Collections Account

How is Collections defined in How is Collections Account defined in a legal contract?

• Collections Account means any deposit account kept by the borrower at the bank where collections, deposits and other payments with respect to collateral may be made under the specified terms, to which only the bank has access to withdraw or manage the disposition of funds deposited. Seen in 18 SEC filings
• Collections Account means the account established and kept according to a certain [clause], or any new account made as the Collections Account under another [clause]. Seen in 12 SEC filings
• Collections Account means the controlled disbursement account maintained at the bank where collections, deposits and other payments in respect to Collateral are made according to the terms, to which only the Bank has access. Seen in 9 SEC filings
• Collections Account means the account established for the Borrower with a specific bank, which is subject to the Collections Account Control Agreement. Seen in 7 SEC filings

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for 'Definitions of collections account' yourself to verify these results. We are always keen to point people to source documents.

a legal contract?

• Collections means all forms of payments, such as cash, checks, notes, and other forms of payment including returns from insurance, sale transactions, rent, and tax refunds. Seen in 738 SEC filings
• Collections means all funds including service charges, finance charges, fees, insurance payments, and proceeds from the sale of items of value, received by any entity on behalf of a client, or otherwise credited in the client's favor. Seen in 414 SEC filings
• Collections means all the cash collections and other cash proceeds in respect of any receivable, including finance charges and accrued interest, plus all cash proceeds of related collateral. Seen in 386 SEC filings
• Collections means all the funds that are collected by the financial service provider after a predetermined date which includes monthly payments made, full or partial prepayments, and any other funds received which are typically applied towards accrued interest or to reduce the principal balance of the receivable. Seen in 369 SEC filings
• Collections means any funds collected by the servicer from any source on a client's accounts receivables. Seen in 241 SEC filings
• Collections means all funds received from a debtor or on behalf of the debtor, or credited to the debtor, in payment of any debts owed, and applied to such debts. This also includes any money received for the sale of repossessed goods or other collateral. Seen in 126 SEC filings
• Collections means all the amounts that have been received and applied by a service provider on the receivables during a predetermined collection period. Seen in 95 SEC filings
• Collections means all forms of cash collections, distributions, payments, including principal, interest, fees, redemption and withdrawal proceeds payable to the borrower, or other amounts received by the borrower in accord with aGenie Definition 1
• Collections Account means an account at a bank, controlled solely by the bank, accepting and managing collateral-associated payments.
• Relevant Contract Types
• Loan Agreements
• Security Agreements
• Deposit Account Control Agreements
• Relevant Circumstances
• Loan or debt repayment processes.
• Managing collateral for a secured loan.
• For businesses needing an account for depositing payments linked to collateral.
• Relevant Sectors
• Banking
• Finance
• Real Estate
• ny loan constituting collateral. Seen in 85 SEC filings

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for 'Definitions of collections' yourself to verify these results. We are always keen to point people to source documents.

‍

Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

‍

Genie Definition 1

Collections means all payment forms, returns, such as insurance and rent, received or credited for a client or entity.

Relevant Contract Types

• Lease Agreements
• Loan Agreements
• Sales Contracts
• Service Agreements

Relevant Circumstances

• Collection of a client's overdue payments.
• Provision of services on credit.
• Sale or leasing of goods and services.
• Parties entering into a loan agreement.

Relevant Sectors

• Real Estate
• Banking and Finance
• Retail

‍

Genie Definition 2

• Collections Account means a borrower-established account, subject to a Collections Account Control Agreement.

Relevant Contract Types

• Banking Agreements
• Asset Collateral Agreements
• Loan Agreements

Relevant Circumstances

• When a borrower needs to establish an account for loan repayments.
• Establishing loan collateral management systems.

Relevant Sectors

• Banking
• Finance
• Consulting

Genie Definition 2

Collections means proceeds from the sale or disposition of any collateral items, payable to the borrower.

Relevant Contract Types

• Loan Agreements
• Mortgage Agreements
• Asset Purchase Agreements

Relevant Circumstances

• Default on a loan, leading to the sale of collateral.
• Sale or disposition of assets in a business transaction.

Relevant Sectors

• Banking and Finance
• Real Estate
• Manufacturing

‍