Collection Proceeds definition
Examples of Collection Proceeds in a sentence
Consistent with the stated intent of the Parties that all purchases and sales of Purchased Receivables on the Platform result in True Sales for all purposes, Client recognizes and agrees that, following Consummation, Client shall have no rights to or interests whatsoever in Collection Proceeds of Purchased Receivables and no right to possess or to use such collected funds for any purpose.
Following Consummation, Client shall have no residual rights, title or interest (whether legal, equitable or beneficial) in and to, and no control over, the Purchased Receivable and all Collection Proceeds derived or to be derived therefrom, with the Collection Proceeds and any and all monies and funds in any way attributable to the Purchased Receivable being exclusively owned by Payplant.
Settlor shall take any necessary actions, whether administrative or judicial, as required by the Collection Banks in order no notify that the Collection Proceeds shall form part of the trust assets and be able to transfer such proceeds to the Trust Account in accordance with the aforementioned clause, being obliged to prove to Trustee the giving of such notice in due course.
Once such Installments are paid, Trustee shall release one hundred percent (100%) of the remaining Collection Proceeds to Settlor by means of a transfer thereof via SPEI during the next days and until the commencement of the next month.
If the Collection Proceeds are not enough to pay the Installments, the Reserve Amount shall be allocated to pay the Guaranteed Obligations up to the total Reserve Amount existing at that time in the Trust Assets.
Trust Assets shall be comprised of: (a) Any Collection Proceeds deposited in the Collection Accounts under the Fund Concentration Agreements that, with the prior authorization of Maxcom, are received as payments made to it for the telecommunication services rendered, whether the same are transferred to the trust assets on the execution date of this Agreement or later.
Settlor shall be entitled to review and receive online information about the Collection Accounts and the Trust Account through such electronic means provided to it by both the corresponding Collection Bank and Trustee, in order to obtain information as to payments or Collection Proceeds of such Collection Accounts and the Trust Account corresponding to clients of Maxcom for the rendition of telecommunications services.
Along with power of attorney, Association authorizes LMF to act as attorney in fact to direct Counsel in the collection of Ledger Amounts and Counsel will distribute Collection Proceeds to LMF pursuant to the terms of this Purchase Agreement.
If the Collection Proceeds are not enough to pay the Installments under the Credit Agreements on the sixteenth (16th) calendar day of each month or on the immediately succeeding Business Day, Trustee shall withhold in the Trust Account one hundred percent (100%) of the Collection Proceeds received in the Collection Accounts from such day until the time in which enough funds exist in order to pay the Installments under the Credit Agreements.
The Chargor must at all times during the continuance of this Charge, whether prior or subsequent to the occurrence of an Event of Default, credit or pay all Collection Proceeds immediately following receipt by the Chargor, or cause the Collection Proceeds to be credited or paid directly, to or into the Designated Bank Account, except where the Chargee has previously directed or consented to a contrary arrangement.