Common use of Payment of Accounts Clause in Contracts

Payment of Accounts. 7.1. All payments received by us on the Accounts will be promptly applied to your account with us after crediting your customer’s account. The Purchase Price for Accounts with respect to which such remittances have been received and applied by us during a week, less any amounts due us, will be transferred and disbursed to you on Thursday of the following week, or on the next business day thereafter, if said Thursday is not a business day. No checks, drafts or other instruments received by us will constitute final payment of an Account unless and until such items have actually been collected. 7.2. The amount of the Purchase Price of any Factor Risk Account which remains unpaid will be deemed collected and will be credited to your account as of the earlier of the following dates: (a) the date of the Account’s longest maturity if a proceeding or petition is filed by or against the customer under any state or federal bankruptcy or insolvency law, or if a receiver or trustee is appointed for the customer; or (b) the last day of the third month following the Account’s longest maturity date if such Account remains unpaid as of said date without the occurrence of any of the events specified in clause (a) above. If any Factor Risk Account credited to you was not paid for any reason other than Credit Risk, we shall reverse the credit and charge your account accordingly, and such Account is then deemed to be a Client Risk Account.

Payment of Accounts. 7.1. 7.1 All payments received by us on the Accounts will be promptly applied to your account with us after crediting your customer’s account. The Purchase Price for Accounts with respect to which such remittances have been received and applied by us during a week, less any amounts due us, will be transferred and disbursed to you on Thursday Friday of the following week, or on the next business day thereafter, if said Thursday Friday is not a business day. No checks, drafts or other instruments received by us will constitute final payment of an Account unless and until such items have actually been collected. 7.2. 7.2 The amount of the Purchase Price of any Factor Risk Account which remains unpaid will be deemed collected and will be credited to your account as of the earlier of the following dates: (a) the date of the Account’s longest maturity if a proceeding or petition is filed by or against the customer under any state or federal bankruptcy or insolvency law, or if a receiver or trustee is appointed for the customer; or (b) the last day of the third month following the Account’s longest maturity date if such Account remains unpaid as of said date without the occurrence of any of the events specified in clause (a) above. If any Factor Risk Account credited to you was not paid for any reason other than Credit Risk, we shall reverse the credit and charge your account accordingly, and such Account is then deemed to be a Client Risk Account.

Payment of Accounts. 7.1. 7.1 All payments received by us on the Accounts will be promptly applied to your account with us after crediting your customer’s 's account. The Purchase Price for Accounts with respect to which such remittances have been received and applied by us during a week, less any amounts due us, will be transferred and disbursed to you on Thursday of the following week, or on the next business day thereafter, if said Thursday is not a business day. No checks, drafts or other instruments received by us will constitute final payment of an Account unless and until such items have actually been collected. 7.2. 7.2 The amount of the Purchase Price of any Factor Risk Account which remains unpaid will be deemed collected and will be credited to your account as of the earlier of the following dates: (a) the date of the Account’s 's longest maturity if a proceeding or petition is filed by or against the customer under any state or federal bankruptcy or insolvency law, or if a receiver or trustee is appointed for the customer; or (b) the last day of the third month following the Account’s 's longest maturity date if such Account remains unpaid as of said date without the occurrence of any of the events specified in clause (a) above. If any Factor Risk Account credited to you was not paid for any reason other than Credit Risk, we shall reverse the credit and charge your account accordingly, and such Account is then deemed to be a Client Risk Account.

Payment of Accounts. 7.1. 7.1 All payments received by us on the Accounts will be promptly applied to your account with us after crediting your customer’s 's account. The Purchase Price for Accounts with respect to which such remittances have been received and applied by us during a week, less any amounts due us, will be transferred and disbursed to you on Thursday Wednesday of the following week, or on the next business day thereafter, if said Thursday Wednesday is not a business day. No checks, drafts or other instruments received by us will constitute final payment of an Account unless and until such items have actually been collected. 7.2. 7.2 The amount of the Purchase Price of any Factor Risk Account which remains unpaid will be deemed collected and will be credited to your account as of the earlier of the following dates: (a) the date of the Account’s 's longest maturity if a proceeding or petition is filed by or against the customer under any state or federal bankruptcy or insolvency law, or if a receiver or trustee is appointed for the customer; or (b) the last day of the third month following the Account’s 's longest maturity date if such Account remains unpaid as of said date without the occurrence of any of the events specified in clause (a) above. If any Factor Risk Account credited to you was not paid for any reason other than Credit Risk, we shall reverse the credit and charge your account accordingly, and such Account is then deemed to be a Client Risk Account.

Payment of Accounts. 7.1. All 7.1 We shall charge your account monthly with the cost of two (2) calendar days on all payments received at the rate charged by us in section 14.1 below on the Accounts will be promptly applied to your account with us after crediting your customer’s account. The Purchase Price for Accounts with respect to which such remittances have been received and applied by us during a week, less any amounts due us, will be transferred and disbursed to you on Thursday of the following week, or on the next business day thereafter, if said Thursday is not a business daydebit balances. No checks, drafts or other instruments that may be received by us will constitute final payment of an Account unless and until such items have actually been collected. 7.27.2 You will submit to us your written request for adjustment of past due receivables (asking us to mature Factor Risk Accounts) no later than ninety (90) days after the longest maturity date of the Invoice. The amount of the Purchase Price of any Factor Risk Account which remains unpaid unpaid, and which was timely submitted to us, will be deemed collected and will be credited to your account as of the earlier of the following dates: (a) the date of the Account’s longest maturity if a proceeding or petition is filed by or against the customer under any state or federal bankruptcy or insolvency law, or if a receiver or trustee is appointed for the customer; or (b) the last day of the third month following the Account’s longest maturity date if such Account remains unpaid as of said date without the occurrence of any of the events specified in clause (a) above. The request for adjustment must be accompanied by true copies of the invoices, original proofs of delivery, a written report of your efforts to effect collection thereof and confirmation of your prior notification, if any, to us of a collectability problem pursuant to section 8 below. If any Factor Risk Account credited to you was not paid for any reason other than Credit Risk, we shall reverse the credit and charge your account accordingly, and such Account is then deemed to be a Client Risk Account.

Payment of Accounts. 7.1. 7.1 All payments received by us on the Accounts will be promptly applied to your account with us after crediting your customer’s account. The Purchase Price for Accounts with respect to which such remittances have been received and applied by us during a week, less any amounts due us, will be transferred and disbursed to you on Thursday of the following week, or on the next business day thereafter, if said Thursday is not a business day. No checks, drafts or other instruments received by us will constitute final payment of an Account unless and until such items have actually been collected. 7.2. 7.2 The amount of the Purchase Price of any Factor Risk Account which remains unpaid will be deemed collected and will be credited to your account as of the earlier of the following dates: (a) the date of the Account’s longest maturity if a proceeding or petition is filed by or against the customer under any state or federal bankruptcy or insolvency law, or if a receiver or trustee is appointed for the customer; or (b) the last day of the third month following the Account’s longest maturity date if such Account remains unpaid as of said date without the occurrence of any of the events specified in clause (a) above. If any Factor Risk Account credited to you was not paid for any reason other than Credit Risk, we shall reverse the credit and charge your account accordingly, and such Account is then deemed to be a Client Risk Account.