Common use of Correspondence and Payments Clause in Contracts

Correspondence and Payments. CCC, on behalf of Seller, shall forward to the Buyer or its designee by overnight delivery service, no later than three (3) business days immediately following the Seller’s receipt thereof, any and all checks, wire transfers and correspondence related to any Sold Asset to the extent that such checks, wire transfers, or correspondence are received by the Seller on or after the Closing Date and relate to proceeds of the Sale Containers payable after the Effective Date for periods beginning on or after the Effective Date. It is agreed that any cash payment received from and after the Effective Date from any lessee with respect to the Lease of a Sale Container (to the extent that such cash payment relates to a Sale Container) will be applied as designated by the lessee and that if the lessee does not designate application of the cash payment, then such payment will be applied to the oldest outstanding invoice(s). Any payments prepaid under any Lease with respect to a Sale Container will be prorated as of the Effective Date.