Collection Company Sample Clauses
The 'Collection Company' clause defines the entity responsible for collecting payments or debts on behalf of another party, typically within a contractual or financial arrangement. In practice, this clause identifies the specific company or agency authorized to pursue outstanding amounts, manage payment processing, or handle delinquent accounts. By clearly designating the collection company, the clause ensures accountability and streamlines the process of debt recovery, reducing confusion and potential disputes over who is entitled to collect payments.
Collection Company. (a) The Borrowers shall ensure that each Portfolio Owner has entered into a Service Agreement (to the extent collection is not provided by the Portfolio Owner itself) and each Portfolio Owner shall procure or ensure that the Collection Company under the Service Agreement undertakes to remit all amounts received under a Loan Portfolio in segregated client accounts. The Borrowers shall ensure that each Service Agreement shall be entered into on arm’s length principles containing a compensation level which is acceptable to the Facility Agent and shall not materially deviate from the standard approved by the Facility Agent.
(b) The Borrowers shall ensure that no material change in the mandate structure of the Service Agreements will occur.