Common use of Appointment of Collection Agent Clause in Contracts

Appointment of Collection Agent. (a) The Purchaser appoints the Originator as its Collection Agent and the Collection Agent accepts such appointment. The Collection Agent shall be responsible for collecting the Receivables, tracking, holding and remitting the Collections and fulfilling all other duties expressly assigned to it in this Agreement. (b) The Collection Agent shall, on each day on which Collections are received by it, set aside and hold in trust for the Purchaser its share of such Collections; provided, however, that prior to the occurrence of an event -------- ------- described in Section 8.2.1(a), if the Originator is the Collection Agent, the Collection Agent shall not be required to segregate the funds constituting the Purchaser's share of such Collections from the general funds of the Collection Agent prior to the remittance thereof in accordance with Section 7.2.2. (c) The Purchaser grants the Collection Agent the authority necessary to carry out its duties under this Agreement for so long as it is acting as Collection Agent. (d) The Purchaser grants to the Collection Agent, for so long as it is acting in that capacity, an irrevocable power of attorney to endorse all drafts, checks and other forms of payment made out in the Seller's name and to settle, adjust and forgive any Receivable, subject to the provisions of Section 10.3(b) hereof. Upon any replacement of the Collection Agent, such power of attorney in favor of the replaced Collection Agent will terminate and have no further force or effect. (e) The Collection Agent shall exercise reasonable care in the performance of its duties under this Agreement and shall use the same degree of care and skill which it applies to its own property.

Appointment of Collection Agent. (a) The Each Purchaser appoints the Originator DSRM as its Collection Agent and the Collection Agent accepts such appointment. The Collection Agent shall be responsible for collecting the Receivables, tracking, holding and remitting the Collections and fulfilling all other duties expressly assigned to it in this Agreement. (b) The Collection Agent shall, on each day on which Collections are received by it, set aside and hold in trust for the Purchaser its Purchasers their share of such Collections; provided, however, that prior to the occurrence of an event -------- ------- described in Section 8.2.1(a), if the Originator is the Collection Agent, the Collection Agent shall not be required to segregate the funds constituting the Purchaser's share of such Collections from the general funds of the Collection Agent prior to the remittance thereof in accordance with Section 7.2.2. (c) The Each Purchaser grants the Collection Agent the authority necessary to carry out its duties under this Agreement for so long as it is acting as Collection Agent. (d) The Each Purchaser grants to the each Collection Agent, for so long as it is acting in that capacity, an irrevocable power of attorney to endorse all drafts, checks and other forms of payment made out in the Seller's name of the Seller or any other Diamond Shamrock Entity and to settle, adjust and forgive any Receivable, subject to the provisions of Section 10.3(b) hereof. Upon any replacement of the Collection Agent, such power of attorney in favor of the replaced Collection Agent will terminate and have no further force or effect. (e) The Collection Agent shall exercise reasonable care in the performance of its duties under this Agreement and shall use the same degree of care and skill which it applies to its own property. (f) The Collection Agent may delegate its duties hereunder to such Person as may be approved by the Administrative Agent upon receipt of 120 days' prior written notice, such approval not to be unreasonably withheld, but such delegation shall neither affect the obligations of the Collection Agent under any of the Sale Documents nor the rights of any Purchaser or the Administrative Agent under any of the Sale Documents, including, without limitation, the right to replace the Collection Agent pursuant to Section 8.2.1.

Appointment of Collection Agent. (a) The Each Purchaser appoints the Originator DSRM as its Collection Agent and the Collection Agent accepts such appointment. The Collection Agent shall be responsible for collecting the ReceivablesReceivables and Receivables Assets, tracking, holding and remitting the Collections and fulfilling all other duties expressly assigned to it in this Agreement. (b) The Collection Agent shall, on each day on which Collections are received by it, set aside and hold in trust for the Purchaser its Purchasers their share of such Collections; provided, however, that prior to the occurrence of an event -------- ------- described in Section 8.2.1(a), if the Originator is the Collection Agent, the Collection Agent shall not be required to segregate the funds constituting the Purchaser's share of such Collections from the general funds of the Collection Agent prior to the remittance thereof in accordance with Section 7.2.2. (c) The Each Purchaser grants the Collection Agent the authority necessary to carry out its duties under this Agreement for so long as it is acting as Collection Agent. (d) The Each Purchaser grants to the each Collection Agent, for so long as it is acting in that capacity, an irrevocable power of attorney to endorse all drafts, checks and other forms of payment made out in the Seller's name of the Seller or any other Diamond Shamrock Entity and to settle, adjust and forgive any Receivable, subject to the provisions of Section 10.3(b) hereof. Upon any replacement of the Collection Agent, such power of attorney in favor of the replaced Collection Agent will terminate and have no further force or effect. (e) The Collection Agent shall exercise reasonable care in the performance of its duties under this Agreement and shall use the same degree of care and skill which it applies to its own property. (f) The Collection Agent may delegate its duties hereunder to such Person as may be approved by the Administrative Agent upon receipt of 120 days' prior written notice, such approval not to be unreasonably withheld, but such delegation shall neither affect the obligations of the Collection Agent under any of the Sale Documents nor the rights of any Purchaser or the Administrative Agent under any of the Sale Documents, including, without limitation, the right to replace the Collection Agent pursuant to Section 8.2.1.

Appointment of Collection Agent. (a) The Purchaser appoints the Originator Seller as its Collection Agent and the Collection Agent accepts such appointment. The Collection Agent shall be responsible for collecting the Receivables, tracking, holding and remitting the Collections and fulfilling all other duties expressly assigned to it in this Agreement. The Purchaser and the Servicing Agent hereby acknowledge that for so long as the Seller is the Collection Agent, each Division will be responsible for collecting the Receivables generated by such Division, tracking, holding and remitting the Collections of such Receivables, and fulfilling all other duties expressly assigned to the Collection Agent in this Agreement with respect to such Receivables. (b) The Collection Agent shall, on each day on which Collections are received by it, set aside and hold in trust for the Purchaser its share of such Collections; provided, however, that prior to the occurrence of an event -------- ------- described in Section 8.2.1(a), if the Originator is the Collection Agent, the Collection Agent shall not be required to segregate the funds constituting the Purchaser's share of such Collections from the general funds of the Collection Agent prior to the remittance thereof in accordance with Section 7.2.2Collections. (c) The Purchaser grants the Collection Agent the authority necessary to carry out its duties under this Agreement for so long as it is acting as Collection Agent. (d) The Purchaser grants to the Collection Agent, for so long as it is acting in that capacity, an irrevocable power of attorney to endorse all drafts, checks and other forms of payment made out in the Seller's or a Division's name and to settle, adjust and forgive any Receivable, subject to the provisions of Section 10.3(b) hereof. Upon any replacement of the Collection Agent, such power of attorney in favor of the replaced Collection Agent will terminate and have no further force or effect. (e) The Collection Agent shall exercise reasonable care in the performance of its duties under this Agreement and shall use the same degree of care and skill which with respect to such performance as it applies to its own property.