Common use of Duties of the Collection Agent Clause in Contracts

Duties of the Collection Agent. (a) The Collection Agent shall take or cause to be taken all such actions as may be reasonably necessary or advisable to collect each Receivable from time to time, all in accordance with applicable laws, rules and regulations, with reasonable care and diligence, and in accordance with the Credit and Collection Policy. Each of the Seller, the Owners and the Agent hereby appoints as its agent the Collection Agent, from time to time designated pursuant to Section 6.01, to enforce its respective rights and interests in and under the Receivables, the Related Security and the Contracts. The Collection Agent shall set aside for the account of the Seller and each Owner their respective allocable shares of the Collections of Receivables in accordance with Section 2.05 and Section 2.06 but shall not be required (unless the Ratings Requirement is no longer satisfied and the Agent shall have requested otherwise) to segregate the funds constituting such portion of such Collections prior to the remittance thereof in accordance with said Sections. If the Ratings Requirement is no longer satisfied and the Agent so instructs, the Collection Agent shall segregate and deposit with a bank (which may be Citibank) designated by the Agent such allocable share of Collections of Pool Receivables, set aside for each Owner, on the first Business Day following receipt by the Collection Agent of such Collections and will, if so requested by the Agent, provide payment instructions to such bank as directed by the Agent. Provided that the Termination Date shall not have occurred, the Seller, while it is Collection Agent, may, in accordance with the Credit and Collection Policy, (i) extend the maturity or adjust the Outstanding Balance of any Defaulted Receivable as the Seller may determine to be appropriate to maximize Collections thereof and/or (ii) adjust the Outstanding Balance of any Receivable to reflect the reductions or cancellations described in the first sentence of Section 2.07. The Seller shall deliver to the Collection Agent, and the Collection Agent shall hold in trust for the Seller and each Owner in accordance with their respective interests, all Records. Notwithstanding anything to the contrary contained herein, so long as the Ratings Requirement is not satisfied the Agent shall have the absolute and unlimited right to direct the Collection Agent (whether the Collection Agent is the Seller or any other Person) to commence or settle any legal action to enforce collection of any Pool Receivable or to foreclose upon or repossess any Related Security.

Duties of the Collection Agent. (a) The Collection Agent shall take or cause to be taken all such actions action as may be reasonably necessary or advisable appropriate to collect service and administer the collection of each Pool Receivable from time to time, all in accordance with applicable laws, rules this Agreement and regulationsall Applicable Law, with commercially reasonable care and diligence, and in accordance with the applicable Credit and Collection Policy. Each Policy in a manner consistent in all material respects with the past practices of the Seller, Originators (after taking into consideration the Owners and transactions contemplated by the Agent hereby appoints as its agent the Collection Agent, from time to time designated pursuant to Section 6.01, to enforce its respective rights and interests in and under the Receivables, the Related Security and the ContractsTransaction Documents). The Collection Agent shall set aside aside, for the account accounts of each Class, the Seller and amount of Collections to which each Owner their respective allocable shares of the Collections of Receivables such Class is entitled in accordance with Section 2.05 and Section 2.06 but shall not be required (unless the Ratings Requirement is Article III hereof. So long as no longer satisfied and the Agent Termination Event shall have requested otherwise) to segregate the funds constituting such portion of such Collections prior to the remittance thereof in accordance with said Sections. If the Ratings Requirement is no longer satisfied occurred and the Agent so instructsbe continuing, the Collection Agent shall segregate and deposit with a bank (which may be Citibank) designated by the Agent such allocable share of Collections of Pool Receivables, set aside for each Owner, on the first Business Day following receipt by the Collection Agent of such Collections and will, if so requested by the Agent, provide payment instructions to such bank as directed by the Agent. Provided that the Termination Date shall not have occurred, the Seller, while it is Collection Agent, may, in accordance with the applicable Credit and Collection Policy, extend the maturity of Receivables, but not more than sixty (i60) days beyond the original maturity date, and otherwise extend the maturity or adjust the Outstanding Balance and take such other actions (including modifications, waivers or restructurings of any Defaulted Receivable Pool Receivables and related Contracts) as the Seller Collection Agent may determine to be appropriate to maximize Collections thereof and/or (ii) adjust thereof; provided, however, that such extension or adjustment shall not alter the status of such Receivable as a Delinquent Receivable or a Defaulted Receivable; provided, further, that with respect to an aggregate Outstanding Balance of Pool Receivables that does not at any time exceed $5,000,000, the Collection Agent may extend the maturity more than sixty (60) days beyond the original maturity date (which extension shall not alter the status of such Receivable to as a Delinquent Receivable or a Defaulted Receivable). If a Termination Event has occurred and is continuing, the Collection Agent may modify, waive or restructure a Pool Receivable (or reflect any related adjustments) only upon the reductions or cancellations described in prior written consent of the first sentence of Section 2.07Administrative Agent. The Seller Transferor shall deliver deliver, or cause to be delivered, all Records that evidence or relate to the Pool Receivables or the Collateral to, or at the direction of, the Administrative Agent, which Records and documents shall in turn be delivered to the Collection Agent, and the Collection Agent shall hold to be held in trust for the Seller Transferor and each Owner in accordance with their respective interests, all Recordsthe Administrative Agent (for the benefit of the Secured Parties). Notwithstanding anything to the contrary contained herein, so long as the Ratings Requirement is not satisfied the Administrative Agent shall have the absolute and unlimited right to direct the Collection Agent (whether the Collection Agent is the Seller or any other Person) to commence or settle any legal action to enforce collection of any Pool Receivable that is a Defaulted Receivable or to foreclose upon or repossess any Related SecuritySecurity with respect to such Defaulted Receivable. The Collateral Agent shall not make the Administrative Agent or any of the Credit Parties a party to any litigation without the prior written consent of such Person.

Duties of the Collection Agent. (a) The Collection Agent shall take or cause to be taken all such actions as may be reasonably necessary or advisable to collect each Receivable from time to time, all in accordance with applicable laws, rules and regulations, with reasonable care and diligence, and in accordance with the Credit and Collection Policy. Each of the Seller, the Owners Banks and the Agent hereby appoints as its agent the Collection Agent, from time to time designated pursuant to Section 6.01, to enforce its respective rights and interests in and under the Receivables, the Related Security and the Contracts. The Collection Agent shall set aside for the account of the Seller and each Owner Bank their respective allocable shares of the Collections of Receivables in accordance with Section 2.05 and Section 2.06 but shall not be required (unless the Ratings Requirement is no longer satisfied and the Agent shall have requested otherwise) to segregate the funds constituting such portion of such Collections prior to the remittance thereof in accordance with said Sections. If the Ratings Requirement is no longer satisfied and the Agent so instructs, the Collection Agent shall segregate and deposit with a bank (which may be Citibank) designated by the Agent such allocable share of Collections of Pool Receivables, set aside for each OwnerBank, on the first Business Day following receipt by the Collection Agent of such Collections and will, if so requested by the Agent, provide payment instructions to such bank as directed by the Agent. Provided that the Termination Date shall not have occurred, the Seller, while it is Collection Agent, may, in accordance with the Credit and Collection Policy, (i) extend the maturity or adjust the Outstanding Balance of any Defaulted Receivable as the Seller may determine to be appropriate to maximize Collections thereof and/or (ii) adjust the Outstanding Balance of any Receivable to reflect the reductions or cancellations described in the first sentence of Section 2.07. The Seller shall deliver to the Collection Agent, and the Collection Agent shall hold in trust for the Seller and each Owner Bank in accordance with their respective interests, all Records. Notwithstanding anything to the contrary contained herein, so long as the Ratings Requirement is not satisfied the Agent shall have the absolute and unlimited right to direct the Collection Agent (whether the Collection Agent is the Seller or any other Person) to commence or settle any legal action to enforce collection of any Pool Receivable or to foreclose upon or repossess any Related Security.

Duties of the Collection Agent. (a) The Collection Agent shall take or cause to be taken all such actions as may be reasonably necessary or advisable to collect each Purchased Lease Receivable from time to time, all in accordance with applicable laws, rules and regulations, with reasonable care and diligence, and in accordance with the Credit and Collection PolicyPolicy including, without limitation, billing each Obligor forty-five (45) days in advance of the due date in accordance with the Seller's standard billing procedures. The Collection Agent shall receive all Collections of the Purchased Lease Receivables and remit such Collections in accordance with paragraph 9(h). Each of the Seller, the Owners Purchaser and the Agent hereby appoints as its agent the Collection Agent, from time to time designated pursuant to Section 6.01paragraph 9, to enforce its respective rights and interests in and under the Purchased Lease Receivables, the Related Security other Purchased Assets and the Contractsrelated Leases. Litigation will only be instituted by the Collection Agent upon the terms and conditions set forth below. In no event shall the Collection Agent be entitled to make the Agent or the Purchaser a party to any litigation without the Agent's express prior written consent. In the event the Agent or the Purchaser desires to institute litigation to enforce the Purchaser's rights, the Agent will direct the Collection Agent to do so which direction is subject to paragraph 9(m)). In the event of such litigation, the Purchaser shall pay all legal and other costs and expenses incurred by the Collection Agent as a result thereof promptly upon demand therefor by the Collection Agent. If the Seller also pursues litigation, the parties shall share expenses pro-rata based upon the size of their respective investments. The Collection Agent shall set aside for may cease such litigation, without any liability or further obligation to the account of the Seller and each Owner their respective allocable shares of the Collections of Receivables in accordance with Section 2.05 and Section 2.06 but shall not be required (unless the Ratings Requirement is no longer satisfied and Purchaser or the Agent shall have requested otherwise) with respect to segregate the funds constituting such portion of such Collections prior litigation, to the remittance thereof in accordance with said Sections. If extent that expenses and costs owing pursuant to the Ratings Requirement is no longer satisfied and preceding sentence are not paid (or to the Agent so instructs, the Collection Agent shall segregate and deposit with extent such expenses are not subject to a bank bona fide dispute) upon thirty (which may be Citibank30) designated by the Agent such allocable share of Collections of Pool Receivables, set aside for each Owner, on the first Business Day following receipt by the Collection Agent of such Collections and will, if so requested by the Agent, provide payment instructions days prior written notice to such bank as directed by the Agent. Provided that the Termination Date shall not have occurredThe Collection Agent may agree, the Seller, while it is Collection Agent, may, in accordance with the Credit and Collection Policyprior consent of the Purchaser, (i) extend the maturity with any Obligor as to any modification, alteration, release, compromise, extension, waiver, consent, or adjust the Outstanding Balance other similar or dissimilar indulgence of or with respect to any Defaulted Receivable as the Seller may determine to be appropriate to maximize Collections thereof and/or (ii) adjust the Outstanding Balance of any Receivable to reflect the reductions or cancellations described in the first sentence of Section 2.07Purchased Lease Receivable. The Seller shall deliver Subject to the Collection Agentprovisions of this paragraph 9, and the Collection Agent shall hold in trust for the Seller and each Owner in accordance with their respective interests, all Records. Notwithstanding anything to the contrary contained herein, so long as the Ratings Requirement is not satisfied the Agent shall have the absolute and unlimited right to direct the Collection Agent (whether the Collection Agent is the Seller or any other Personotherwise) to commence or settle any legal action to enforce collection of any Pool Purchased Lease Receivable or to foreclose upon or repossess any Related Security. Amounts remitted by Obligors of Purchased Lease Receivables to the Collection Agent (if other than the Seller) with respect to taxes shall be promptly remitted to the Seller for payment to the appropriate governmental authority in accordance with paragraph 7(II)(C).

