Common use of DEBT COLLECTION AGENCY [C_COL_AGENCY_02_IND_01] Clause in Contracts

DEBT COLLECTION AGENCY [C_COL_AGENCY_02_IND_01]. Debt Collection Agency: the legal entity designated by Us to provide Receivables Management Services You hereby authorise Us to appoint the Debt Collection Agency to provide the Receivables Management Services. You agree to sign within the prescribed time limit any authorisation, power of attorney or other document necessary to enable the Debt Collection Agency to provide the Receivables Management Services, in particular in case of Insolvency of the Buyer for the purpose of lodging the claim or in case of legal proceedings. We shall represent You on an exclusive basis before the Debt Collection Agency. The Debt Collection Agency shall inform Us regularly of the progress of the Receivables Management Services and will arrange for Us to receive any Recoveries. The Debt Collection Agency shall obtain Our prior written approval before (i) accepting any debt settlement agreement with the Buyer, including but not limited to any payment plan, debt reduction or assignment of the payment right to a third party or (ii) pursuing legal proceedings against a Buyer. We shall forward You the reports received from the Debt Collection Agency in order to keep You informed concerning the progress of the Receivables Management Services. For the purpose of this clause the Receivables Management Services are defined as follows: the services to be provided by the Debt Collection Agency in respect of the collection on your behalf and in your name of the Debts covered by Us either in full or in part and for which a Notification of Overdue Account was made.

DEBT COLLECTION AGENCY [C_COL_AGENCY_02_IND_01]. Debt Collection Agency: the legal entity designated by Us to provide Receivables Management Services You hereby authorise Us to appoint the Debt Collection Agency to provide the Receivables Management Services. You agree to sign within the prescribed time limit any authorisation, power of attorney or other document necessary to enable the Debt Collection Agency to provide the Receivables Management Services, in particular in case of Insolvency of the Buyer for the purpose of lodging the claim or in case of legal proceedings. We shall represent You on an exclusive basis before the Debt Collection Agency. The Debt Collection Agency shall inform Us regularly of the progress of the Receivables Management Services and will arrange for Us to receive any Recoveries. The Debt Collection Agency shall obtain Our prior written approval before (i) accepting any debt settlement agreement with the Buyer, including but not limited to any payment plan, debt reduction or assignment of the payment right to a third party or (ii) pursuing legal proceedings against a Buyer. We shall forward You the reports received from the Debt Collection Agency in order to keep You informed concerning the progress of the Receivables Management Services. For the purpose of this clause the Receivables Management Services are defined as follows: the services to be provided by the Debt Collection Agency in respect of the collection on your behalf and in your name of the Debts covered by Us either in full or in part and for which a Notification of Overdue Account was made.. Or