Common use of Payments on Accounts Clause in Contracts

Payments on Accounts. At all locations, Professional will make available to Accountholders the address to be used for payment on Accounts to be made directly to Bank. If an Accountholder inadvertently sends a payment on Account to Bank in the name of Professional, Professional agrees that Bank may sign and endorse Professional’s name upon such payment to apply it to the applicable Account. Professional may not accept payment on an Account made by or on behalf of the applicable Accountholder to Professional, for the benefit of Bank, at any of Professional’s locations unless the parties agree in writing on the terms and conditions of Professional’s acceptance of onsite payments. For any purchase financed under the Program that Professional knows to be subject to an insurance claim, Professional will (A) at the time of purchase, either (i) notify Accountholder that Professional will assign all purchase-related insurance proceeds it receives directly to Bank to be applied toward the Accountholder’s Account, or (ii) instruct the applicable insurance company to pay the Accountholder directly, and (B) within 10 days of receipt of any insurance proceeds (or such other period of time agreed upon in writing between the parties), assign and forward such proceeds to Bank and notify the Accountholder of such assignment.

Payments on Accounts. At all locations, Professional will make available to Accountholders the address to be used for payment on Accounts toward Account balances to be made directly to Bank. If an Accountholder inadvertently sends a payment on Account to Bank in the name of Professional, Professional agrees that Bank may sign and endorse Professional’s name upon such payment to apply it to the applicable Account. Professional may not accept payment on an Account made by or on behalf of the applicable Accountholder to Professional, for the benefit of Bank, at any of Professional’s locations unless the parties agree in writing on the terms and conditions of Professional’s acceptance of onsite payments. For any purchase financed under the Program that Professional knows to be subject to an insurance claim, Professional will (A) at the time of purchase, either (i) notify Accountholder that Professional will assign all purchase-related insurance proceeds it receives directly to Bank to be applied toward the Accountholder’s Account, or (ii) instruct the applicable insurance company to pay the Accountholder directly, and (B) within 10 days of receipt of any insurance proceeds (or such other period of time agreed upon in writing between the parties), assign and forward such proceeds to Bank and notify the Accountholder of such assignment.