Common use of Assignment of Receivables Clause in Contracts

Assignment of Receivables. It is hereby agreed and expressly understood that the SELLER may, at any time, unilaterally assign its receivables or any portion thereof to any third party or NHMFC without need of any notice to the BUYER. The BUYER undertakes to honor and abide by the terms and conditions of the assignment to the third party or NHMFC, and further undertakes to fulfill his obligations under this Contract to Sell, NHMFC’s Housing Loan Receivables Purchase Program (HLRPP) Guidelines, including any and all amendatory and supplementary circulars which may hereafter be promulgated and all documents filed in connection with the assignment/transfer of the loan/receivables. 26.1 The BUYER agrees to be bound by the assignment of receivables and acknowledges that the Original Transfer Certificate of Title (TCT)/Condominium Certificate of Title (CCT) subject of the CTS shall be delivered by the DEVELOPER/ORIGINATOR to NHMFC as security for the amounts to be paid/remitted by the DEVELOPER or BUYER to NHMFC under the Deed of Assignment of Receivables with Recourse (XXXX) executed by and between the DEVELOPER/ORIGINATOR and NHMFC, the HLRPP Guidelines and other contracts/documents filed/submitted in relation thereto. 26.2 The BUYER agrees that the subject Original TCT/CCT shall only be released by NHMFC upon full payment by the DEVELOPER/ORIGINATOR/BUYER, as the case may be, of the full amount of the receivables/loan assigned (in addition to the interest, penalties, premiums, and other charges, if any) in accordance with the contracts/documents/Guidelines mentioned under No. 26.1. 26.3 The BUYER agrees to be bound by the failure of the DEVELOPER/ORIGINATOR to pay/remit in favor of NHMFC any amount due to the latter by virtue of the contracts/documents/Guidelines mentioned under No. 26.1. 26.4 The BUYER understands and agrees that the receivables/loan assigned in favor of NHMFC, will form part of a pool of receivables/loans which are to be securitized by NHMFC, in accordance with the Securitization Act of 2004 (R.A. 9267) and other pertinent laws, rules and regulations. 26.5 For purposes of securitization and as stated in the immediately preceding paragraph (Section 26.4), the BUYER agrees to waive his rights under the Realty Installment Buyer Protection Act (R.A. 6552).

Assignment of Receivables. It is hereby agreed and expressly understood that the SELLER may, at any time, unilaterally assign its receivables or any portion thereof to any third party or NHMFC without need of any notice to the BUYER. The BUYER undertakes to honor and abide by the terms and conditions of the assignment to the third party or NHMFCparty, and further undertakes to fulfill his obligations under this Contract to Sell, NHMFC’s Housing Loan Receivables Purchase Program (HLRPP) Guidelines, including any and all amendatory and supplementary circulars which may hereafter be promulgated and all documents filed in connection with the assignment/transfer of the loan/receivables. 26.1 The BUYER agrees to be bound by the assignment of receivables and acknowledges that the Original Transfer Certificate of Title (TCT)/Condominium Certificate of Title (CCT) subject of the CTS shall be delivered by the DEVELOPER/ORIGINATOR to NHMFC as security for the amounts to be paid/remitted by the DEVELOPER or BUYER to NHMFC under the Deed of Assignment of Receivables with Recourse (XXXX) executed by and between the DEVELOPER/ORIGINATOR and NHMFC, the HLRPP Guidelines and other contracts/documents filed/submitted in relation thereto. 26.2 The BUYER agrees that the subject Original TCT/CCT shall only be released by NHMFC upon full payment by the DEVELOPER/ORIGINATOR/BUYER, as the case may be, of the full amount of the receivables/loan assigned (in addition to the interest, penalties, premiums, and other charges, if any) in accordance with the contracts/documents/Guidelines mentioned under No. 26.1. 26.3 The BUYER agrees to be bound by the failure of the DEVELOPER/ORIGINATOR to pay/remit in favor of NHMFC any amount due to the latter by virtue of the contracts/documents/Guidelines mentioned under No. 26.1. 26.4 The BUYER understands and agrees that the receivables/loan assigned in favor of NHMFC, will form part of a pool of receivables/loans which are to be securitized by NHMFC, in accordance with the Securitization Act of 2004 (R.A. 9267) and other pertinent laws, rules and regulations. 26.5 For purposes of securitization and as stated in the immediately preceding paragraph (Section 26.4), the BUYER agrees to waive his rights under the Realty Installment Buyer Protection Act (R.A. 6552).

