Administration of Receivables. (a) Consistent with the Company's ownership of the Purchased Receivables of the Originator, the Company shall have all rights to and shall be solely responsible for servicing, administering and collecting the Purchased Receivables. Until the Company (or the Agent pursuant to the Receivables Loan Agreement) gives contrary notice, the Company hereby appoints Eagle-Picher Industries and its sub-agents as its agent (and as Collection Agent under the terms of the Receivables Loan Agreement) for the servicing, administering and collecting of the Purchased Receivables (the "Servicing Agent"), and the Originator hereby accepts such appointment and agrees to perform such duties in accordance with the applicable terms and conditions of the Receivables Loan Agreement. The Originator hereby further agrees not to voluntarily resign as Servicing Agent.
(b) As Servicing Agent, the Originator shall take all actions necessary or advisable to collect each Purchased Receivable with care and diligence and shall perform all other servicing activities related to such Receivables as are required by the Collection Agent pursuant to the Receivables Loan Agreement, including providing reports and other information concerning the Purchased Receivables required to be furnished by the Collection Agent pursuant to the Receivables Loan Agreement and segregating into a separate account all cash, checks and other instruments received by it, in its capacity as Servicing Agent, and, as may be required by the terms of Receivables Loan Agreement, remitting immediately all such Collections thereon to the Company (including the due endorsement or execution of instruments of transfer in the case of checks or other instruments).
(c) In consideration for the Originator's services as Servicing Agent, for so long as the Originator performs such duties, the Company shall pay to the Originator a cash fee equal to (x) 0.5% divided by twelve multiplied by (y) the average daily amount of Purchased Receivables for the immediately preceding month, payable on the Monthly Settlement Date for the immediately preceding month. The parties hereto agree such servicing fee is a fair market value fee for the servicing functions required hereby.
(d) The Company may replace the Originator as Servicing Agent at any time for any reason and upon such replacement, the Originator shall:
(i) on the date each new Purchased Receivable is originated by it, deliver to the Company (or any replacement Servicing Agent appointed b...
Administration of Receivables. Consistent with the Buyer’s ownership of the Purchased Assets with respect to each Originator, the Buyer shall have all rights to and shall be solely responsible for servicing, administering and collecting the Receivables that are part of such Purchased Assets. The Buyer may appoint any Person as its agent to perform such services.
Administration of Receivables. (a) Consistent with CPFC's ownership of the Receivables, CPFC shall be responsible for servicing, administering and collecting the Receivables, and the Seller, as seller, shall have no obligation whatsoever in this regard; PROVIDED that nothing shall prevent CPFC from engaging the services of any Person, including CPC, to service, administer and collect the Receivables as Servicer. The Seller hereby grants to CPFC an irrevocable power of attorney, with full power of substitution, coupled with an interest, to take in the name of the Seller all steps necessary or desirable, as determined by CPFC, to collect all amounts due under any Receivable, including, without limitation, endorsing the name of the Seller on checks and other instruments representing Collections, enforcing such Receivables and the related Contracts, and adjusting, settling or compromising the amount or payment thereof, in the same manner and to the same extent as the Seller would have been entitled.
(b) Upon CPFC's request, the Seller shall promptly deliver or make available to CPFC all records relating to the Receivables, and, in either case, shall hold all such records in trust for CPFC. The Seller will clearly indicate in its corporate records that Receivables are owned by CPFC or otherwise xxxx its records relating to Receivables with a legend evidencing that CPFC has purchased and owns such Receivables.
(c) The Seller shall hold in trust for the benefit of the Buyers any Collections received directly by the Seller with respect to any Receivables and shall deposit such Collections in the Collection Account within two Business Days of the receipt thereof.
