Remittance of Receivables Clause Samples

The Remittance of Receivables clause outlines the process by which payments collected from customers or debtors are transferred to the appropriate party, typically the seller or a financing entity. This clause specifies the timing, method, and conditions under which receivables must be remitted, such as requiring electronic transfers within a set number of days after collection. Its core function is to ensure timely and accurate transfer of funds, thereby reducing the risk of delayed payments and providing clarity on financial responsibilities between parties.
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Remittance of Receivables. Merchant will remit Receivables to Purchaser in good faith as provided herein, subject to the provisions of this Agreement, including without limitation Section 2(b), Section 5 and Section 7(B).
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Remittance of Receivables. After the Closing Date, any payment received by the Seller in respect of the Receivables shall be remitted to the Buyer as soon as reasonably practicable after the Seller's receipt of such payment.
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Remittance of Receivables. The Borrower shall notify all Customers, including Customers which are account debtors in respect of Receivables of the kind described in clause (n) of the definition of Eligible Receivables, to remit directly all payments of Receivables and other payments constituting proceeds of Collateral to an applicable lock-box or Blocked Account in the form received for deposit in the associated Blocked Account; and the Borrower shall not, without obtaining the prior consent of Lender, establish any Deposit Accounts, other than the Blocked Accounts and the Concentration Account, pursuant to which payments on account of Receivables are made to or on behalf of any of Borrower or any of its Subsidiaries.
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Remittance of Receivables. If, after the Closing Date, ------------------------- Nexell California or its Affiliates shall receive any remittance from any account debtors with respect to the trade accounts receivable being conveyed to ▇▇▇▇▇▇ pursuant to this Agreement, Nexell California or such Affiliate shall endorse such remittance to the order of ▇▇▇▇▇▇ and forward it to ▇▇▇▇▇▇ promptly upon receipt thereof.
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Remittance of Receivables. Conditions · File transfer of the open items of the debtors accounts (see CGA’s file transfer instructions) within 10 working days of completion of the file · Frequency : at least on a monthly basis. CGA issues, on behalf of the Clients, the remittance of receivables. This remittance will be sent to the Clients for control and signature under the complete responsibility of the Clients. In case of Electronic signature, CGA will generate the voucher corresponding to the transmitted receivables and transmit it to the Clients for control and validation. The Clients will send the voucher remittance split by currencies invoiced. To allow differential tracking of receivables, the parties agree to open a current account in the main currency: Euro (EUR), in a sub-account in U.S. Dollar (USD) and in another sub-account in Zloty (PLN) provided that the sub-account in US Dollar (USD) and the sub-account in Zloty (PLN) form a single item of the main account in Euro (EUR) together with all consequences relating thereto. The Client, will send the euro-based billing in the Euro account, the dollar-based billing on the sub account in U.S. Dollar and the zloty-based billing on the subaccount in Zloty. Should the data files sent by the Client not be processed, CGA shall not be liable of any subsequent processing delays. In case of material anomaly in the remittance, CGA reserves the right to suspend the financing relating to this remittance until regularisation.
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Remittance of Receivables. The Member shall remit to CGA, once they are prepared, its invoices and all documents which have the purpose or effect of modifying the amount of the receivables or their terms of payment (credit notes, debit notes, etc.), as well as all supporting documents provided in the Special Conditions. Each remittance shall be the subject of a summary sheet pursuant to the model approved by CGA and including a subrogation release. As CGA has become the owner of the receivables, the Member may no longer modify their amount or terms of payment without CGA’s consent. If CGA comes to assume receivables that are due after more than 130 days, a so called “long receivable” commission shall be applied. It shall be calculated on a time-prorated basis on the tax-inclusive amount of the receivable concerned and over the period exceeding 130 days, with a minimum of one month collection; its rate shall be 0.10 % per month. Invoices must be in conformity with the current regulations and the Member, who guarantees it, shall affix to it the payment clause in favour of CGA, in conformity with the model approved by it. The member agrees to insert this clause into its invoices within 3 months after the effective date of the contract. By the mere fact of remitting a copy of the invoice to CGA, the Member guarantees that the original, bearing the payment clause, has been first sent to the debtor. CGA may nevertheless decide at any time to send the originals of the invoices itself. If the due date is extended by more than 15 days, CGA shall charge a commission known as an extension commission. The extension commission shall be calculated on the tax-inclusive amount of the extended receivable and over the period exceeding the initial due date, with a minimum of one month collection; its rate is defined in the Special Conditions. The costs and fees incurred in collection proceedings as well as internal management costs shall be payable by CGA. However, they shall continue to be payable by the Member for all unguaranteed receivables, and for the guaranteed receivables if it is ascertained that their nonpayment is due to causes other than the financial default of the debtor. CGA reserves the right to request, at any time, disclosure of the original or the copy of any additional document that it considers relevant, by return mail. Where this is absent, CGA, at its discretion, may return the receivables concerned to the Member or exclude them from the benefit of the guarantee and the financin...
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Remittance of Receivables. Transfer of property The Client transfers to FCF, on a weekly basis, and under a specification agreed by FCF, the list of the Eligible Receivables. Transfer of title of the Eligible Receivables is made by means of conventional subrogation in accordance with article 1250-1° of the French Civil Code. By crediting the Current Account of the amount of the receivables transferred by the Client and which are listed in the summary forms, FCF becomes the sole holder of the title of the aforementioned receivables as a result and as from the day of their registration in the account. The amount of the transferred receivables is inscribed to the credit of the current account within 48 hours of the reception of the form at the latest. To that effect, the Client shall sign upon the activation of the Agreement at the latest, a permanent subrogation form (quittance subrogative permanente) in favor of FCF, of which a template is appended to the present Agreement (Annex 3). FCF is entitled to request at any time the provision of any document on the transferred receivables, in particular invoice, purchase orders (except for phone orders) and delivery notes. The Client has 30 days to deliver the documents. In particular instances, FCF may request the Client to do its best efforts to deliver the documents as soon as possible.
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Related to Remittance of Receivables

