DEBT PROCESSING AND COLLECTION Clause Samples
The Debt Processing and Collection clause outlines the procedures and responsibilities related to managing and recovering outstanding debts. It typically specifies how overdue payments are identified, the steps taken to notify debtors, and the methods used to collect unpaid amounts, such as sending reminders or engaging collection agencies. This clause ensures that there is a clear, systematic approach to handling unpaid debts, thereby minimizing financial losses and clarifying the parties' obligations in the event of non-payment.
DEBT PROCESSING AND COLLECTION. The collection of principal amount and charges shall be made through a collection document issued in advance by the BNDES for the BENEFICIARY to settle such obligations on their due dates.
DEBT PROCESSING AND COLLECTION. 11.1. The BENEFICIARY shall amortize or settle the debt currently assumed through debit(s) against the current accounts it maintains with each of the FINANCIAL AGENTS, to the extent that the proportions mentioned in subsection 7.3 above are respected.
11.2. The amortization mentioned in subsection 11.1 above, may be carried out through a cashier’s check, a payment slip (ficha de compensação) or an electronic bank transfer (DOC), provided it is previously authorized by the FINANCIAL AGENTS.
11.3. As from now, the FINANCIAL AGENTS are irrevocably and irreversibly authorized by the BENEFICIARY, on the due dates of the obligations, to debit against the latter’s current accounts, all amounts due as a result of this Agreement, and the settlement of said amounts shall be subject to the effective availability of funds in the current accounts in which the respective debits will take place. The insufficiency of funds in the current accounts shall constitute a payment default.
11.4. The BENEFICIARY shall check the balance in the “Future Entries” current account, which shall include the charging of the principal and charges, five (5) days prior to the maturity, through which it shall inform the amount required for the settlement of the obligations on the maturity dates.
11.5. At the discretion of each FINANCIAL AGENT, the charging of the principal and charges shall be carried out through a Collection Notice, five (5) days prior to the maturity, through which it shall inform the amount required for the settlement of the charges on the maturity dates.
11.6. Failure to receive the Collection Notice shall not exempt the BENEFICIARY from the obligation of paying the installments of the principal and charges on the dates currently established.
11.7. Since the debt related to Sub-credit B is subject to the daily adjustment pursuant to section 4, the Collection Notice referred to in subsection 11.5 shall be issued by the FINANCIAL AGENTS with the indication of a referential amount in the BNDES’ Monetary Unit (UMBND), the value of which shall be obtained with the Financial Management Department of the International and Financial Area (DEFIN/AF) of the BNDES, and the amount of payment, due in legal tender, shall be calculated based on the respective price on the day of the effective payment.
DEBT PROCESSING AND COLLECTION. Principal and charges will be collected by means of a billing document issued by the CREDITOR, in advance, for the CLIENT to settle those obligations on the maturity dates. Failure to receive the billing document will not exempt the CLIENT from the obligation to pay the principal installments and charges on the dates established in this Instrument.
DEBT PROCESSING AND COLLECTION. Principal and charges will be collected by means of a billing document issued by the CREDITOR, in advance, for the CLIENT to settle those obligations on the maturity dates. Failure to receive the billing document will not exempt the CLIENT from the obligation to pay the principal installments and charges on the dates established in this Instrument. Considering that the debt arising from the "B" and "D" Sub-credits is subject to daily adjustment, in accordance with Clause Eight (Updating of the Debt Value of Sub-credits "B" and "D") of this Instrument, the collection document referred to in this Clause will be issued by the CREDITOR with the indication of a reference value in BNDES Monetary Unit - UMBNDES or US Dollars, whose quotation must be obtained from the official website of BNDES (www. ▇▇▇▇▇.▇▇▇.▇▇), in the Contractual Currencies section, and the amount to be paid, in the currency determined by the corresponding quotation on the date of actual payment.
