THE COLLECTION AGENT Sample Clauses
The 'Collection Agent' clause designates a specific party responsible for collecting payments or receivables on behalf of another party, typically within a contractual or financial arrangement. In practice, this clause outlines the agent's authority to receive funds, manage payment processing, and possibly pursue overdue amounts, often specifying the scope of their duties and any limitations. By clearly assigning collection responsibilities, the clause ensures efficient payment handling and reduces confusion or disputes over who is entitled to collect and manage funds.
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THE COLLECTION AGENT. The Collection Agent has been appointed by the Transferor and, upon its accession hereunder, each Additional Transferor as its agent to process Collections received from Obligors in respect of the Accounts. The Transferor and any relevant Additional Transferor shall procure that all Collections processed by the Collection Agent in respect of Designated Accounts are allocated by the Collection Agent to the Barclaycard Operating Account or, as the case may be, Additional Transferor Operating Account as being Collections in respect of Designated Accounts received for and on behalf of the Receivables Trustee.
THE COLLECTION AGENT. 53 ARTICLE XII. AGENTS.................................................................................................60