Collection Agent Clause Samples

Collection Agent. The Initial Collection Agent shall be responsible for the servicing, administration and collection of the Receivables, all on the terms set out in (and subject to any rights to terminate the Initial Collection Agent as Collection Agent pursuant to) the Second Tier Agreement. Pursuant to the terms of the Second Tier Agreement, the Initial Collection Agent has the right to appoint an Affiliate of the Initial Collection Agent to perform certain services set forth in Article III of the Second Tier Agreement.

Collection Agent. The following shall relate to the enforcement of this Agreement: (a) The Secured Parties hereby appoint Whitebox Advisors, LLC as the initial collection agent and attorney-in-fact for the Secured Parties under this Agreement (in such capacity, the “Collection Agent”) to serve from the date hereof until the termination hereof, or until the Collection Agent’s successor is duly appointed by agreement among the Secured Parties and their successors in interest and the Secured Parties and their successors in interest notify Sutura in writing of the newly appointed successor Collection Agent. Each Secured Party hereby authorizes the Collection Agent to act as exclusive agent of and for all Secured Parties for purposes of taking any action to enforce rights and foreclose and dispose of any Collateral under this Agreement and the Patent and Trademark Security Agreement (together, the “Security Agreements”). Each Secured Party agrees that it shall not take any action against Sutura to enforce rights under the Security Agreements and foreclose and dispose of any Collateral, except through and as directed by the Collection Agent. (b) Each Secured Party hereby irrevocably authorizes the Collection Agent to take such action and to exercise such powers hereunder as provided herein or as requested in writing by any of the Secured Parties. The Collection Agent may rely upon advice of counsel concerning legal matters, advice of certified public accountants with respect to accounting matters and advice of other experts as to any other m▇▇▇▇▇ which it reasonably believes to be genuine or to have been presented by an appropriate person under the circumstances. The Collection Agent may execute any of its duties hereunder by or through agents or employees and shall be entitled to request and act in reliance upon the advice of counsel concerning all matters pertaining to its duties hereunder and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance therewith. The Collection Agent may take any and all actions that the Collection Agent deems necessary or appropriate, in its reasonable discretion, in exercising its powers hereunder, including, but not limited to, initiating any action in the name of the Secured Parties against Sutura, foreclosing on the Collateral or exercising any other rights available to the Collection Agent on behalf of the Secured Parties at law or in equity. (c) Sutura may rely on all orders and directions of the Col...

Collection Agent. The Initial Collection Agent shall be responsible for the servicing, administration and collection of the Receivables, all on the terms set out in (and subject to any rights to terminate the Initial Collection Agent as Collection Agent pursuant to) the Second Tier Agreement. Pursuant to the terms of the Second Tier Agreement, the Initial Collection Agent has the right to appoint an Affiliate of the Initial Collection Agent to perform certain services set forth in Article III of the Second Tier Agreement. The Initial Collection Agent has appointed each Originator as a sub-collection agent with respect to the Receivables originated by it to perform certain duties as more fully set forth in the Letter Agreement.

Collection Agent. The Manager will use its reasonable best efforts to timely collect on all accounts receivable of the Business. The Manager and the Business agree that the following procedures will apply with respect to the billing and collection of payments: (i) The Business will establish an account at a bank approved by the Manager (the “Collecting Bank”) in the Business’s name (the “Lockbox Account”). Unless the Business receives the Manager’s prior written approval, the Business will maintain the Lockbox Account until the Manager collects all amounts billed by the Manager hereunder. The Collecting Bank may not provide financing to the Business nor act on the behalf of another party in connection with the provision of financing to the Business. The Business has sole control of the Lockbox Account and the Collecting Bank is subject only to the Business’s instructions regarding the account; the Manager has no right or interest in or control over the Lockbox Account. (ii) The Business will instruct the Collecting Bank to transfer automatically all amounts deposited into the Lockbox Account constituting good funds to the Manager’s account at the Manager’s Bank (the “Manager’s Account”). If the Business desires to modify or amend in any manner the instructions to the Collecting Bank regarding the Lockbox Account, the Business will notify Manager of such desire and the parties will work in good faith to resolve such request with the Collecting Bank. The Business has no right or interest in or control over the Manager’s Account. (iii) The Business authorizes the Manager to instruct payors to remit all payments directly to the Lockbox Account for all collections generated by the Business or its agents, including employees. The Business will not make any withdrawals from, the Lockbox Account without the prior written consent of the Manager. To the extent the Business or the Manager receives any moneys for goods sold and/or services provided in connection with the Business, the Business and the Manager will deposit all such revenue into the Lockbox Account within seven (7) days.

