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. 6.2 VLI shall be solely responsible for reimbursing the collections agent for all authorized collection expenses exceeding the funds available for reimbursement pursuant to Section 6.1.

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. 6.2 VLI shall be solely responsible for reimbursing the collections agent for all authorized collection expenses exceeding the funds available for reimbursement pursuant to Section 6.1.