collectibility of the Overdue Receivables.
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Overdue Receivables. Accounts Receivable of the Borrower that are outstanding for more than (a) with respect to Accounts Receivable owing by independent sales representatives of the division of the Borrower previously constituting the "Scholastic Division" of the Balfour Sellers, (i) during the months of July, August, November and December of any year (and during the month of June of 1997), one hundred eighty (180) days past the earlier to occur of (A) the date of the respective invoices therefor and (B) the date of shipment thereof in the case of goods or the end of the calendar month following the provision thereof in the case of services, and (ii) at any other time, one hundred twenty (120) days past the earlier to occur of (A) the date of the respective invoices therefor and (B) the date of shipment thereof in the case of goods or the end of the calendar month following the provision thereof in the case of services, (b) with respect to Accounts Receivable owing by Walmart Stores, the earlier to occur of (i) one hundred fifty (150) days past the date of shipment of the goods relating thereto and (ii) one hundred twenty (120) days past the due date for payment thereon, (c) with respect to Accounts Receivable owing by any of the Specified Account Debtors classified as "60 Day Term Specified Account Debtors" on the Specified Account Debtor Letter, the earlier to occur of (i) one hundred twenty (120) days past the date of shipment of the goods relating thereto and (ii) sixty (60) days past the due date for payment thereon, (d) with respect to Accounts Receivable owing by any of the Specified Account Debtors classified as "90 Day Term Specified Account Debtors" on the Specified Account Debtor Letter, the earlier to occur of (i) one hundred fifty (150) days past the date of shipment of the goods relating thereto and (ii) sixty (60) days past the due date for payment thereon, (e) with respect to Accounts Receivable owing by any of the Specified Account Debtors classified as "120 Day Term Specified Account Debtors" on the Specified Account Debtor Letter, the earlier to occur of (i) one hundred fifty (150) days past the date of shipment thereof and (ii) thirty (30) days past the due date for payment thereon, (f) sixty (60) days past the due date for payment thereon with respect to Accounts Receivable (A) owed by college students who have purchased goods on an installment sale basis with full payment to be due within eight (8) months of the date of sale, (B) owed by high school stude...
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Related to Overdue Receivables

  • Receivables (a) No amount payable to such Grantor under or in connection with any Receivable is evidenced by any Instrument or Chattel Paper which has not been delivered to the Administrative Agent. (b) None of the obligors on any Receivables is a Governmental Authority. (c) The amounts represented by such Grantor to the Lenders from time to time as owing to such Grantor in respect of the Receivables will at such times be accurate.

  • Collection of Receivables Except as otherwise provided in this Security Agreement, such Grantor will collect and enforce, at such Grantor’s sole expense, all amounts due or hereafter due to such Grantor under the Receivables owned by it.

  • Reassignment of Purchased Receivables Upon deposit in the Collection Account of the Purchase Amount of any Receivable repurchased by Seller under Section 5.1 hereof, Purchaser and the Issuer shall take such steps as may be reasonably requested by Seller in order to assign to Seller all of Purchaser’s and the Issuer’s right, title and interest in and to such Receivable and all security and documents and all Other Conveyed Property conveyed to Purchaser and the Issuer directly relating thereto, without recourse, representation or warranty, except as to the absence of Liens created by or arising as a result of actions of Purchaser or the Issuer. Such assignment shall be a sale and assignment outright, and not for security. If, following the reassignment of a Purchased Receivable, in any enforcement suit or legal proceeding, it is held that Seller may not enforce any such Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce the Receivable, Purchaser and the Issuer shall, at the expense of Seller, take such steps as Seller deems reasonably necessary to enforce the Receivable, including bringing suit in Purchaser’s or in the Issuer’s name.

  • Conveyance of Initial Receivables In consideration of the Issuing Entity’s delivery to or upon the order of the Depositor of the Notes and the Certificates, on the Closing Date the Depositor does hereby sell, transfer, assign, set over and otherwise convey to the Issuing Entity, without recourse (subject to the obligations of the Depositor set forth herein), pursuant to an assignment in the form attached hereto as Exhibit C (the “Initial SSA Assignment”) all right, title and interest of the Depositor, whether now or hereafter acquired, and wherever located, in and to the following: (a) the Initial Receivables identified in the Schedule of Receivables to the Initial SSA Assignment delivered to the Issuing Entity (all of which are identified in World Omni’s computer files by a code indicating the Initial Receivables are owned by the Trust and pledged to the Indenture Trustee) and all monies received thereon and in respect thereof after the Initial Cutoff Date; (b) the security interests in, and the liens on, the Financed Vehicles granted by Obligors in connection with the Initial Receivables and any other interest of the Depositor in such Financed Vehicles; (c) any proceeds with respect to the Initial Receivables from claims on any physical damage, credit life or disability insurance policies covering such Financed Vehicles or Obligors; (d) any Financed Vehicle that shall have secured an Initial Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer or the Trust; (e) all funds on deposit in, and “financial assets” (as such term is defined in the Uniform Commercial Code as from time to time in effect) credited to, the Trust Accounts, including the Reserve Account, the Negative Carry Account, if any, and the Pre-Funding Account, if any, from time to time, including the Reserve Account Initial Deposit, any Reserve Account Subsequent Transfer Deposit, the Negative Carry Account Initial Deposit, if any, and the Pre-Funding Account Initial Deposit, if any, and in all investments and proceeds thereof (including all income thereon); (f) the Receivables Purchase Agreement; (g) all “accounts,” “chattel paper,” “general intangibles” and “promissory notes” (as such terms are defined in the Uniform Commercial Code as from time to time in effect) constituting or relating to the foregoing; and (h) the proceeds of any and all of the foregoing (including Liquidation Proceeds); provided, however, that the foregoing items (a) through (h) shall not include the Notes and Certificates.

  • The Receivables SECTION 3.01 Representations and Warranties of the Seller with Respect to the Receivables.......