Administration of Receivables. (a) CPFC shall, or shall cause the Servicer to (in which event the Servicer shall), maintain all books and records relating to the Receivables as may be necessary or advisable for the administration, servicing and collection of the Receivables (including, without limitation, duplicate records and/or system redundancy so as to enable the reconstruction of essential records in the event of any reasonably foreseeable casualty) and all other information necessary to establish or evidence the Buyers' right, title and interest in and to the Purchased Interest, such records and information to be prepared and maintained in a manner and utilizing procedures no less adequate than the manner and procedures in effect on the date hereof. The Servicer shall not encumber, or permit any party other than the Buyers to encumber, any right, title or interest in such books and records. All Receivables will be identified under one or more computer codes not used for any other accounts receivable or any other accounting items of CPFC or any other Person and will be readily identifiable and otherwise segregated from all other accounts receivable and other accounting items of CPFC, the Seller, the Servicer and any other Person. Any printout listing the Receivables will indicate that CPFC owns the Receivables and that the Buyers own the Purchased Interest in the Receivables.
(b) The administration, servicing and collection of the Receivables shall be the responsibility of the Servicer. Until a Servicing Transfer shall have occurred, CPC will act as Servicer. The Servicer shall, to the fullest extent permitted by law, have the power and authority, on behalf of CPFC, to take such actions in respect of any such Receivable as the Servicer may deem advisable and are consistent with the terms of this Agreement. The Servicer agrees to exercise the same degree of skill and care and apply the same standards, policies, procedures and diligence that it would apply to the performance of the same functions with respect to its own accounts receivable. The Servicer shall comply in all material respects with all applicable legal requirements in the performance of its administrative, servicing and collection functions hereunder.
(c) CPFC will at all times observe and perform, or cause to be observed and performed, all obligations and undertakings to the Obligors arising in connection with each Receivable and the related Contract. The Servicer shall endeavor to collect or cause to be collected from...
Administration of Receivables. Should any of the Receivables be paid in full at any time subsequent to the date of this Agreement by the obligor(s), either pursuant to the payment schedule or otherwise, First Trinity shall be entitled to receive and retain the funds received without any obligation to account to Texas Republic. Texas Republic acknowledges that this transaction is a sale of the Receivables and not a loan or extension of credit.
Administration of Receivables. 6.1.1 The transfer shall not include receivables due to the Vendor. The Vendor shall undertake collection of the receivables itself.
Administration of Receivables. Acceptance of Appointment as Servicer and Back-up Servicer.............................................32 SECTION 3.2. Servicing Compensation and Back-up Servicing Compensation.......................................34 SECTION 3.3. Representations and Warranties of Servicer......................................................35 SECTION 3.4. Reports and Records for Trustee................................36 SECTION 3.5. Anual Servicer's Certificate...................................37 SECTION 3.6. Annual Independent Accountants' Servicing Repor...............................................37 SECTION 3.7. Tax Treatment..................................................38 SECTION 3.8. Notices to Transferor..........................................38 SECTION 3.9. Reports to the Commission......................................39 SECTION 3.10.
Administration of Receivables. (a) Upon and after the occurrence of an Event of Default (which has not been waived or cured if permitted under Section 7), the Lender or, if so directed by the Lender, the Servicer, shall have the exclusive right to settle or adjust all disputes and claims directly with any Obligor and to compromise the amount or extend the time for payment of the Receivables upon such terms and conditions as the Lender may deem advisable. Any cost or expense incurred by Lender in connection therewith shall be a Reimbursable Expense. Upon notice by the Lender, after the occurrence of a Servicer Event of Default, which notice may be given in the Lender's sole discretion, the Lender shall have the right to determine in all respects the future administration and servicing of the Receivables.
(b) If any Receivable includes a charge for any tax payable to any governmental authority, the Lender is authorized, after the occurrence of an Event of Default, to pay the amount thereof to the proper governmental authority for the Receivable. Any cost or expense incurred by Lender in connection therewith shall be a Reimbursable Expense. The Borrower shall notify the Lender if any Receivable includes any tax payable to any governmental authority and, in the absence of such a notice (i) with respect to any Receivable, the Borrower shall be deemed to have made a representation and warranty to the Lender that no portion of such Receivable is payable to any governmental authority and (ii) the Lender shall have the right to retain the full proceeds of the Receivable. In no event shall the Lender be liable for any taxes to any governmental authority that may be due by the Borrower by reason of the sale and delivery creating an Receivable.
