Common use of Collections and Remittances Clause in Contracts

Collections and Remittances. Whenever Letter of Credit Issuing Bank receives any payment, interest reimbursement, collection, recovery, setoff, counterclaim or banker’s lien on account of a Letter of Credit, whether from a Letter of Credit Account Party, the Collateral, or otherwise, it shall allocate such receipt as follows:

Collections and Remittances. Whenever Letter of Credit Issuing Bank receives any payment, interest reimbursement, collection, recovery, setoff, counterclaim or banker’s 's lien on account of a Letter of Credit, whether from a Letter of Credit Account Party, the Collateral, or otherwise, it shall allocate such receipt as follows: