Common use of THE COLLECTION AGENT Clause in Contracts

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.