Common use of Collection Agent Default Clause in Contracts

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