Common use of Buyer Payments Clause in Contracts

Buyer Payments. Merchant agrees that AmeriFirst has the sole right to receive payments on any Contract purchased by AmeriFirst. Unless specifically authorized in writing by AmeriFirst, Merchant agrees not to make any collections on any Contract and to hold in trust for AmeriFirst any payment received by Merchant with respect to any Contract and to deliver such payment to AmeriFirst together with the Buyer's name, Account Number, and any correspondence accompanying the payment within five (5) days of receipt by Merchant. Merchant agrees that Merchant shall be deemed to have endorsed in AmeriFirst's favor any Buyer payments by check, money order, or other instrument made payable to Merchant that a Buyer presents to AmeriFirst, and Merchant hereby authorizes AmeriFirst to supply such necessary endorsements on behalf of Merchant.