Collection Agent Default Sample Clauses
The 'Collection Agent Default' clause defines the circumstances under which a collection agent is considered to be in default of their obligations under an agreement. Typically, this clause outlines specific actions or failures—such as not remitting collected funds, breaching confidentiality, or failing to perform agreed services—that would trigger a default. For example, if the agent fails to transfer payments to the principal within a specified timeframe, this would constitute a default. The core function of this clause is to provide clear criteria for identifying when a collection agent has failed in their duties, thereby enabling the principal to take remedial action or terminate the agreement if necessary.
Collection Agent Default. The occurrence of any one or more of the following events shall constitute a Collection Agent Default:
(i) the Collection Agent or, to the extent that the Transferor, the Seller or any Affiliate of the Transferor or the Seller is then acting as Collection Agent, the Transferor, the Seller or such Affiliate, as applicable, shall fail to observe or perform any term, covenant or agreement to be observed or performed (A) under Section 5.3(d), 5.3(g) or 5.3(h) or Section 5.4, or (B) under Section 5.3 (other than subsection (d), (g) or (h) thereof) and such failure shall continue for five (5) days, or (ii) the Collection Agent or, to the extent that the Transferor, the Seller or any Affiliate of the Transferor, or the Seller is then acting as Collection Agent, the Transferor, the Seller or such Affiliate, as applicable, shall fail to observe or perform any term, covenant or agreement hereunder (other than as referred to in clause (i) or (iii) of this Section 6.4(a)) or under any of the other Transaction Documents to which such Person is a party or by which such Person is bound, and such failure shall remain unremedied for ten (10) days, or (iii) the Collection Agent or, the extent that the Transferor, the Seller or any Affiliate of the Transferor, or the Seller is then acting as Collection Agent, the Transferor, the Seller or such Affiliate, as applicable, shall fail to make any payment or deposit required to be made by it hereunder when due or the Collection Agent shall fail to observe or perform any term, covenant or agreement on the Collection Agent’s part to be performed under Section 2.8(b) hereof; or
(b) any representation, warranty, certification or statement made by the Collection Agent or the Transferor, the Seller or any Affiliate of the Transferor or the Seller (in the event that the Transferor, the Seller or such Affiliate is then acting as the Collection Agent) in this Agreement, the Receivables Purchase Agreement, the Transferring Affiliate Letter, the BMA Transfer Agreement or in any of the other Transaction Documents or in any certificate or report delivered by it pursuant to any of the foregoing shall prove to have been incorrect in any material respect when made or deemed made; or
(c) failure of the Collection Agent or any of its Subsidiaries, FME KGaA, or FMCH to pay when due any amounts due under any agreement under which any Indebtedness greater that $50,000,000 is governed; or the default by the Collection Agent or any of its Subsidiaries, ...
Collection Agent Default. If any one or more of the following events shall occur (each, a "Collection Agent Default"):
(a) (i) any Collection Agent Party or, to the extent that any Originator or any Affiliate of an Originator is then a Collection Agent Party, such Originator or such Affiliate, as applicable, shall fail to observe or perform any material term, covenant or agreement under this Agreement or any other Transaction Document (other than as referred to in clauses (ii) and (iii) of this Section 2.9(a)), and such failure shall remain unremedied for ten days after a Responsible Officer of such Collection Agent Party has knowledge or obtains notice thereof or (ii) the Collection Agent or, to the extent that any Originator or any Affiliate of an Originator is then acting a Collection Agent Party, such Originator or such Affiliate, as applicable, shall fail to make any payment or deposit required to be made by it under this Agreement or any other Transaction Document when due and such failure remains unremedied for one Business Day, (iii) the Collection Agent shall fail to deliver any Weekly Report or Monthly Report within two Business Days of the date when due or any Daily Report within one Business Day of the date when due or shall fail to deliver any other report required to be delivered by it hereunder or under the Receivables Loan Agreement within two Business Days after a Responsible Officer of the Collection Agent has knowledge or obtains notice thereof, or (iv) during any calendar month, the Collection Agent shall fail to deliver more than two Weekly Reports on the date when due or more than two Daily Reports on the date when due; or
(b) any representation, warranty, certification or statement made by any Collection Agent Party or, to the extent that any Originator or any Affiliate of an Originator is then a Collection Agent Party, by such Originator or such Affiliate, as applicable, in this Agreement, any other Transaction Document or in any report or other document delivered pursuant hereto or thereto shall prove to have been incorrect in any material respect when made or deemed made; or
(c) any Event of Bankruptcy shall occur and be continuing with respect to any Collection Agent Party; or
(d) there shall have occurred since the Closing Date any event or condition which has had or could reasonably be expected to have a material adverse effect on the ability of any Collection Agent Party to perform its obligations under the Transaction Documents; or
(e) there shall hav...
Collection Agent Default. The occurrence of any one or more of the following events shall constitute a Collection Agent Default:
(a) failure of any Collection Agent (other than WorldCom) or any of its Subsidiaries to pay when due any amounts due under any agreement under which any Indebtedness greater than $1,000,000 is governed; or the default by any Collection Agent (other than WorldCom) or any of its Subsidiaries in the performance of any term, provision or condition contained in any agreement under which any Indebtedness greater than $1,000,000 was created or is governed, regardless of whether such event is an "event of default" or "default" under any such agreement; or any Indebtedness of any Collection Agent
Collection Agent Default. A Collection Agent Default shall occur; or
Collection Agent Default. 23 Section 6.5 Indemnities by the Collection Agent............................................ 25
Collection Agent Default. The occurrence of any one or more of the following events shall constitute a default by the Collection Agent (each, a "Collection Agent Default"):
(i) the Collection Agent or, to the extent that the Transferor, the Originator or any Affiliate of the Transferor or the Originator is then acting as Collection Agent, the Transferor,
Collection Agent Default. The occurrence of any one or more of the following events shall constitute a Collection Agent Default:
(a) (i) the Collection Agent or, to the extent that the Transferor, the Seller or any Affiliate of the Transferor or the Seller is then acting as Collection Agent, the Transferor, the Seller or such Affiliate, as applicable, shall fail to observe or perform any term, covenant or agreement to be observed or performed (A) under Section 5.3(d), 5.3(g) or 5.3(h) or
Collection Agent Default. 55 SECTION 6.5. RESPONSIBILITIES OF THE TRANSFEROR AND THE SELLER. 56 ARTICLE VII 57 TERMINATION EVENTS 57 SECTION 7.1. TERMINATION EVENTS. 57 SECTION 7.2. TERMINATION. 59
Collection Agent Default. 49 SECTION 6.08. Responsibilities of the Transferor and the Sellers ...........50 SECTION 6.09. Grant of License .............................................50
Collection Agent Default. 44 SECTION 6.5 Responsibilities of the Transferor and each Seller..............................................46 SECTION 6.6 Collection Agent Indemnification of Indemnified Parties.................................46 SECTION 6.7 Maintenance of Property; Insurance..................46 SECTION 6.8