Remittance to LAP Clause Samples
The 'Remittance to LAP' clause defines the obligation to transfer payments or funds to a designated Loan Administration Party (LAP). Typically, this clause specifies the timing, method, and conditions under which payments such as loan proceeds, interest, or principal are to be sent to the LAP, ensuring that all financial transactions are properly directed. By clearly outlining the remittance process, this clause helps prevent misdirected payments and ensures that the LAP receives funds in a timely and organized manner, thereby facilitating smooth loan administration and reducing the risk of payment disputes.
Remittance to LAP. All payments will be remitted to the LAP in accordance with Section 7.3.
Remittance to LAP. 1. Re: DCYF, DSHS, and HCA All payments will be remitted to the LAP in accordance with Section 7.3.
Remittance to LAP. 1 1. Re: DCYF, DSHS, and HCA
4 1. a. Coordinating Entity 5 The Coordinating Entity will remit payment to the LAP on 6 the fifth (5th) and twentieth (20th) days of each month. If 7 either the fifth (5th) or the twentieth (20th) day of the month 8 falls on a Saturday, Sunday, or recognized State Holiday, the 9 date for distribution of payment shall be the prior business 10 day if the date falls on a Saturday and the subsequent 11 business day if the date falls on a Sunday or recognized State 12 Holiday. All funds received by the Coordinating Entity from 13 the State on the first (1st) to the fifteenth (15th) calendar day 14 will be remitted to the LAP on the twentieth (20th) day of 15 the same month. All funds received by the Coordinating 16 Entity from the State on the sixteenth (16th) to the last 17 calendar day of the month will be remitted to the LAP on the 18 fifth (5th) day of the following month.
19 2. b. Language Agency 20 The language agency will remit payment to the LAP within 21 seven (7) business days of receiving payment from DSHS.
22 2. Re: L&I
Remittance to LAP. 1. Re: DCYF, DSHS, and HCA