Common use of Duties of Collection Agent Clause in Contracts

Duties of Collection Agent. (a) The Collection Agent shall take, or cause to be taken, all action necessary or advisable to collect each Receivable in accordance with this Agreement, the Credit and Collection Policy and all applicable laws, rules and regulations using the skill and attention the Collection Agent exercises in collecting other receivables or obligations owed solely to it; provided, however, that the Collection Agent may not sell any Receivables other than to the extent explicitly required by this Agreement or the Purchase Agreement. The Collection Agent shall, in accordance herewith, set aside all Collections to which a Purchaser is entitled and pay from such Collections all Funding Charges and Discount when due under Section 2.3. If so instructed by the Agent, after the occurrence of a Termination Event, the Collection Agent shall transfer to the Agent the amount of Collections to which the Agent and the Purchasers are entitled by the second Business Day following receipt. Each party hereto hereby appoints the Collection Agent to enforce such Person’s rights and interests in the Receivables, but (notwithstanding any other provision in any Transaction Document) the Agent shall at all times after the occurrence of a Termination Event have the sole right to direct the Collection Agent to commence or settle any legal action to enforce collection of any Receivable.

Duties of Collection Agent. (a) The Collection Agent shall take, or cause to be taken, all action necessary or advisable to collect each Receivable in accordance with this Agreement, the Credit and Collection Policy Policies and all applicable laws, rules and regulations using the skill and attention the Collection Agent exercises in collecting other receivables or obligations owed solely to it; provided, however, that the Collection Agent may shall not sell make any Receivables other than changes in its payment instructions to any Obligor without prior notification to the extent explicitly required by this Agreement or the Purchase AgreementAdministrative Agent. The Collection Agent shall, in accordance herewith, set aside all Collections to which a Purchaser Lender is entitled and pay from such Collections all Funding Charges and Discount when due under Section 2.3entitled. If so instructed by the appropriate Lender Agent, after the occurrence of a Termination Event, the Collection Agent shall transfer to the appropriate Lender Agent the amount of Collections to which the Agent and the Purchasers are appropriate Lender entitled by the second Business Day following receipt. Each party hereto hereby appoints the Collection Agent to enforce such Person’s 's rights and interests in the Receivables, but (notwithstanding any other provision in any Transaction Document) the Administrative Agent (with the consent of the Instructing Group or in the case where there are only two Lender Groups and neither Lender Group has a majority of the Commitments, either Lender Agent) shall at all times after the occurrence of a Termination Collection Agent Replacement Event have the sole right to direct the Collection Agent to commence or settle any legal action to enforce collection of any Receivable.

Duties of Collection Agent. (a) The Collection Agent shall take, or cause to be taken, all action necessary or advisable to collect each Receivable in accordance with this Agreement, the Credit and Collection Policy and all applicable laws, rules and regulations using the skill and attention the Collection Agent exercises in collecting other receivables or obligations owed solely to it; provided, however, that the Collection Agent may not sell any Receivables other than to the extent explicitly required by this Agreement or the Purchase Agreement. The Collection Agent shall, in accordance herewith, set aside all Collections to which a Purchaser is entitled and pay from such Collections all Funding Charges and Discount when due under Section 2.3entitled. If so instructed by the appropriate Purchaser Agent, after the occurrence and during the continuance of a Termination Collection Agent Replacement Event, the Collection Agent shall transfer to the appropriate Purchaser Agent the amount of Collections to which the Agent and the Purchasers are appropriate Purchaser Group is entitled by the second Business Day following receipt. Each party hereto hereby appoints the Collection Agent to enforce such Person’s 's rights and interests in the Receivables, but (notwithstanding any other provision in any Transaction Document) the Agent Agent, upon the direction of the Instructing Group, shall at all times after the occurrence and during the continuance of a Termination Collection Agent Replacement Event have the sole right to direct the Collection Agent to commence or settle any legal action to enforce collection of any Receivable.

Duties of Collection Agent. (a) The Collection Agent shall take, or cause to be taken, all action actions necessary or advisable to collect each Receivable in accordance with this Agreement, the Credit and Collection Policy and all applicable laws, rules and regulations using the skill and attention the Collection Agent exercises in collecting other receivables or obligations owed solely to it; provided, however, that the Collection Agent may not sell any Receivables other than to the extent explicitly required by this Agreement or the Purchase Agreement. The Collection Agent shall, in accordance herewith, set aside all Collections to which a Purchaser Lender is entitled and pay from such Collections all Funding Charges Interest and Discount Fees when due under Section 2.3due. If so instructed by the Agent, after the occurrence of a Termination Event, the Collection Agent shall transfer to the Agent the amount of Collections to which the Agent, each Lender Agent and the Purchasers Lenders are entitled by the second Business Day following receipt. Each party hereto hereby appoints the Collection Agent to enforce such Person’s 's rights and interests in the Receivables, but (notwithstanding any other provision in any Transaction Document) the Agent shall at all times after the occurrence of a Termination Collection Agent Replacement Event shall have the sole right to direct the Collection Agent to commence or settle any legal action to enforce collection of any Receivable; provided, that such direction shall not conflict with (i) the terms of the Transaction Documents or the relevant Contract, (ii) applicable law or (iii) so long as no Insurer Default has occurred, any instructions from the Insurer.