Common use of Collection Days Clause in Contracts

Collection Days. All payments and all amounts received on any Account will be credited by CDF to Borrower’s account (subject to final collection thereof by CDF in its account, which shall be determined in accordance with the schedule set forth in the following sentence). Such funds shall be credited against Borrower’s outstanding principal loan balance (i) on the same Business Day as received if sent by wire transfer, (ii) one Business Day after receipt if sent by ACH, or (iii) two Business Days after received if paid by check. CDF will recognize and credit any payments made by check, ACH, federal wire, or other means, according to its payment recognition policies from time to time in effect, or as otherwise agreed. Information regarding CDF payment recognition policies is available from Borrower’s CDF representative, the CDF website, or will be communicated to Borrower.