DEBT PROCESSING AND COLLECTION. The charging of the principal and charges of Sub-credits “A”, “B” and “C” shall be carried out in advance, through a Collection Notice issued by the BNDES, in order for the BENEFICIARY to settle these obligations on the dates they are due. Taking into account that the debt arising from sub-credit “B” is subject to the daily adjustment pursuant to Section Eight, the Collection Notice referred to in that section shall be issued by the BNDES with the indication of a referential amount in the BNDES’ Monetary Unit (UMBND), the value of which shall be obtained with the Financial Management Department of the International and Financial Area (DEFIN/AF) of the BNDES, and the amount of payment, due in legal tender, shall be calculated based on the respective price on the day of the effective payment.
DEBT PROCESSING AND COLLECTION. 13.1 The charges and principal collection shall be made upon the expedition forty eight (48) hours before the collection notification to the Beneficiary by the Financing Agents, informing the amount required to the liquidation of their liabilities on the respective due date.
13.2 As the debt regarding the Sub-credit “A” is subject to the daily update under the terms of Clause IX, collection notification mentioned din Clause 13.1 shall be issued by the Financing Agents with indication of a reference value in a Monetary Unit of BNDES — UMBND which quotation shall be obtained in the Collection Department of Finance Area of BNDES — AF/DECOB, or in the address ▇▇▇.▇▇▇▇▇.▇▇▇.▇▇/▇▇▇▇▇▇/▇▇▇▇▇▇/▇▇▇▇▇▇.▇▇▇ being the payment value be due in current currency verified by the respective quotation of the effective pay day.
13.3 In the absence of the collection notification or in the event of a collection notification in disagreement with the term established not exempt the Beneficiary from its obligation of paying the principal installments and charges on date and values established herein.
13.4 The Financing Agents or Leader shall be made available to the Beneficiary the information, data, and calculations which can be used as base for verification of the due values.
13.5 The Beneficiary shall liquidate all principal installments and charges set forth herein, on the respective due dates, exclusively upon an Electronic Transference Available — ▇▇▇ of its issuance or debt in any account kept by the respective Financing Agent, in this case the payment is subject to the balance availability in account which the debts are processed.
13.6 The financing Agents are already expressly authorized by the Beneficiary and Warranty Providers in an irrevocable manner, to exercise all power required to the payment of debts on the respective bank account that the Beneficiary keeps with the Financing Agents, all amounts that are due pursuant the obligations contained herein, being the payment of these amounts subject to the effective availability of current account balance in which are processed the respective debts taking in account what is set forth in Clause XXI hereof.
DEBT PROCESSING AND COLLECTION. 11.1) The Beneficiary shall amortize or settle the debt now assumed, through a debit into the bank account of its ownership, maintained before each one of the Financial Agents, obeying the proportions mentioned in Sub-Item 7.3. The amortization may be executed also through a bank cheque, bank compensation slip or Credit-into-Account document - DOC, since informed with at least 5 [five] working days in advance by the Beneficiary.
11.2) The Financial Agents are hereby authorized by the Beneficiary, on the maturity date of the commitment, in a irrevocable and unappealable form to make the debit on its bank account, all amounts due derived from this contract, the settlement of these amounts remaining conditioned to the effective availability of a balance on the bank account where the debits are to be made. The insufficiency of balance in the bank account, shall be stated as a delay in the payment.
11.3) At the criterion of each Financial Agent, the collection of the principal and the charges derived from this present operation, shall be made through a collection advice, issued by the Financial Agents, with advance, so the Beneficiary may settle its obligations on the maturity dates.
11.4) The Beneficiary may consult its balances on its bank accounts "Future Entries", on which the collection of the principal and charges shall be stated, with at least 05 [five] days in advance, who shall inform the amount due to settle the commitments on the maturity dates.
11.5) Considering that the debt resulting from Sub-credit "C" is subject to daily updating as provided for in Item 4, above mentioned, the Collection Advice referred to herein shall be issued by BNDE▇
11.6) The non-receipt of the Collection Advice shall not exempt the BENEFICIARY from its obligation to pay the principal and the charges on the dates established in this Contract.
DEBT PROCESSING AND COLLECTION. Principal and charges will be collected by means of a billing document issued by the CREDITOR, in advance, for the CLIENT to settle those obligations on the maturity dates.