Credit and Collection Guidelines definition

Credit and Collection Guidelines means, (a) with respect to TXU, those receivables credit and collection policies and guidelines in effect on the Closing Date and described in Schedule I, and (b) with respect to any other Originator, its receivables credit and collection policies and guidelines on the date it enters into the Purchase and Sale Agreement, in each case as modified in accordance with this Agreement.

Credit and Collection Guidelines means those receivables credit and collection policies and guidelines of the Sellers in effect on the date of this Agreement applicable to the Receivables and described in Exhibit A (as such exhibit may be modified from time to time in accordance with the terms hereof).

Credit and Collection Guidelines means, the Servicer’s Billing, Accounts Receivable and Credit Management Process Guideline and any other policies or guidelines applicable to origination, credit, servicing and collection of any Pool Receivables by Covanta, any Originator or Servicer (on behalf of Seller), as applicable, in each case, as in effect on the Closing Date and set forth in Schedule I, as any of the foregoing are modified in compliance with the restrictions set forth in Exhibit IV; provided, if a new Originator is added pursuant to the terms hereof and it has a different origination policy, the addition of such policy shall be deemed to be a “change” in the Credit and Collection Guidelines for purposes of the covenants set forth in Exhibit IV.

Examples of Credit and Collection Guidelines in a sentence

• The Seller shall not (i) make any material change in the character of its business or (ii) make or consent to any change in the Credit and Collection Guidelines that would materially and adversely affect the collectability of the Pool Receivables, the credit quality of the Pool Receivables or the enforceability of any Contract without the prior written consent of the Administrator.

• Not (i) make any material change in the character of its business which change would impair the collectability of any Sold Receivable or (ii) make any change in the Credit and Collection Guidelines that would materially and adversely affect the collectability of the Sold Receivables, the credit quality of the Sold Receivables or the enforceability of any Contract.

• Except as otherwise permitted in the Receivables Purchase Agreement (including in accordance with the applicable Credit and Collection Guidelines), not extend the maturity or adjust the Outstanding Balance downward or otherwise modify the payment terms of any Sold Receivable in any material respect, or amend, modify or waive, in any material respect, any term or condition of any related Contract (which term or condition relates to payments under such Contract).

• Such Originator has complied in all material respects with the applicable Credit and Collection Guidelines with regard to each Sold Receivable originated by such Originator and the related Contract.

• Such Originator shall not make any other material change in any Credit and Collection Guidelines without giving prior written notice thereof to the Company and the Administrator (as the Company’s assignee).

• Except as provided in this Agreement (including in accordance with the applicable Credit and Collection Guidelines), the Servicer shall not extend the maturity or adjust the Outstanding Balance downward or otherwise modify the payment terms of any Pool Receivable in any material respect, or amend, modify or waive, in any material respect, any term or condition of any related Contract (which term or condition relates to payments under such Contract).

• The Seller shall provide the Administrator and each Purchaser Agent with a copy of any amendment to the Credit and Collection Guidelines.

• Except as provided in this Agreement (including in accordance with the applicable Credit and Collection Guidelines), the Seller shall not extend the maturity or adjust the Outstanding Balance downward or otherwise modify the payment terms of any Pool Receivable in any material respect, or amend, modify or waive, in any material respect, any term or condition of any related Contract (which term or condition relates to payments under such Contract).

• The Servicer shall not (i) make any material change in the character of its business which change would impair the collectability of any Pool Receivable or (ii) make any change in the Credit and Collection Guidelines that would materially and adversely affect the collectability of the Pool Receivables, the credit quality of the Pool Receivables or the enforceability of any Contract without the prior written consent of the Administrator and each Purchaser Agent.