Remittance Collection. On the day received the Bank will open all mail addressed to the Lock Box and remove and inspect the enclosures. All checks, money orders and other forms or orders for the payment of money and other collection remittances (hereinafter collectively referred to as "checks") shall be processed by the Bank as follows:
Remittance Collection. Bank (by and through its agent) will collect the contents of Client’s Lockbox each Business Day. “Instructions” shall mean the Lockbox Instructions on Schedule or other Application, and any and all written additions thereto and modifications thereof. Bank will open or cause to be opened the envelopes or other contents of the Lockbox, remove and inspect all items, drafts, or other orders for the payment of money (collectively, referred to herein as “Items”), all money (U.S. currency and/or coin(s), hereinafter referred to as “Cash”), and enclosures, and handle the Items, Cash, and enclosures as provided herein. An acceptable Item is one that conforms with the following:
Remittance Collection. The BANK is authorized to receive and process the mail addressed to the CUSTOMER as indicated below, and received at the BANK. The BANK will remove and inspect the contents of all envelopes, and all mail which does not contain a check, draft or other order for the payment of money (“ITEMS”) will be sent to the CUSTOMER. (Company Name) 000 Xxxxx XxXxxxx Xxxxxx (Department Number) Xxxxxxx, Xxxxxxxx 00000 (4 digit Department Number) It is Important that the Bank’s zip code, 60674, be included as this expedites the mail processing through the postal system.
Remittance Collection. On the day received, the Bank will open all mail addressed to the Lockbox and remove and inspect the enclosures. All checks, money orders and other forms or orders for the payment of money and other collection remittances (hereinafter collectively referred to as "CHECKS") shall be processed by the Bank as follows:
Remittance Collection. Any non-cash Instrument of Payment presented by Lockbox Agent for collection that is returned unpaid for any reason shall be redeposited once. If redeposit is not warranted for reasons such as "account closed" or "payment stopped," or if any Instrument of Payment is returned unpaid a second time, Lockbox Agent shall forward same to Borrower or, if so instructed in writing by Lender, to Lender, and shall have no further obligation for collection of such Instruments of Payment. If there are any other charges or debits resulting from returned or otherwise dishonored Instruments of Payment, such amounts will be the sole responsibility of Borrower. Undated Instruments of Payment may be dated by Lockbox Agent to agree with the postmark date appearing on the envelope in which such Instruments of Payment were received; provided, however, that Lockbox Agent shall not deposit checks postdated three (3) or more days or dated six (6) months or older, which checks will be forwarded to Borrower or, if so instructed in writing by Lender, to Lender. Instruments of Payment drawn in foreign currency shall be processed for collection, and any corresponding collection charge will be charged to Borrower. Lockbox Agent shall use its best efforts to notify Borrower of any Instrument of Payment or accompanying correspondence that contains any irregularities or discrepancies between the amount owed and the amount of the Instrument of Payment or that bears the legend "Payment in Full," "Accord and Satisfaction," "Final Settlement," or words of similar import, and Borrower shall make the determination as to the future disposition of any such Instrument of Payment. Except as specifically provided above, Lockbox Agent shall follow its general procedures applicable to the presentment, collection, and deposit of negotiable and non-negotiable instruments.
Remittance Collection. The Lockbox Processor shall collect the contents of the Lockbox on each day on which the Lockbox Processor is open for normal business (a "Business Day"). The Lockbox Processor shall open the envelopes and other contents of the Lockbox, remove and inspect the checks and enclosures and process the checks and deposit the cash and enclosures as provided herein; provided however, that any bulk items may be refused at the post office and returned to sender.
