Transfer of Cash, Receivable Files and Records Sample Clauses
The 'Transfer of Cash, Receivable Files and Records' clause governs the process by which all relevant financial assets, such as cash and accounts receivable, along with their supporting documentation and records, are handed over from one party to another, typically in the context of a business sale or asset transfer. This clause outlines the timing, method, and scope of the transfer, ensuring that the receiving party obtains all necessary files and records to manage and collect outstanding receivables. Its core function is to facilitate a smooth transition of financial control and information, minimizing disputes and ensuring both parties have clarity regarding the assets being transferred.
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Transfer of Cash, Receivable Files and Records. As soon as practicable after the effective date of its resignation or termination, the predecessor Servicer will (i) transfer to the successor Servicer all funds relating to the Receivables that are held or later received by the predecessor Servicer and (ii) deliver to the successor Servicer the Receivable Files and the accounts and records maintained by the Servicer. The Servicer will not be obligated to provide, license or assign its processes, procedures, models, servicing software or other applications to any successor Servicer or any third party, or provide anything covered by a restriction on transfer or assignment or a confidentiality agreement.