Collections Liability Clause Samples
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Collections Liability. Lender shall not, under any circumstances, be liable for any error or omission or delay of any kind occurring in the settlement, collection or payment of any Account or any instrument received in payment thereof or for any damage resulting therefrom unless occasioned by Lender’s fraud, gross negligence or willful misconduct. Lender may, after the occurrence of an Event of Default, without notice to or consent from SouthPeak, ▇▇▇ upon or otherwise collect, extend the time of payment of, or compromise or settle for cash, credit or otherwise upon any terms, any of the Accounts or any securities, instruments or insurance applicable thereto and/or release the obligor thereon. Lender is authorized to accept the return of the goods represented by any of the Accounts, without notice to or consent of SouthPeak, or without discharging or any way affecting the Obligations. Lender shall not be liable for or prejudiced by any loss, depreciation or other damage to the Accounts and other Collateral unless caused by Lender’s fraud, gross negligence or willful misconduct.
Collections Liability. In accordance with its collections policy, Operator shall take, on behalf of the Board, all reasonable measures to pursue collections on all goods and services provided by Operator, including those billed to Medicare, Medicaid, private insurance, or any other third-party payment arrangement. Operator, in accordance with its admissions and collections policy, shall promptly and diligently (but no later than 60 days from the date the last payment was received for any Resident account) pursue all collections on any Residents’ unpaid balances due to the Board for the care provided from any payor source. If Operator is unable to collect unpaid balances from Residents from whom there is inadequate collection or no reasonable assurance of collection, Operator must initiate an involuntary discharge with respect to such Residents in accordance with its approved admissions and/or collections policy, state and federal law. Operator understands and acknowledges that repeated failure to comply with this subsection without prior approval by the Board shall constitute an Event of Default in accordance with Section 9.02(a), subject to the notice and cure provisions thereof.