Collection and Defaults Clause Samples
The 'Collection and Defaults' clause outlines the procedures and rights related to collecting payments and handling defaults under an agreement. It typically specifies the steps a party may take if the other party fails to make required payments, such as sending notices, imposing late fees, or initiating collection actions. This clause ensures that both parties understand the consequences of non-payment and provides a clear framework for addressing defaults, thereby reducing uncertainty and helping to enforce timely performance of financial obligations.
Collection and Defaults. 13 11. Maintenance of Records and Accounting Services.......................... 13
Collection and Defaults. The Bank will use all reasonable efforts to collect any funds which may to its knowledge become collectible arising from Portfolio Securities, including dividends, interest and other income, and to transmit to the Fund notice actually received by it of any call for redemption, offer of exchange, right of subscription, reorganization or other proceedings affecting such Securities. If Portfolio Securities upon which such income is payable are in default or payment is refused after due demand or presentation, the Bank will notify the Fund in writing of any default or refusal to pay within two business days from the date on which it receives knowledge of such default or refusal. In addition, the Bank will send the Fund a written report once each month showing any income on any Portfolio Security held by it which is more than ten days overdue on the date of such report and which has not previously been reported.
Collection and Defaults. 13 11. Maintenance of Records and Accounting Services..............13 12. Fund Evaluation and Yield Calculation.......................13 12.1