(c) Upon and following the occurrence of a Default or an Event of Default and while such Default or Event of Default is continuing, any of the Lender's officers, employees or agents shall have the right in the name of the Lender, any designee of the Lender or the Borrower, to verify the validity, amount or any other matter relating to any Receivables by mail, telephone, telegraph or otherwise. The Borrower shall cooperate fully with the Lender in an effort to facilitate and promptly conclude any such verification process.
Administration of Receivables. (a) Consistent with the Company's ownership of the Purchased Receivables of each Originator, the Company shall have all rights to and shall be solely responsible for servicing, administering and collecting the Purchased Receivables. The Company may appoint any Person, including but not limited to an Originator, as its agent to perform such services.
(b) Ametek, as Collection Agent, shall retain all Records and evidence of the creation of each Purchased Receivable.
(c) With respect to all Purchased Receivables sold by such Originator to the Company, each Originator shall direct its Obligors to make all payments on such Purchased Receivables directly to the Company (or the Company's agent appointed pursuant to Section 1.7). If an Originator nevertheless receives any such payments it shall segregate all cash, checks and other instruments received by it and immediately remit all such Collections, duly endorsed or with duly executed instruments of transfer in the case of checks or other instruments, to the Company (or its agent appointed pursuant to Section 1.7).
(d) Each Originator hereby authorizes the Company (or the Company's agent or assignee) to notify its Obligors on the Purchased Receivables sold by such Originator to the Company, or any of them, of the Company's ownership of such Purchased Receivables. Each Originator also hereby authorizes the Company (or the Company's agent or assignee) to notify such Obligors, or any of them, of the Company's assignment of interests in such Purchased Receivables to the Agent, for the benefit of the Purchasers, in accordance with the terms of Article III of the Receivables Sale Agreement.
(e) Each Originator hereby agrees that the Company has the absolute and unlimited right, itself or through its agent, to commence and settle any legal action to enforce collection of any Purchased Receivable sold by such Originator to the Company or to foreclose upon or repossess any portion thereof.
Administration of Receivables. 1. The Connection Client is authorized until revocation by MHB FS and obliged to them, to keep the total debtor books of the receivables listed in the inventory lists of receivables (purchased or not) and to carry out the collection procedure. This obligation includes:
1.1. the monthly listing of all accounting movements,
1.2. dunning and legal enforcement of receivables, also in del credere cases,
1.3. the customary supervision of debtors (e.g. control of available conditions and payment schedules).
2. MHB FS has the right to disclose the receivable data to a trustworthy professional with the goal of risk review of portfolios.
3. MHB FS reserves the right to own legal prosecution. In any case, the expenses for legal prosecution are charged to the Connection Client. The Connection Client will support MHB FS to his best knowledge and free of charge in the recovery of claims.
4. MHB FS duns and collects the receivables, if necessary. If, upon the Connection Client's request, MHB FS desists from collecting a receivable, MHB FS can request exemption from liability according to Section 5 paragraph 1 of the contract.
5. The Connection Client is obliged to orderly fulfill his tax obligations, especially payment of turnover tax amounts withheld by him from the collected receivables. MHB FS has the right to substantiate this obligation by adequate measures, in a given case, also through inquiry at the tax administration. The claim to this substantiation is justified by the obligations of Section 13c of the Value Added Tax Act.
6. The Connection Client will keep the documents required by commercial and tax laws for MHB FS in accordance with the legal rulings.
7. The Connection Client will transfer to MHB FS income not accountable according to Section 3 paragraph 3 that reach him or a third party on his behalf.
8. To the extent, due to the Connection Client's monthly invoicing, immediate payment of revenue from collections not accounted is not possible, then MHB FS has no claims for delay.
9. If MHB FS declares revocation according to paragraph 1, the following applies to beginning at the time of arrival of the declaration of revocation with the Connection Client:
9.1. In case of payments by check the ownership of these papers passes on to MHB FS, as soon as the Connection Client acquires them;
9.2. If payments are carried out by bills of exchange, the Connection Client assigns the rights thereof in advance to MHB FS;
9.3. The delivery of check and bill of exchange i...
