Credit and Collection. 17.1. Your continuing creditworthiness is of central importance to us. In order for us to analyze and determine your creditworthiness and financial condition, you agree to furnish us with a completed credit application using our forms, your most recent audited financial statements, your most recent internal financial statements, and such other documents as we reasonably request, both before deliveries begin, and also at any time thereafter. Credit determinations will be made by each Distributor.
17.2. If this Agreement was signed prior to receiving completed credit applications from you, then:
(1) the payment terms in the Schedule may be amended by DMA immediately upon notice to you; and (2) this Agreement is not binding upon DMA or the Distributors if DMA notifies you that your credit application has been rejected by one or more Distributors. Either of such notices must be served within 15 days after DMA receives your completed credit applications.
17.3. Any invoices not paid when due shall bear interest at the rate regularly charged on unpaid accounts by the Distributor issuing the invoice, but not in excess of the rate permitted by law.
17.4. We have the right of setoff to apply any money or credit due from you to us, in any claim or action you assert against us.
17.5. If you fail to make a payment when due, we have the right to stop delivery of Products to you if the failure continues for 7 days after service of a notice from us.
17.6. If we have reasonable grounds, in our sole discretion, for insecurity as to your payment or performance, and give you notice specifying the grounds in reasonable detail, we may withhold delivery of Products until we receive adequate assurances of your payment or performance, in such form as we reasonably request. You will have at least 7 days after receipt of the notice to provide the adequate assurances before we cease deliveries.
17.7. If we have reason to believe, in our sole discretion, that you are or are about to become insolvent, we have the right to take any action provided by law, and also the rights, with or without notice, to: (1) withhold delivery of Products; (2) stop delivery of Products in transit; (3) reclaim Products delivered to you while insolvent, as permitted by law; (4) immediately change payment terms to C.O.D., or (5) require a bank standby letter of credit as security.
17.8. If any proceedings are filed by or against you in bankruptcy, or for appointment of a receiver or trustee, or if you make a...
Credit and Collection. If your account is more than 90 days past due, you will receive a letter stating that you have 20 days to pay your account in full. Partial payments will not be accepted unless agreement has been negotiated with Xxxxx our financial manager. Please be aware that if a balance has remained unpaid, it may be sent to a collection agency. If an account is sent to collection, it is the policy of this office to discharge the patient and possibly immediate family members from the practice. You will at that time be notified by regular and certified mail that you will have 30 days to find alternative medical care. During that 30-day period we will be able to treat you only on an emergency basis.
Credit and Collection. Unpaid balances may incur a 1.5% monthly charge, and expenses related to collecting unpaid balances will be added to the amount owed.
Credit and Collection. If your account is more than 90 days past due, and if a balance has remained unpaid, it may be sent to a collection agency.
Credit and Collection. If your account is more than 90 days past due, you will receive a letter stating that you have 20 days to pay your account in full. Partial payments will not be accepted unless otherwise negotiated. Please be aware that if a balance has remained unpaid, it may be sent to a collection agency.
Credit and Collection. 5.9.1 The Borrower shall not materially breach its obligations under the Collection Contracts in any manner that grants the right to the Operator therein to terminate any Collection Contract, shall comply in all material respects with its credit and collection policies that affect the Collection Contracts or the Security Documents, as in effect on the date of this Agreement, and shall not make any change to such credit and collection policies to the extent such change materially affect the flow of funds from the Collection Contracts or the Security Documents without the prior written consent of the Administrative Agent (acting at the written direction of the Required Lenders).
5.9.2 None of the Obligors shall, without the prior written consent of the Administrative Agent (acting at the written direction of the Required Lenders), enter into any amendment any of the Collection Contracts that materially affects the flow of funds from the Collection Contracts.
Credit and Collection. 16.1. Your continuing creditworthiness is of central importance to us. In order for us to analyze and determine your creditworthiness and financial condition, you agree to furnish us with a completed credit application using our forms. We acknowledge and agree that for so long as you are a corporation whose stock is publicly traded on a national stock exchange, we will have access to your financial statements that are publicly filed with the Securities and Exchange Commission (“SEC”) and available on your website at wxx.xxxxxxx.xxx. You agree to furnish to us such other documents as we reasonably request, both before deliveries begin, and also at any time thereafter. Any of the Units which you do not own or manage (i.e. franchisees) shall be required to provide quarterly and year-end financial statements and such other documents as we reasonably request. Credit determinations and the other actions described in this Credit and Collection section will be made independently by each Distributor.
16.2. If this Agreement was signed prior to receiving completed credit applications from you, then:
(1) the payment terms in the Schedule may be amended by DMA immediately upon notice to you; and (2) this Agreement is not binding upon DMA or the Distributors if DMA notifies you that your credit application has been rejected by one or more Distributors, stating the reason(s) with sufficient specifity. Either of such notices must be served within 15 days after DMA receives your completed credit applications.
16.3. Any invoices not paid when due shall bear interest at the rate regularly charged on unpaid accounts by the Distributor issuing the invoice, but not in excess of the rate permitted by law. The rate used will be the prime lending rate as published in the Wall Street Journal.
Credit and Collection. 17 9(d)(1) COLLECTION....................................................17 9(d)(2) CLIENT PAYMENTS MADE DIRECTLY TO SNELXXXX.....................17 9(d)(3)
Credit and Collection. Account Maintenance -- The Credit and Accounts Receivable Management System (CARMS) produces an action list on a daily basis, which lists accounts that require attention due to a change in status (account over credit limit, account past due, etc). -- Action lists are reviewed by credit analysts for resolution. -- Summary past due reports are generated on a monthly basis and are reviewed by the analysts for credit restriction. >> Credit analysts continue follow up by making timely collection calls to customers on past due invoices until payment is received. -- Sales is contacted to assist with collection of past due items and the resolution of customer disputes. -- If payment is not received or a mutual payment arrangement cannot be made, the customer is sent a final demand notice, which details the debt and allows the customer ten working days to make acceptable payment arrangements. -- If payment is still not received and no payment agreement has been made, the account is referred to the Area Credit Manager for further disposition. - Collection Agencies / Bankruptcies -- Accounts which are seriously past due may be referred to FM's legal counsel for action or placed with an outside collection agency. Accounts are moved to a separate credit manager code for follow-up. -- Accounts that have filed for bankruptcy are moved to a separate credit manager code for follow-up and are written off quarterly. AFTERMARKET - CUSTOMER BASE OVERVIEW - Number of Aftermarket and Retail Accounts -- 5,548 active Aftermarket accounts -- 187 active Retail accounts - Product Portfolio -- Powertrain Systems - power cylinder systems, engine bearings, pistons, piston rings, piston pins, piston liners, connecting rods, bushings, washers, spark plugs, ignition wires and cables, ignition coils, and ceramic insulators. -- Sealing Systems - total engine sealing, total transmission sealing, total axle sealing, cylinder head gaskets, ancillary gaskets, dynamic seals, bonded pistons, wiper products, heat xxxxxxx, noise and vibration sealing systems. -- General Products - camshafts, brake and friction products, chassis products, driveline products, fuel pumps, carburetors, emission control products, strobes, marker lights, reflective tape, sintered products, and systems protection products. - Method of Order Placement and Shipment -- Orders can be placed electronically via EDI or through Federal-Mogul's Customer Service/Order Entry via phone or fax. -- Aftermarket orders are usually shipped...