  • Conveyance of Receivables (a) Upon the execution of this Agreement by the parties hereto, the Seller, pursuant to the mutually agreed upon terms contained in this Agreement, shall sell, transfer, assign and otherwise convey to the Issuer, without recourse (but subject to the Seller’s obligations in this Agreement), all of its right, title and interest in and to the Receivables and any proceeds related thereto, including any Dealer Recourse and such other items as shall be specified in this Agreement. Concurrently therewith and in exchange therefor, the Issuer shall deliver to, or to the order of, the Seller the Notes and the Certificate. (b) In consideration of the foregoing and other good and valuable consideration to be delivered to the Seller hereunder, on behalf of the Issuer, the Seller does hereby sell, transfer, assign and otherwise convey to the Issuer, without recourse (subject to the Seller’s obligations herein): (i) all right, title and interest of the Seller in and to the Receivables and all monies due thereon or paid thereunder or in respect thereof (including proceeds of the repurchase of Receivables by the Seller pursuant to Section 3.02 or the purchase of Receivables by the Servicer pursuant to Section 4.08 or 9.01) after the Cutoff Date; (ii) the interest of the Seller in the security interests in the Financed Vehicles granted by the Obligors pursuant to the Receivables and any accessions thereto; (iii) the interest of the Seller in any proceeds of any Insurance Policies relating to the Receivables or the Obligors; (iv) the interest of the Seller in any Dealer Recourse; (v) the right of the Seller to realize upon any property (including the right to receive future Liquidation Proceeds) that shall have secured a Receivable and have been repossessed pursuant to the terms thereof; (vi) the rights and interests of the Seller under the Receivables Purchase Agreement; (vii) all proceeds of the foregoing; and (viii) all present and future claims, demands, causes of action and choses in action in respect of any or all of the foregoing and all payments on or under of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Collateral”). (c) It is the intention of the Seller that the transfer and assignment contemplated by this Agreement shall constitute a sale of the Collateral from the Seller to the Issuer and the beneficial interest in and title to the Collateral shall not be part of the Seller’s estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. The Seller agrees to execute and file all filings (including filings under the UCC) necessary in any jurisdiction to provide third parties with notice of the sale of the Collateral pursuant to this Agreement and to perfect such sale under the UCC. (d) Although the parties hereto intend that the transfer and assignment contemplated by this Agreement be a sale, in the event such transfer and assignment is deemed to be other than a sale, the parties intend that all filings described in the foregoing paragraph shall give the Issuer a first priority perfected security interest in, to and under the Receivables, and other Collateral conveyed hereunder and all proceeds of any of the foregoing. This Agreement shall be deemed to be the grant of a security interest from the Seller to the Issuer, and the Issuer shall have all the rights, powers and privileges of a secured party under the UCC. (e) In connection with the foregoing conveyance, the Servicer shall maintain its computer system so that, from and after the time of sale of the Receivables to the Issuer under this Agreement, the Servicer’s electronic files which are maintained for the purpose of identifying retail installment sales contracts which have been transferred in connection with securitizations will show the interest of the Issuer in such Receivable and that the Receivable is owned and controlled by the Issuer. Indication of the Issuer’s ownership of a Receivable shall be deleted from or modified on the Servicer’s computer systems when, and only when, the Receivable has been paid in full, repurchased or assigned pursuant to this Agreement. (f) Ownership and control of the Receivables, as between the Issuer and the Indenture Trustee (on behalf of the Noteholders) shall be governed by the Indenture.

