Common use of Reimbursement of Collection Expenses Clause in Contracts

Reimbursement of Collection Expenses. 6.1 In addition to the one percent (1%) administrative fee, which City will retain pursuant to Section 5.2, City shall use a portion of the assessments collected by a third party collections agent to pay the collection costs agreed to by City and that agent as full compensation for successful collection services rendered; provided, that City shall, (i) at the same time the agent remits successful collections to City, require the collections agent to submit a report describing the successful collections made and the amount retained by the agent, and (ii) provide a copy of that report to VLI.

Reimbursement of Collection Expenses. 6.1 In addition to the one percent (1%) % administrative fee, which City will retain pursuant to Section 5.2, City shall use a portion of the assessments collected by a third party collections agent to pay the collection costs agreed to by City and that agent as full compensation for successful collection services rendered; provided, that City shall, (i) at the same time the agent remits successful collections to City, require the collections agent to submit a report describing the successful collections made and the amount retained by the agent, and (ii) provide a copy of that report to VLI.