Collection Company definition
Examples of Collection Company in a sentence
The Borrowers shall procure that a company which is or becomes a Portfolio Owner or a Collection Company (subject to as set out in (b) below) or becomes a Portfolio Owner or a Collection Company shall as soon as reasonably practicable grant the relevant Transaction Security and the Borrowers shall procure that the relevant Transaction Security is granted and perfected over the shares of that Portfolio Owner or Collection Company, as security for the Secured Obligations.
Notwithstanding the provisions of the article 4 of the General Terms, in case of Notification of Overdue Account relating to a Debt of your Covered Affiliate: We shall notify You, of the Debt Collection Company your Covered Affiliate must entrust, within 30 days of our notification, to perform the collection actions as detailed in article 4.2 of the General Terms, The mandate to Us to manage the collection actions as detailed in article 4.3 of the General Terms will not apply.
The Borrowers shall ensure that no Collection Company shall incur or permit to subsist any Indebtedness other than Indebtedness arising by operation of law or in the ordinary course of business.
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In the event of the involvement of a Debt Collection Company, all handling of the arrears will be by the Debt Collection Company.
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 no Subsidiary of the Borrowers which is a Collection Company shall create or permit to subsist any Encumbrances over any of its assets or future assets except for Encumbrances arising by operation of law or by seller’s retention of title.
In this regard, You shall be liable for having Your Covered Affiliate instruct the Debt Collection Company to comply with Our instructions.
In the event Customer places more than two (2) cubic yards of materials for Collection, Company shall charge the Customer for additional Collection services as listed in Exhibit C.
In the event that the debtor makes a payment on a claim directly to the Client, the Client is still responsible for reimbursing the Collection Company its collection fees pursuant to terms of paragraph (1) above.