  • Collection of Receivable Payments The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due, and shall follow such collection procedures as it follows with respect to all comparable motor vehicle receivables (including automobiles and light-duty trucks) that it services for itself or others. The Servicer shall be authorized to grant extensions, rebates or adjustments on a Receivable without the prior consent of the Issuer. If, as a result of the extending of payments in accordance with the customary servicing standards of the Servicer, any Receivable will be outstanding later than the Final Scheduled Maturity Date, the Servicer shall be obligated to repurchase such Receivable pursuant to Section 3.08. In addition, in the event that any such rescheduling or extension of a Receivable modifies the terms of such Receivable in such a manner as to constitute a cancellation of such Receivable and the creation of a new motor vehicle receivable (including automobiles and light-duty trucks) that results in a deemed exchange thereof within the meaning of Section 1001 of the Code, the Servicer shall purchase such Receivable pursuant to Section 3.08, and the receivable created shall not be included in Collateral held by the Issuer. Notwithstanding the foregoing, extensions or modifications of the payment schedule of a Receivable can be made only in accordance with the customary servicing procedures of the Servicer, provided that the amount of any extension fee charged in connection with the extension of a Receivable is deposited into the Collection Account by the Servicer in accordance with Section 4.05(a). The Servicer may, in accordance with its customary servicing procedures, waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing the Receivables.

  • Servicing of Receivables The Master Servicer shall service the Receivables as required by the terms of this Agreement and in material compliance with its standard and customary procedures for servicing all its other comparable motor vehicle receivables and in compliance with applicable law; and

  • Collection of Receivable Payments; Modifications of Receivables (a) Consistent with the standards, policies and procedures required by this Agreement, the Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due, and shall follow such collection procedures as it follows with respect to all comparable motor vehicle receivables that it services for itself or others. The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other similar fees that may be collected in the ordinary course of servicing any Receivable. (b) Subject to Section 4.06, the Servicer may grant extensions, rebates, deferrals, amendments, modifications or adjustments on a Receivable in accordance with its customary servicing practices; provided, however, that if the Servicer (i) extends the date for final payment by the Obligor of any Receivable beyond the last day of the Collection Period prior to the Class C Stated Maturity Date or (ii) reduces the APR or unpaid principal balance with respect to any Receivable other than as required by applicable law, it will promptly purchase such Receivable in the manner provided in Section 4.07. (c) The Servicer may, but is not required to, make any advances of funds or guarantees regarding collections, cash flows or distributions. Payments on the Receivables, including payoffs made in accordance with the related documentation for such Receivables, shall be posted to the Servicer’s Obligor records in accordance with the principal, interest or other items in accordance with the related documentation for such Receivables. (d) Subject to the provisions of Section 4.02(b), the Servicer and its Affiliates may engage in any marketing practice or promotion or any sale of any products, goods or services to Obligors with respect to the Receivables so long as such practices, promotions or sales are offered to obligors of comparable motor vehicle receivables serviced by the Servicer for itself and others, whether or not such practices, promotions or sales might result in a decrease in the aggregate amount of payments on the Receivables, prepayments or faster or slower timing of the payment of the Receivables. (e) Notwithstanding anything in this Agreement to the contrary, the Servicer may refinance any Receivable and deposit the full Principal Balance of such Receivable into the Collection Account. The receivable created by such refinancing shall not be property of the Issuer. The Servicer and its Affiliates may also sell insurance or debt cancellation products, including products which result in the cancellation of some or all of the amount of a Receivable upon the death or disability of the Obligor or any casualty with respect to the Financed Vehicle. (f) Records documenting collection efforts shall be maintained during the period a Receivable is delinquent in accordance with the Credit and Collection Policy. Such records shall be maintained on at least a periodic basis that is not less frequent than as set forth in the Credit and Collection Policy, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment) in accordance with the Credit and Collection Policy.