Common use of Collections Charges and Remittances Clause in Contracts

Collections Charges and Remittances. All Collections will go directly to Purchaser and Purchaser shall apply all Collections to Seller’s Obligations hereunder in such order and manner as Purchaser may determine. Seller will hold in trust and safekeeping, as the sole property of Purchaser, and immediately turn over to Purchaser, in identical form received, any payment on a Purchased Account that comes into Seller’s possession. In the event Seller comes into possession of a remittance comprising payments of both a Purchased Account and an Account which has not been purchased by Purchaser, Seller shall hold same in accordance with the provisions set forth above and immediately turn same over to Purchaser, in identical form received. Upon collection of such item, Purchaser shall apply all proceeds of the Purchased Accounts and the account which has not been purchased by Purchaser to the Seller’s Obligations. Seller agrees to indemnify and save Purchaser harmless from and against any and all claims, loss, costs and expenses caused by or arising out of the Accounts or any attempt by Purchaser to collect same or resolve any dispute.

Collections Charges and Remittances. All Collections will go directly to Purchaser Agent for the benefit of Holders and Purchaser Agent shall apply all Collections to Seller’s Obligations hereunder in such order and manner as Purchaser Agent may determine. Seller will hold in trust and safekeeping, as the sole property of PurchaserHolders, and immediately turn over to PurchaserAgent for the benefit of Holders, in identical form received, any payment on a Purchased Account that comes into Seller’s possession. In the event Seller comes into possession of a remittance comprising payments of both a Purchased Account and an Account which has not been purchased by PurchaserAgent, Seller shall hold the same in accordance with the provisions set forth above and immediately turn the same over to PurchaserAgent, in identical form received. Upon collection of such item, Purchaser Agent shall apply all proceeds of the Purchased Accounts and the account Accounts which has have not been purchased by Purchaser Agent to the Seller’s Obligations. Seller agrees to indemnify and save Purchaser Agent and Holders harmless from and against any and all claims, loss, costs and expenses caused by or arising out of the Accounts or any attempt by Purchaser Agent to collect same or resolve any dispute.