Remittance of Collections for Participation Loans Sample Clauses

Remittance of Collections for Participation Loans. (1) The Lender shall receive all the loan repayments on Participation Loans in trust for the benefit of the MT SSBCI 2.0 LPP without commingling and shall promptly remit to the MT SSBCI 2.0 LPP its share of all amounts so received. Except as herein provided, the MT SSBCI 2.0 LPP shall not have recourse against the Lender, either for the principal of or interest on the Participation Loans, except to enforce the obligation of the Lender to remit to the MT SSBCI 2.0 LPP its share of principal and interest when, as and if collected by the Lender.
Sample 1
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Remittance of Collections for Participation Loans. (1) The Lender shall receive all the loan repayments on Participation Loans in trust for the benefit of the CDFI/RLF without commingling. Lender will retain the CDFI/RLF’s participated portion of the principal and interest payments due the CDFI/RLF in a separate, restricted account for the benefit of the CDFI/RLF. No disbursements will be made from this account without the expressed written consent of the MT SSBCI 2.0
Sample 1
Remittance of Collections for Participation Loans. (1) The Lender shall receive all the loan repayments on Participation Loans in trust for the benefit of the Board without commingling and shall promptly remit to the Board its share of all amounts so received. Except as herein provided, the Board shall not have recourse against the Lender, either for the principal of or interest on the Participation Loans, except to enforce the obligation of the Lender to remit to the Board its share of principal and interest when, as and if collected by the Lender. Each remittance to the Board, with the exception of Participation Loans serviced under the SBA 1086 Agreement, shall be accompanied by a Participation Report set forth on Exhibit B hereto. The Lender shall remit to the Board its proportionate share of all principal and interest payments received by the Lender within five (5) business days of its receipt thereof. The Board’s share of interest to be remitted by the Lender shall be originally computed from the date of receipt by the Lender from the Board of the purchase price for its Participation Interest in each Participation Loan, and interest on the Participation Loan shall thereafter by computed by Lender as provided for in the note. Any payment received after the five (5) business days grace period will be subject to a late fee equal to the Board’s interest rate, times the late payment amount, times the number of days after the grace period, divided by the method of calculation (365 days, 360 days or 366 days during leap year).
Sample 1

Related to Remittance of Collections for Participation Loans

  • Dues Remittance The amounts deducted under Article 6.1(a) will be remitted monthly to the Association no later than the twentieth (20th) day of the following month. The Employer will subtract any sum to be paid to charitable organizations prior to each monthly remittance to the Association. The Association will advise the Employer in writing one (1) month in advance of any changes in the amount of regular monthly dues. The Employer will inform the Association of the names and ranks of the Members from whose salaries deductions have been made and the amounts so deducted from every Member's salary, on a monthly basis.

  • Sample Collection The collection and testing of the samples shall be performed only by a laboratory and by a physician or health care professional qualified and authorized to administer and determine the meaning of any test results. The laboratory performing the test shall be one that is certified by the National Institute of Drug Abuse (NIDA). The laboratory chosen must be agreed to between the Union and the Employer. The laboratory used shall also be one whose procedures are periodically tested by the NIDA where they analyze unknown samples sent to an independent party. The results of employee’s tests shall be made available to the Medical Review Officer. Collection of urine samples shall be conducted in a manner, which provides the highest degree of security for the sample and freedom from adulteration. Recognized strict chain of custody procedures must be followed for all samples as set by NIDA. The Union and the Employer agree that security of the biological urine samples is absolutely necessary therefore the Employer agrees that if the security of the sample is compromised in anyway, any positive test shall be invalid and may not be used for any purpose. Urine samples will be submitted as per NIDA Standards. Employees have the right for Union or legal counsel representative to be present during the submission of the sample. A split sample shall be reserved in all cases for an independent analysis in the event of a positive test result. All samples must be stored in a scientific acceptable preserved manner as established by NIDA. All positive confirmed samples and related paperwork must be retained by the laboratory for at least six (6) months or for the duration of any grievance, disciplinary action or legal proceedings whichever is longer. At the conclusion of this period, the paperwork and specimen shall be destroyed. Tests shall be conducted in a manner to ensure that an employee’s legal drug use and diet does not affect the test results.

  • Remittance of Dues The Employer shall electronically transmit to the Union on the first bank working day after each payday all dues deducted for that pay period in those bargaining units for which the Union is the exclusive bargaining representative.

  • Advance Payments Payments made by the Borrower to satisfy future installments must be accounted for as prepaid installments of principal and interest. The Servicer should contact the Borrower if there is a question about the Borrower's intention in making any unscheduled payment.

  • Collections All collections of monies or other property in respect, or which are to become part, of the Property (but not the safekeeping thereof upon receipt by PFPC Trust) shall be at the sole risk of the Fund. If payment is not received by PFPC Trust within a reasonable time after proper demands have been made, PFPC Trust shall notify the Fund in writing, including copies of all demand letters, any written responses and memoranda of all oral responses and shall await instructions from the Fund. PFPC Trust shall not be obliged to take legal action for collection unless and until reasonably indemnified to its satisfaction. PFPC Trust shall also notify the Fund as soon as reasonably practicable whenever income due on securities is not collected in due course and shall provide the Fund with periodic status reports of such income collected after a reasonable time.

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