Common use of Billing and Collection of Receivables Clause in Contracts

Billing and Collection of Receivables. (a) The Seller has retained the Servicer to perform the accounting, clerical and other services necessary to manage, xxxx and collect payments for all Receivables pursuant to the most recently approved Service Agreement between the Servicer and the Seller relating to charge card receivables (the “Servicing Agreement”). The Buyer agrees that it shall be responsible for payment of all fees charged by the Servicer under the Servicing Agreement and related to the servicing of the Sold Receivables. The Buyer shall pay such fees directly to the Servicer. By its signature below, the Servicer agrees that the Seller shall not be responsible for payment of such fees, releases the Seller from any liability for such fees and agrees that Servicer shall have recourse only to the Buyer for payment of all such fees. The Buyer covenants to Servicer that it shall promptly pay all such fees. The Buyer authorizes the Servicer to xxxx and collect Sold Receivables in the Seller’s or TRS’ name, as applicable, but for the Buyer’s account and benefit. The Seller agrees it shall direct the Servicer to follow substantially the same billing and collection policies being followed at the time of execution of this Agreement (including without limitation the collection from Service Establishments of any portion of Card accounts and Receivables for which such Service Establishments are liable, either because they have permitted charges in excess of authorized limits or otherwise) and shall not institute any significant changes in such billing and collection policies without the prior consent of the Buyer. The Buyer agrees that the Seller may have use of the collections on Sold Receivables between Purchase Dates, provided that the Seller may in its discretion require that collections be remitted directly to it by giving notice to the Servicer. The Seller acknowledges that it holds any such collections that it may receive in trust for the Buyer. The Buyer and the Seller may mutually agree that the Seller will remit the collections it receives on Sold Receivables to the Buyer more frequently than on the Purchase Date with respect to each Monthly Period, provided that if the parties so agree, then the Settlement Statement for the next succeeding Purchase Date shall reflect the fact that the Seller has remitted collections on Sold Receivables prior to the date of such Settlement Statement and such payments shall be included in determining the net amount due to the Seller or from the Buyer for New Receivables being sold on such Purchase Date and provided further, that if the parties so agree to more frequent remittances of collections on Sold Receivables by the Seller to the Buyer, the amounts of such remittances paid by the Seller to the Buyer during the period before the next succeeding Purchase Date may be discounted to reflect such factors, if any, as the Seller reasonably determines will reflect the changes in funding costs and other expenses of the Seller resulting from the more frequent remittance of collections which changes were not reflected in the determination of the sale price of such Receivables.

Billing and Collection of Receivables. (a) The Seller has retained the Servicer to perform the accounting, clerical and other services necessary to manage, xxxx and collect payments for all Receivables pursuant to the most recently approved Service Agreement between the Servicer and the Seller relating to charge card receivables (the “Servicing Agreement”). The Buyer agrees that it shall be responsible for payment of all fees charged by the Servicer under the Servicing Agreement and related to the servicing of the Sold Receivables. The Buyer shall pay such fees directly to the Servicer. By its signature below, the Servicer agrees that the Seller shall not be responsible for payment of such fees, releases the Seller from any liability for such fees and agrees that Servicer shall have recourse only to the Buyer for payment of all such fees. The Buyer covenants to Servicer that it shall promptly pay all such fees. The Buyer authorizes the Servicer to xxxx and collect Sold Receivables in the Seller’s or TRS’ name, as applicable, but for the Buyer’s account and benefit. The Seller agrees it shall direct the Servicer to follow substantially the same billing and collection policies being followed at the time of execution of this Agreement (including without limitation the collection from Service Establishments of any portion of Card accounts and Receivables for which such Service Establishments are liable, either because they have permitted charges in excess of authorized limits or otherwise) and shall not institute any significant changes in such billing and collection policies without the prior consent of the Buyer. The Buyer agrees that the Seller may have use of the collections on Sold Receivables between Purchase Dates, provided that the Seller may in its discretion require that collections be remitted directly to it by giving notice to the Servicer. The Seller acknowledges that it holds any such collections that it may receive in trust for the Buyer. The Buyer and the Seller may mutually agree that the Seller will remit the collections it receives on Sold Receivables to the Buyer more frequently than on the Purchase Date with respect to each Monthly Period, provided that if the parties so agree, then the Settlement Statement for the next succeeding Purchase Date shall reflect the fact that the Seller has remitted collections on Sold Receivables prior to the date of such Settlement Statement and such payments shall be included in determining the net amount due to the Seller or from the Buyer for New Receivables being sold on such Purchase Date and provided further, that if the parties so agree to more frequent remittances of collections on Sold Receivables by the Seller to the Buyer, the amounts of such remittances paid by the Seller to the Buyer during the period before the next succeeding Purchase Date may be discounted to reflect such factors, if any, as the Seller reasonably determines will reflect the changes in funding costs and other expenses of the Seller resulting from the more frequent remittance of collections which changes were not reflected in the determination of the sale price of such Receivables.