Common use of Actions upon Event of Default Clause in Contracts

Actions upon Event of Default. Upon request by the Lender during the existence of an Event of Default, each Borrower will forthwith, upon receipt, transmit and deliver to the Lender, in the form received, all cash, checks, drafts and other instruments or writings for the payment of money (properly endorsed, where required, so that such items may be collected by the Lender) which may be received by such Borrower at any time in full or partial payment or otherwise as Proceeds of any of the Collateral. Except as the Lender may otherwise consent in writing, any such items which may be so received by such Borrower during the existence of an Event of Default will not be commingled with any other of its funds or property, but will be held separate and apart from its own funds or property and upon express trust for the Lender until delivery is made to the Lender. Each Borrower will comply with the terms and conditions of any consent given by the Lender pursuant to the foregoing sentence. Upon written notice by the Lender to the Borrower Representative during the existence of an Event of Default (a “Control Election”), all items or amounts which are delivered by each Borrower to the Lender on account of partial or full payment or otherwise as Proceeds of any of the Collateral shall be deposited to the credit of a Deposit Account (a “Cash Collateral Account”) of such Borrower maintained by the Lender, as security for payment of the Obligations. During the existence of an Event of Default, the Lender shall also have the right to require the Borrowers to provide the Lender with exclusive control of all of their Lockboxes (and the Lender shall have the option, at its discretion to apply any items of payment received therein to the Obligations). Following the Control Election, no Borrower shall have any right to withdraw any funds or checks or other items of payment deposited in any Cash Collateral Account or any Lockbox. The Lender may, from time to time, in its discretion, and shall upon request of the Borrower Representative made not more than once in any week, apply all or any of the then balance, representing collected funds, in any Cash Collateral Account, toward payment of the Obligations, whether or not then due, in such order of application as the Lender may determine, and the Lender may, from time to time, in its discretion, release all or any of such balance to the Borrowers.

Actions upon Event of Default. Upon request by the Lender occurrence and during the existence continuation of an a Event of Default, each of the Borrower will forthwithand the Servicer shall, upon receiptrequest, transmit (i) deliver and deliver turn over to the LenderAdministrative Agent or to its representatives, in or at the form receivedoption of the Administrative Agent or the Insurer, provide the Administrative Agent, the Insurer or any of their respective representatives with access to, at any time, all cashof the Servicer's and the Borrower's facilities, checkspersonnel, drafts books and other instruments or writings for records pertaining to the payment Collateral, including all Records, (ii) allow the Administrative Agent to have access during normal business hours to the premises of money the Servicer and/or the Borrower where such books, records and Records are maintained, and (properly endorsediii) assist the Administrative Agent in using such premises, where requiredthe equipment thereon and any personnel of the Servicer that the Administrative Agent may lawfully employ to administer, so that such items may be collected by service and collect the Lender) which may be received by such Borrower at Pledged Loans. At any time in full or partial payment or otherwise as Proceeds of any of following the Collateral. Except as the Lender may otherwise consent in writing, any such items which may be so received by such Borrower occurrence and during the existence continuation of an Event of Default will not be commingled with any other or an event of its funds or propertythe type described in the definition of "Event of Bankruptcy" which, but will be held separate and apart from its own funds or property and upon express trust for the Lender until delivery is made to the Lender. Each Borrower will comply with the terms and conditions lapse of any consent given by the Lender pursuant to the foregoing sentence. Upon written notice by the Lender to the Borrower Representative during the existence of an Event of Default (a “Control Election”)time, all items or amounts which are delivered by each Borrower to the Lender on account of partial or full payment or otherwise as Proceeds of any of the Collateral shall be deposited to the credit of a Deposit Account (a “Cash Collateral Account”) of such Borrower maintained by the Lender, as security for payment of the Obligations. During the existence of could become an Event of Default, the Lender shall also Administrative Agent may have the right to require Collection Account transferred into the Borrowers to provide name of the Lender with Administrative Agent and/or assume exclusive control of all of their Lockboxes the Collection Account , and may take such actions to effect such transfer or assumption as it may determine to be necessary or appropriate (and including, without limitation, delivering the Lender shall have the option, at its discretion to apply any items of payment received therein notices attached to the Obligations"Control Agreement" referred to in the Servicing Agreement). Following the Control Election, no Borrower shall have any right to withdraw any funds or checks or other items of payment deposited in any Cash Collateral Account or any Lockbox. The Lender may, from time to time, in its discretion, and shall upon request Each of the Borrower Representative made not more than once and the Seller hereby agrees to take such action that the Administrative Agent may reasonably request to effect or further evidence such transfer or assumption. If any Event of Default shall have occurred and be continuing and the Administrative Agent shall have declared the Termination Date to have occurred or the Termination Date shall have been deemed to have occurred pursuant to Section 10.1, then the Administrative Agent may exercise in any week, apply all or any respect of the then balance, representing collected fundsCollateral, in addition to any Cash Collateral Accountand all other rights and remedies otherwise available to it, toward payment all of the Obligationsrights and remedies of a secured party upon default under the UCC (such rights and remedies to be cumulative and nonexclusive), whether or not then dueand, in such order of application as addition, may take the Lender may determine, and the Lender may, from time to time, in its discretion, release all or any of such balance to the Borrowers.following remedial actions: