Servicing of Receivables. In connection with the ------------------------ consummation of the sales provided for in this Agreement, Seller hereby assigns and transfers to Purchaser and Purchaser's assignees all of Seller's right, title and interest in and to each Lock-Box Account, and Purchaser relinquishes all power to transfer, possess and control the Lock-Box Accounts and the contents thereof (except any powers with respect to the Lock-Box Accounts and contents thereof that are granted to Purchaser in its capacity as Collection Agent). The servicing, administering and collection of the Receivables shall be conducted by the Seller for the benefit of the Purchaser and its assignees. The Seller hereby agrees to perform, take or cause to be taken all such action as may be necessary or advisable to collect each Receivable from time to time, all in accordance with applicable laws, rules and regulations and with the care and diligence which the Seller employs in servicing similar receivables for its own account, in accordance with the Credit and Collection Policy. The Purchaser hereby appoints the Seller as its agent to enforce the Purchaser's rights and interests in, to and under the Receivables, the Related Security and the Collections with respect thereto. The Seller shall hold in trust for the Purchaser all Records which evidence or relate to the Receivables or Related Security, Collections and Proceeds with respect thereto. Notwithstanding anything to the contrary contained herein, from and after the occurrence of a Termination Event (or a Potential Termination Event that will unavoidably lead to a Termination Event and that has a material adverse effect on the ability of the Seller, as Collection Agent under the Receivables Transfer Agreement, to perform its servicing obligations under the Receivables Transfer Agreement) the Funding Agent, on behalf of PARCO and the APA Banks and in its capacity as the agent for the assignees of the Purchaser under the Receivables Transfer Agreement, shall have the absolute and unlimited right to terminate the Seller's servicing activities described in this Section 2.2. In consideration of the foregoing, the Purchaser agrees to pay the Seller a servicing fee of one percent (1%) per annum on the aggregate amount of Receivables sold, payable monthly, for its performance of the duties and obligations described in this Section 2.2.; provided that any such monthly payment shall be reduced by any -------- amounts payable in such month by PARCO or the APA Banks to the Seller, in its capacity as Collection Agent pursuant to the Receivables Transfer Agreement. The obligations of the Seller hereunder in the administration, servicing and collection of Receivables may be delegated from time to time by the Seller to any of its Affiliates; provided that no such delegation of duties -------- shall relieve the Seller of any of its duties and obligations hereunder.
Appears in 1 contract
Servicing of Receivables. In connection with the ------------------------ consummation of the sales provided for in this Agreement, Seller hereby assigns and transfers to Purchaser and Purchaser's assignees all of Seller's right, title and interest in and to each Lock-Box Account, and Purchaser relinquishes all power to transfer, possess and control the Lock-Box Accounts and the contents thereof (except any powers with respect to the Lock-Box Accounts and contents thereof that are granted to Purchaser in its capacity as Collection Agent). The servicing, administering and collection of the Receivables shall be conducted by the Seller for the benefit each of the Purchaser Sellers, as agents of the Collection Agent, in accordance with the terms and its assigneesconditions of the Receivables Transfer Agreement. The Each Seller hereby agrees to perform, take or cause to be taken all such action as may be necessary or advisable to collect each Receivable from time to time, all in accordance with the terms and conditions of the Receivables Transfer Agreement, the Credit and Collection Policy and applicable laws, rules and regulations and with the care and diligence which each of the Seller Sellers employs in servicing similar receivables for its own account, in accordance with the Credit and Collection Policy. The Purchaser Collection Agent hereby appoints each of the Seller Sellers as its agent to enforce the Purchaser's ’s rights and interests in, to and under the Receivables, the Related Security and the Collections with respect thereto. To the extent permitted by applicable law, each Seller hereby grants to any Collection Agent appointed under the Receivables Transfer Agreement and at any time following the designation of a Collection Agent other than TriMas Corp., any Seller or the Purchaser, to the Administrative Agent an irrevocable power of attorney to take in the Seller’s name and on behalf of the Seller any and all steps necessary or desirable, in the reasonable determination of the Collection Agent or the Administrative Agent, to collect all amounts due under any and all Receivables, including, without limitation, endorsing the Seller’s name on checks and other instruments representing Collections and enforcing such Receivables and the related Contracts. The Seller Collection Agent and each of the Sellers shall hold in trust for the Purchaser Purchaser, in accordance with its interests, all Records which evidence or relate to the Receivables or Related Security, Collections and Proceeds with respect thereto. Notwithstanding anything to the contrary contained herein, from and after the occurrence of a Termination Event (or a Potential Termination Event that will unavoidably lead to a Termination Event and that has a material adverse effect on the ability of the Seller, as Collection Agent under Default, the Receivables Transfer Agreement, to perform its servicing obligations under the Receivables Transfer Agreement) the Funding Administrative Agent, upon written notice to the Collection Agent on behalf of PARCO and the APA Banks and in its capacity as the agent for the assignees of the Purchaser under the Receivables Transfer AgreementRTA Purchasers, shall have the absolute and unlimited right to terminate the Seller's Sellers’ servicing activities described in this Section 2.22.02. In consideration of the foregoing, while each Seller is acting as a sub-servicer hereunder, the Purchaser agrees to pay the each Seller a servicing fee of one percent (1%) 0.50% per annum on the aggregate amount Outstanding Balance of the Receivables soldsold by such Seller, payable monthly, for its performance of the duties and obligations described in this Section 2.2.2.02; provided that any such monthly payment shall be reduced by any -------- amounts payable in such month by PARCO or the APA Banks RTA Purchasers to the SellerTriMas Corp., in its capacity as Collection Agent pursuant to the Receivables Transfer Agreement. The obligations of the Seller hereunder in the administration, servicing and collection of Receivables may be delegated from time to time by the Seller to any of its Affiliates; provided that no such delegation of duties -------- shall relieve the Seller of any of its duties and obligations hereunder.
Appears in 1 contract
Servicing of Receivables. In connection with the ------------------------ consummation of the sales provided for in this Agreement, Seller hereby assigns and transfers to Purchaser and Purchaser's assignees all of Seller's right, title and interest in and to each Lock-Box Account, and Purchaser relinquishes all power to transfer, possess and control the Lock-Box Accounts and the contents thereof (except any powers with respect to the Lock-Box Accounts and contents thereof that are granted to Purchaser in its capacity as Collection Agent). The servicing, administering and collection of the Receivables shall be conducted by the Seller for the benefit each of the Purchaser Sellers, as agents of the Collection Agent, in accordance with the terms and its assigneesconditions of the Receivables Transfer Agreement. The Each Seller hereby agrees to perform, take or cause to be taken all such action as may be necessary or advisable to collect each Receivable from time to time, all in accordance RECEIVABLES PURCHASE AGREEMENT with the terms and conditions of the Receivables Transfer Agreement, the Credit and Collection Policy and applicable laws, rules and regulations and with the care and diligence which each of the Seller Sellers employs in servicing similar receivables for its own account, in accordance with the Credit and Collection Policy. The Purchaser Collection Agent hereby appoints each of the Seller Sellers as its agent to enforce the Purchaser's rights and interests in, to and under the Receivables, the Related Security and the Collections with respect thereto. To the extent permitted by applicable law, each Seller hereby grants to any Collection Agent appointed under the Receivables Transfer Agreement and at any time following the designation of a Collection Agent other than TriMas Corp., Metaldyne Corporation, any Seller or the Purchaser, to the Administrative Agent an irrevocable power of attorney to take in the Seller's name and on behalf of the Seller any and all steps necessary or desirable, in the reasonable determination of the Collection Agent or the Administrative Agent, to collect all amounts due under any and all Receivables, including, without limitation, endorsing the Seller's name on checks and other instruments representing Collections and enforcing such Receivables and the related Contracts. The Seller Collection Agent and each of the Sellers shall hold in trust for the Purchaser Purchaser, in accordance with its interests, all Records which evidence or relate to the Receivables or Related Security, Collections and Proceeds with respect thereto. Notwithstanding anything to the contrary contained herein, from and after the occurrence of a Termination Event (or a Potential Termination Event that will unavoidably lead to a Termination Event and that has a material adverse effect on the ability of the Seller, as Collection Agent under Default, the Receivables Transfer Agreement, to perform its servicing obligations under the Receivables Transfer Agreement) the Funding Administrative Agent, upon written notice to the Collection Agent on behalf of PARCO the CP Conduit Purchasers and the APA Banks and in its capacity as the agent for the assignees of the Purchaser under the Receivables Transfer AgreementCommitted Purchasers, shall have the absolute and unlimited right to terminate the Seller's Sellers' servicing activities described in this Section 2.22.02. In consideration of the foregoing, the Purchaser agrees to pay the each Seller a servicing fee of one percent (1%) 0.5% per annum on the aggregate amount Outstanding Balance of the Receivables soldsold by such Seller, payable monthly, for its performance of the duties and obligations described in this Section 2.2.2.02; provided that any such monthly payment shall be reduced by any -------- amounts payable in such month by PARCO the CP Conduit Purchasers or the APA Banks Committed Purchasers to the SellerTriMas Corp., in its capacity as Collection Agent pursuant to the Receivables Transfer Agreement. The obligations of the Seller hereunder in the administration, servicing and collection of Receivables may be delegated from time to time by the Seller to any of its Affiliates; provided that no such delegation of duties -------- shall relieve the Seller of any of its duties and obligations hereunder.
Appears in 1 contract
Servicing of Receivables. In connection with the ------------------------ consummation of the sales provided for in this Agreement, Seller hereby assigns and transfers to Purchaser and Purchaser's assignees all of Seller's right, title and interest in and to each Lock-Box Account, and Purchaser relinquishes all power to transfer, possess and control the Lock-Box Accounts and the contents thereof (except any powers with respect to the Lock-Box Accounts and contents thereof that are granted to Purchaser in its capacity as Collection Agent). The servicing, administering and collection of the Receivables shall be conducted by the Seller for the benefit of the Purchaser and its assignees. The Seller BusLease, who hereby agrees to perform, take or cause to be taken all such action as may be necessary or advisable to collect each Receivable from time to time, all in accordance with applicable laws, rules and regulations and with the care and diligence which the Seller BusLease employs in servicing similar receivables for its own account, in accordance with the Credit and Collection Policy. The Purchaser hereby appoints the Seller BusLease as its agent to enforce the Purchaser's rights and interests in, to and under the Receivables, together with the Related Security Leased Vehicles and the Collections with respect thereto. The Seller shall hold in trust for the Purchaser all Records which evidence or relate to the Receivables or Related Security, Collections and Proceeds with respect thereto. Notwithstanding anything to the contrary contained herein, from and after the occurrence of a Servicer Termination Event (Event, the Purchaser shall, at the request of SPARC, the Secondary Purchaser or a Potential Termination Event that will unavoidably lead to a Termination Event and that has a material adverse effect on the ability of the Seller, as Collection Agent under the Receivables Transfer Agreement, to perform its servicing obligations under the Receivables Transfer Agreement) the Funding Administrative Agent, on behalf of PARCO and the APA Banks and in its capacity as the agent for the assignees of the Purchaser under the Receivables Transfer Agreement, shall have the absolute and unlimited right to terminate the Seller's BusLease servicing activities described in this Section 2.22.2 and shall appoint a successor Servicer acceptable to or as directed by SPARC, the Secondary Purchaser or the Administrative Agent, as applicable. In consideration of the foregoing, the Purchaser agrees to pay the Seller BusLease a servicing fee of one [**] percent (1[**]%) per annum on the aggregate amount of Receivables sold, payable monthly, for its performance of the duties and obligations described in this Section 2.2.; provided PROVIDED that any such monthly payment shall be reduced by any -------- amounts payable in such month by PARCO to BusLease in accordance with Section 2.03(c)(ii) of the Receivables Purchase Agreement or the APA Banks to the SellerSecondary Purchase Agreement, in its capacity as Collection Agent pursuant to the Receivables Transfer Agreementapplicable. The obligations of the Seller BusLease hereunder in the administration, servicing and collection of Receivables may be delegated from time to time by the Seller BusLease to any of its Affiliates; provided PROVIDED that no such delegation of duties -------- shall relieve the Seller BusLease of any of its duties and obligations hereunder.
Appears in 1 contract
Samples: Receivables Sale Agreement (Motor Coach Industries International Inc)
Servicing of Receivables. In connection with the ------------------------ consummation of the sales provided for in this Agreement, Seller hereby assigns and transfers to Purchaser and Purchaser's assignees all of Seller's right, title and interest in and to each Lock-Box Account, and Purchaser relinquishes all power to transfer, possess and control the Lock-Box Accounts and the contents thereof (except any powers with respect to the Lock-Box Accounts and contents thereof that are granted to Purchaser in its capacity as Collection Agent). The servicing, administering and collection of the Receivables shall be conducted by the Seller for the benefit each of the Purchaser Sellers, as agents of the Collection Agent, in accordance with the terms and its assigneesconditions of the Receivables Transfer Agreement. The Each Seller hereby agrees to perform, take or cause to be taken all such action as may be necessary or advisable to collect each Receivable from time to time, all in accordance with the terms and conditions of the Receivables Transfer Agreement, the Credit and Collection Policy and applicable laws, rules and regulations and with the care and diligence which each of the Seller Sellers employs in servicing similar receivables for its own account, in accordance with the Credit and Collection Policy. The Purchaser hereby appoints each of the Seller Sellers as its agent to enforce the Purchaser's rights and interests in, to and under the Receivables, the Related Security and the Collections with respect thereto. The To the extent permitted by applicable law, each Seller hereby grants to any Collection Agent appointed under the Receivables Transfer Agreement and at any time following the designation of a Collection Agent other than MascoTech, any Seller or the Purchaser, to the Administrative Agent an irrevocable power of attorney to take in the Seller's name and on behalf of the Seller any and all steps necessary or desirable, in the reasonable determination of the Collection Agent or the Administrative Agent, to collect all amounts due under any and all Receivables, including, without limitation, endorsing the Seller's name on checks and other instruments representing Collections and enforcing such Receivables and the related Contracts. Each of the Sellers shall hold in trust for the Purchaser Purchaser, in accordance with its interests, all Records which evidence or relate to the Receivables or Related Security, Collections and Proceeds with respect thereto. Notwithstanding anything to the contrary contained herein, from and after the occurrence of a Termination Event (or a Potential Termination Event that will unavoidably lead to a Termination Event and that has a material adverse effect on the ability of the Seller, as Collection Agent under Default, the Receivables Transfer Agreement, to perform its servicing obligations under the Receivables Transfer Agreement) the Funding Administrative Agent, upon written notice to the Collection Agent on behalf of PARCO the CP Conduit Purchasers and the APA Banks and in its capacity as the agent for the assignees of the Purchaser under the Receivables Transfer AgreementCommitted Purchasers, shall have the absolute and unlimited right to terminate the Seller's Sellers' servicing activities described in this Section 2.22.02. In consideration of the foregoing, the Purchaser agrees to pay the each Seller a servicing fee of one percent (11.0%) per annum on the aggregate amount Outstanding Balance of the Receivables soldsold by such Seller, payable monthly, for its performance of the duties and obligations described in this Section 2.22.02.; provided that any such monthly payment shall be reduced by any -------- amounts payable in such month by PARCO the CP Conduit Purchasers or the APA Banks Committed Purchasers to the SellerMascoTech, in its capacity as Collection Agent pursuant to the Receivables Transfer Agreement. The obligations of the Seller hereunder in the administration, servicing and collection of Receivables may be delegated from time to time by the Seller to any of its Affiliates; provided that no such delegation of duties -------- shall relieve the Seller of any of its duties and obligations hereunder.
Appears in 1 contract
Servicing of Receivables. In connection with So long as no Successor Servicer has assumed the ------------------------ consummation responsibilities and obligations of the sales provided for in this Servicers pursuant to Section 11.02 of the Transfer Agreement, Seller hereby assigns and transfers to Purchaser and Purchaser's assignees all the Master Servicer or the Sub-Servicers, as agents of Seller's rightthe Master Servicer, title and interest in and to each Lock-Box Account, and Purchaser relinquishes all power to transfer, possess and control shall (i) conduct the Lock-Box Accounts and the contents thereof (except any powers with respect to the Lock-Box Accounts and contents thereof that are granted to Purchaser in its capacity as Collection Agent). The servicing, administering administration and collection of the Transferred Receivables and shall be conducted by the Seller for the benefit of the Purchaser and its assignees. The Seller hereby agrees to performtake, take or cause to be taken taken, all such action actions as may be necessary or advisable to service, administer and collect each Receivable from time to timethe Transferred Receivables, all in accordance with (A) the terms of the Transfer Agreement, (B) the Credit and Collection Policies and any other customary and prudent servicing procedures for trade receivables of a similar type and (C) all applicable laws, rules and regulations regulations, and with (ii) hold all Contracts and other documents and incidents relating to the care Transferred Receivables in trust for the benefit of MRFC, as the owner thereof, and diligence which for the Seller employs in sole purpose of facilitating the servicing similar receivables for its own account, of the Transferred Receivables in accordance with the Credit and Collection Policyterms of the Transfer Agreement. The Purchaser MRFC hereby appoints each of the Seller Originators as its agent to enforce the Purchaser's MRFC’s rights and interests in, to and under the Receivables. To the extent permitted by applicable law, each Originator hereby grants to Master Servicer and any Sub-Servicer, and at any time following the Related Security and the Collections with respect thereto. The Seller shall hold in trust for the Purchaser all Records which evidence designation of a Servicer other than Metaldyne, any Originator or relate MRFC, to the Receivables or Related Security, Collections and Proceeds with respect thereto. Notwithstanding anything to the contrary contained herein, from and after the occurrence of a Termination Event (or a Potential Termination Event that will unavoidably lead to a Termination Event and that has a material adverse effect on the ability of the Seller, as Collection Agent under the Receivables Transfer Agreement, to perform its servicing obligations under the Receivables Transfer Agreement) the Funding Administrative Agent, an irrevocable power of attorney to take in the Originator’s name and on behalf of PARCO the Originator any and all steps necessary or desirable, in the reasonable determination of any Servicer or the Administrative Agent, as the case may be, to collect all amounts due under any and all Receivables in the manner described in above in clause (i) of the first sentence of this subsection (g), including, without limitation, endorsing each Originator’s name on checks and other instruments representing Collections and enforcing such Receivables and the APA Banks and in its capacity as the agent for the assignees of the Purchaser under the Receivables Transfer Agreement, shall have the absolute and unlimited right to terminate the Seller's servicing activities described in this Section 2.2. In consideration of the foregoing, the Purchaser agrees to pay the Seller a servicing fee of one percent (1%) per annum on the aggregate amount of Receivables sold, payable monthly, for its performance of the duties and obligations described in this Section 2.2related Contracts.; provided that any such monthly payment shall be reduced by any -------- amounts payable in such month by PARCO or the APA Banks to the Seller, in its capacity as Collection Agent pursuant to the Receivables Transfer Agreement. The obligations of the Seller hereunder in the administration, servicing and collection of Receivables may be delegated from time to time by the Seller to any of its Affiliates; provided that no such delegation of duties -------- shall relieve the Seller of any of its duties and obligations hereunder.
Appears in 1 contract
Servicing of Receivables. In connection with the ------------------------ consummation of the sales provided for in this Agreement, Seller hereby assigns and transfers to Purchaser and Purchaser's assignees all of Seller's right, title and interest in and to each Lock-Box Account, and Purchaser relinquishes all power to transfer, possess and control the Lock-Box Accounts and the contents thereof (except any powers with respect to the Lock-Box Accounts and contents thereof that are granted to Purchaser in its capacity as Collection Agent). The servicing, administering and collection of the Receivables shall be conducted by the Seller for the benefit certain of the Purchaser Sellers (individually, an "Agent Seller" and its assigneescollectively, the "Agent Sellers"), as agents of the Collection Agent, in accordance with the terms and conditions of the Receivables Transfer Agreement. The Each Agent Seller hereby agrees to perform, take or cause to be taken all such action as may be necessary or advisable to collect each Receivable from time to time, all in accordance with the terms and conditions of the Receivables Transfer Agreement, the Credit and Collection Policy and applicable laws, rules and regulations and with the care and diligence which each of the Seller Agent Sellers employs in servicing similar receivables for its own account, in accordance with the Credit and Collection Policy. The Purchaser Collection Agent hereby appoints the each Agent Seller as its agent to enforce the Purchaser's rights and interests in, to and under the Receivables, the Related Security and the Collections with respect thereto. To the extent permitted by applicable law, each Seller hereby grants to any Collection Agent appointed under the Receivables Transfer Agreement and at any time following the designation of a Collection Agent other than Tyson, any Seller or the Purchaser, to the Administrative Agent an irrevocable power of attorney to take in the Seller's name and on behalf of the Seller any and all steps necessary or desirable, in the reasonable determination of the Collection Agent or the Administrative Agent, to collect all amounts due under any and all Receivables, including, without limitation, endorsing the Seller's name on checks and other instruments representing Collections and enforcing such Receivables and the related Contracts. The Seller Collection Agent and each of the Sellers shall hold in trust for the Purchaser Purchaser, in accordance with its interests, all Records which evidence or relate to the Receivables or Related Security, Collections and Proceeds with respect thereto. Notwithstanding anything to the contrary contained herein, from and after the occurrence of a Termination Event (or a Potential Termination Event that will unavoidably lead to a Termination Event and that has a material adverse effect on the ability of the Seller, as Collection Agent under Default, the Receivables Transfer Agreement, to perform its servicing obligations under the Receivables Transfer Agreement) the Funding Administrative Agent, upon written notice to the Collection Agent on behalf of PARCO the CP Conduit Purchasers and the APA Banks and in its capacity as the agent for the assignees of the Purchaser under the Receivables Transfer AgreementCommitted Purchasers, shall have the absolute and unlimited right to terminate the Seller's Agent Sellers' servicing activities described in this Section 2.22.02. In consideration of the foregoing, the Purchaser agrees to pay the Seller a servicing fee of one percent (1%) per annum on the aggregate amount of Receivables sold, payable monthly, for its performance of the duties and obligations described in this Section 2.2.; provided that any such monthly payment shall be reduced by any -------- amounts payable in such month by PARCO or the APA Banks to the Seller, in its capacity as Collection Agent pursuant to the Receivables Transfer Agreement. The obligations of the Seller hereunder in the administration, servicing and collection of Receivables may be delegated from time to time by the Seller to any of its Affiliates; provided that no such delegation of duties -------- shall relieve the Seller of any of its duties and obligations hereunder.242
Appears in 1 contract
Servicing of Receivables. In connection with the ------------------------ consummation of the sales provided for in this Agreement, Seller hereby assigns and transfers to Purchaser and Purchaser's assignees all of Seller's right, title and interest in and to each Lock-Box Account, and Purchaser relinquishes all power to transfer, possess and control the Lock-Box Accounts and the contents thereof (except any powers with respect to the Lock-Box Accounts and contents thereof that are granted to Purchaser in its capacity as Collection Agent). The servicing, administering and collection of the Receivables shall be conducted by the Seller for the benefit each of the Purchaser Sellers, as agents of the Collection Agent, in accordance with the terms and its assigneesconditions of the Receivables Transfer Agreement. The Each Seller hereby agrees to perform, take or cause to be taken all such action as may be necessary or advisable to collect each Receivable from time to time, all in accordance with the terms and conditions of the Receivables Transfer Agreement, the Credit and Collection Policy and applicable laws, rules and regulations and with the care and diligence which each of the Seller Sellers employs in servicing similar receivables for its own account, in accordance with the Credit and Collection Policy. The Purchaser MRFC hereby appoints each of the Seller Sellers as its agent to enforce the PurchaserMRFC's rights and interests in, to and under the Receivables, the Related Security and the Collections with respect thereto. The To the extent permitted by applicable law, each Seller hereby grants to any Collection Agent appointed under the Receivables Transfer Agreement and at any time following the designation of a Collection Agent other than Metaldyne, any Seller or MRFC, to the Administrative Agent an irrevocable power of attorney to take in the Seller's name and on behalf of the Seller any and all steps necessary or desirable, in the reasonable determination of the Collection Agent or the Administrative Agent, to collect all amounts due under any and all Receivables, including, without limitation, endorsing the Seller's name on checks and other instruments representing Collections and enforcing such Receivables and the related Contracts. Each of the Sellers shall hold in trust for the Purchaser MRFC, in accordance with its interests, all Records which evidence or relate to the Receivables or Related Security, Collections and Proceeds with respect thereto. Notwithstanding anything to the contrary contained herein, from and after the occurrence of a Termination Event (or a Potential Termination Event that will unavoidably lead to a Termination Event and that has a material adverse effect on the ability of the Seller, as Collection Agent under Default, the Receivables Transfer Agreement, to perform its servicing obligations under the Receivables Transfer Agreement) the Funding Administrative Agent, upon written notice to the Collection Agent on behalf of PARCO and the APA Banks and in its capacity as the agent for the assignees of the Purchaser under the Receivables Transfer AgreementPurchasers, shall have the absolute and unlimited right to terminate the Seller's Sellers' servicing activities described in this Section 2.22.02. In consideration of the foregoing, the Purchaser MRFC agrees to pay the each Seller a servicing fee of one percent (11.0%) per annum on the aggregate amount Outstanding Balance of the Receivables soldsold by such Seller, payable monthly, for its performance of the duties and obligations described in this Section 2.2.2.02; provided that any such monthly payment shall be reduced by any -------- amounts payable in such month by PARCO or the APA Banks Purchasers to the Seller, Metaldyne in its capacity as Collection Agent pursuant to the Receivables Transfer Agreement. The obligations of the Seller hereunder in the administration, servicing and collection of Receivables may be delegated from time to time by the Seller to any of its Affiliates; provided that no such delegation of duties -------- shall relieve the Seller of any of its duties and obligations hereunder.
Appears in 1 contract
