O&M Medical definition
Examples of O&M Medical in a sentence
Until the Administrative Agent gives notice to O&M Medical (in accordance with this Section 9.01) of the designation of a new Servicer, O&M Medical is hereby designated as, and hereby agrees to perform the duties and obligations of, the Servicer pursuant to the terms hereof.
In connection with any such processing functions, the Borrower shall pay to O&M Medical its reasonable out-of-pocket costs and expenses from the Borrower’s own funds (subject to the priority of payments set forth in Section 4.01).
The Servicer, if other than O&M Medical or an Affiliate thereof, shall, as soon as practicable upon demand, deliver to the Borrower all records in its possession that evidence or relate to any indebtedness that is not a Pool Receivable, and copies of records in its possession that evidence or relate to any indebtedness that is a Pool Receivable.
Accordingly, O&M Medical agrees that it will not voluntarily resign as Servicer without the prior written consent of the Administrative Agent and the Majority Lenders.
Upon the occurrence of an Event of Default, the Administrative Agent may (with the consent of the Majority Lenders) and shall (at the direction of the Majority Lenders) designate as Servicer any Person (including itself) to succeed O&M Medical or any successor Servicer, on the condition in each case that any such Person so designated shall agree to perform the duties and obligations of the Servicer pursuant to the terms hereof.
O&M Medical, at all times that it is the Servicer, shall be responsible for providing any sub-servicer or other delegate of the Servicer with any notice given to the Servicer under this Agreement.
Except as otherwise permitted in its capacity as Servicer pursuant to Article VIII of the Purchase Agreement, O&M Medical will ------------ not extend, amend or otherwise modify the terms of any Receivable or any Contract related thereto other than in accordance with the related Originator's Credit and Collection Policy.
All of the Pool Receivables and the Related Assets of each of the Originators that exist at the close of each of the Originators' businesses on the date of the initial purchase (other than Pool Receivables contributed by O&M Medical to the Initial Purchaser pursuant to the Subscription Agreement) shall be deemed to have been sold to the Initial Purchaser on the date of the initial purchase without any formal or other instrument of assignment and without further action by any Person.
The Collateral Agent (with the consent or at the direction of the Required Financial Institutions) may at any time designate as Servicer any Person to succeed O&M Medical or any successor Servicer.
In consideration of O&M Medical's -------------- agreement to act as Servicer hereunder, the Purchasers hereby agree that, so long as O&M Medical shall continue to perform as Servicer hereunder, the Seller shall pay over to O&M Medical on each Monthly Settlement Date a fee (the "Servicing Fee") equal to (i) one half of one percent (0.50%) of the average -------------- daily Net Receivables Balance during the preceding Collection Period, times (ii) 1/12, as compensation for its servicing activities.