Required reporting to BPF Sample Clauses

Required reporting to BPF. BPF, through the Credit and Collections Committee, is responsible for decisions regarding the granting of credit and the collection of receivables. Each Originator is required to receive approval from the Credit and Collections Committee for the following types of transactions related to the granting of credit: ¡ Establishment of significant new credit lines ¡ Significant changes in credit terms of existing customers, both temporary and permanent Each Originator is required to receive approval from the Credit and Collections Committee for the following types of transactions related to collections of receivables: ¡ Suppressing xxxxxxx letters ¡ Assigning receivables to third party collection agencies ¡ Approving legal action against delinquent debtors ¡ Abandoning efforts to collect a debt ¡ Writing off bad debts ¡ Establishing rate of interest charges on delinquent accounts ¡ Obtaining credit insurance ¡ Any other non-routine collection matters Once the approval is received from the Credit and Collections Committee through the BPF Manager, the Originator may take actions as necessary. If the BPF Manager is not available (e.g., the BPF Manager is traveling), approval may be sought from other participants on the Credit and Collections Committee. Each Originator is required to provide the following to the BPF Manager: • A monthly report summarizing all receivables acquired by BPF for the previous month. An example of the “monthly report” is attached herein. • A monthly log of significant items related to their respective sold receivables. While the below items do not require specific approval by the BPF Manager, the log will be reviewed and queried as appropriate on a periodic basis. This log shall include: ¡ Listing of delinquent accounts in the receivable pool ¡ Significant changes in payments terms/dates of significant outstanding invoices ¡ Changes in credit quality of significant customers ¡ Settlements at significantly less than face value ¡ Customers in bankruptcy and the status • Each Originator must provide the BPF Manager with a suggested bad debt expense and reserve based on its historical experience.
Sample 1
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Related to Required reporting to BPF

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