Duties of the Collection Agent. (a) The Collection Agent shall take or cause to be taken all such actions action as may be reasonably necessary or advisable appropriate to collect service and administer the collection of each Pool Receivable from time to time, all in accordance with applicable laws, rules this Agreement and regulationsall Applicable Law, with commercially reasonable care and diligence, and in accordance with the applicable Credit and Collection Policy. Each Policy in a manner consistent in all material respects with the past practices of the Seller, Originators (after taking into consideration the Owners and transactions contemplated by the Agent hereby appoints as its agent the Collection Agent, from time to time designated pursuant to Section 6.01, to enforce its respective rights and interests in and under the Receivables, the Related Security and the ContractsTransaction Documents). The Collection Agent shall set aside aside, for the account accounts of each Class, the Seller and amount of Collections to which each Owner their respective allocable shares of the Collections of Receivables such Class is entitled in accordance with Section 2.05 and Section 2.06 but shall not be required (unless the Ratings Requirement is Article III hereof. So long as no longer satisfied and the Agent Termination Event shall have requested otherwise) to segregate the funds constituting such portion of such Collections prior to the remittance thereof in accordance with said Sections. If the Ratings Requirement is no longer satisfied occurred and the Agent so instructsbe continuing, the Collection Agent shall segregate and deposit with a bank (which may be Citibank) designated by the Agent such allocable share of Collections of Pool Receivables, set aside for each Owner, on the first Business Day following receipt by the Collection Agent of such Collections and will, if so requested by the Agent, provide payment instructions to such bank as directed by the Agent. Provided that the Termination Date shall not have occurred, the Seller, while it is Collection Agent, may, in accordance with the applicable Credit and Collection Policy, extend the maturity of Receivables, but not more than sixty (i60) days beyond the original maturity date, and otherwise extend the maturity or adjust the Outstanding Balance and take such other actions (including modifications, waivers or restructurings of any Defaulted Receivable Pool Receivables and related Contracts) as the Seller Collection Agent may determine to be appropriate to maximize Collections thereof and/or (ii) adjust thereof; provided , however , that such extension or adjustment shall not alter the status of such Receivable as a Delinquent Receivable or a Defaulted Receivable; provided , further , that with respect to an aggregate Outstanding Balance of Pool Receivables that does not at any Receivable to reflect the reductions or cancellations described in the first sentence of Section 2.07. The Seller shall deliver to the Collection Agenttime exceed $5,000,000, and the Collection Agent may extend the maturity more than sixty (60) days beyond the original maturity date (which extension shall hold in trust for not alter the Seller status of such Receivable as a Delinquent Receivable or a Defaulted Receivable). If a Termination Event has occurred and each Owner in accordance with their respective interestsis continuing, all Records. Notwithstanding anything to the contrary contained herein, so long as the Ratings Requirement is not satisfied the Agent shall have the absolute and unlimited right to direct the Collection Agent (whether the Collection Agent is the Seller may modify, waive or any other Person) to commence or settle any legal action to enforce collection of any restructure a Pool Receivable (or reflect any related adjustments) only upon the prior written consent of the Administrative Agent. The Transferor shall deliver, or cause to foreclose upon be delivered, all Records that evidence or repossess any Related Security.relate to the Pool Receivables or the Collateral to, or at the direction of, the Administrative Agent, which 98 70 Redline 67