Collection Agent. Notwithstanding anything to the contrary in any Loan Document, Lead Borrower may from time to time elect to replace R▇▇▇▇▇▇▇▇ with another collection agent (or similar service provider) for the Loan Parties’ Accounts included in the Borrowing Base; provided that (i) such collection agent or service provider must be reasonably acceptable to the Administrative Agent in its Permitted Discretion (considering factors including the financial condition, creditworthiness, industry experience and relationships, and general business reputation of such Person and its Affiliates) and (ii) the collection agency agreement (or similar agreement) between such collection agent or service provider and the Loan Parties that replaces the R▇▇▇▇▇▇▇▇ Factoring Agreement must be reasonably acceptable to the Administrative Agent in its Permitted Discretion. If Lead Borrower provides written notice of such election to the Administrative Agent and such replacement Person and agreement are so acceptable to the Administrative Agent, then the Administrative Agent, the Lenders and Lead Borrower shall negotiate in good faith to promptly amend, restate, supplement, replace and/or otherwise modify the provisions of this Credit Agreement and/or the other Loan Documents (including the R▇▇▇▇▇▇▇▇ Collateral Assignment) as reasonably necessary to reflect such replacements (subject to approval by the Required Lenders, such approval not to be unreasonably withheld, conditioned or delayed), with the parties to use commercially reasonable efforts to preserve the original intent of the applicable Loan Documents and provisions thereof taking into account such replacements. In no event shall the appointment of any such replacement of R▇▇▇▇▇▇▇▇ become effective prior to (x) the approval of such Person and the replacement collection agency agreement (or similar agreement) by the Administrative Agent in accordance with this Section 1.11, (y) the approval of the amendments, restatements, supplements, replacements and/or other modifications of the Loan Documents as are contemplated by this Section 1.11, and (z) the implementation of any changes to the Loan Parties’ cash management structure reasonably required by the Administrative Agent in its Permitted Discretion in connection with such replacement (including a replacement of the R▇▇▇▇▇▇▇▇ Collection Account and/or the Control Agreement with respect thereto). For avoidance of doubt, the provisions of this Section 1.11 shall also apply, mutatis mutandis, ...

Collection Agent. SA may at any time appoint a financial institution acceptable to SA and BV to act as its collection agent for the purpose of collecting on its behalf all payments made or to be made by BV to SA hereunder. In the event that SA wishes to appoint a collection agent as aforesaid, it shall enter into a collection agency agreement with such collection agent in form and substance acceptable to it, BV and such collection agent.

Collection Agent. The Person acting as Agent for Lender, which ---------------- is responsible for receiving payments under the Pledged Notes Receivable from Account Debtors. The Collection Agent is the Bank.

Collection Agent. The Principal Cardholder hereby expressly agrees that Shell shall be entitled to appoint an agent(s) to collect all sums due and owing to Shell from the Principal Cardholder under the terms and conditions of this Agreement without notice to the Principal Cardholder. The costs and expenses of such appointment shall be borne by the Principal Cardholder.

Collection Agent. Until an Obligor has been notified of the purchase of any Purchased Receivables owing by it, the Assignor is hereby appointed to collect the Purchased Receivables on behalf of the Bank (the “Collection Agent”) and the Assignor accepts such appointment. The Assignor acknowledges and confirms that all cheques and remittances of any form from Obligors to the Bank received by the Assignor in its role as Collection Agent shall be received and held by the Assignor on trust for the sole benefit of the Bank. All proceeds of Purchased Receivables received by the Assignor shall be paid directly into a Collection Account. The Assignor shall pay any default interest received from Obligors pursuant to the Contracts In full directly Into a Collection Account. The Assignor acknowledges that collection funds in the Collection Account are held by it on trust for, and belong to the Bank. The Assignor shall remit to the Bank, into the account notified from time to time by the Bank to the Assignor, all proceeds of a Purchased Receivable received by the Assignor at the Maturity Date of such Receivable, or at the first Consolidated Maturity Date following the collection date in case of collection on or later than the Maturity Date of such Receivable.