Assignment of Receivables. It is hereby agreed and expressly understood that the SELLER may, at any time, unilaterally assign its receivables or any portion thereof to any third party or NHMFC without need of any notice to the BUYER. The BUYER undertakes to honor and abide by the terms and conditions of the assignment to the third party or NHMFC, and further undertakes to fulfill his obligations under this Contract to Sell, NHMFC’s Housing Loan Receivables Purchase Program (HLRPP) - Building Eligible Resilient Dwelling for Everyone (XXXXX) Guidelines, including any and all amendatory and supplementary circulars which may hereafter be promulgated and all documents filed in connection with the assignment/transfer of the loan/receivables. 26.1 The BUYER agrees to be bound by the assignment of receivables and acknowledges that the Original Transfer Certificate of Title (TCT)/Condominium Certificate of Title (CCT) subject of the CTS shall be delivered by the DEVELOPER/ORIGINATOR to NHMFC as security for the amounts to be paid/remitted by the DEVELOPER or BUYER NHMFC to NHMFC the DEVELOPER/ORIGINATOR under the Deed of Assignment of Receivables with Recourse (XXXX) executed by and between the DEVELOPER/ORIGINATOR and NHMFC, the HLRPP XXXXX Guidelines and other contracts/documents filed/submitted in relation thereto. 26.2 The BUYER agrees that the subject Original TCT/CCT shall only be released by NHMFC upon full payment by the DEVELOPER/ORIGINATOR/BUYER, as the case may be, of the full amount of the receivables/loan assigned (in addition to the interest, penalties, premiums, and other charges, if any) in accordance with the contracts/documents/Guidelines mentioned under No. 26.1. 26.3 The BUYER agrees to be bound by the failure of the DEVELOPER/ORIGINATOR to pay/remit in favor of NHMFC any amount due to the latter by virtue of the contracts/documents/Guidelines mentioned under No. 26.1. 26.4 The BUYER understands and agrees that the receivables/loan assigned in favor of NHMFC, will form part of a pool of receivables/loans which are to be securitized by NHMFC, in accordance with the Securitization Act of 2004 (R.A. 9267) and other pertinent laws, rules and regulations. 26.5 For purposes of securitization and as stated in the immediately preceding paragraph (Section 26.4), the BUYER agrees to waive his rights under the Realty Installment Buyer Protection Act (R.A. 6552).

Assignment of Receivables. It is hereby agreed With respect to all Administrative Receivables and expressly understood that the SELLER may, at any time, unilaterally assign its receivables or any portion thereof to any third party or NHMFC without need of any notice to the BUYER. The BUYER undertakes to honor and abide all Warranty Receivables purchased by the terms Servicer or Reliance and conditions of all Receivables purchased by the assignment Servicer pursuant to Section 8.1, the third party or NHMFC, and further undertakes to fulfill his obligations under this Contract to Sell, NHMFC’s Housing Loan Receivables Purchase Program (HLRPP) Guidelines, including Trustee shall take any and all amendatory actions reasonably requested by Reliance or the Servicer, at the expense of the requesting party, to assign, without recourse, representation or warranty, to Reliance or the Servicer, as applicable, all the Issuer's right, title and supplementary circulars which may hereafter be promulgated interest in and to such Purchased Receivables, all monies due thereon on and after the date of purchase, the security interests in the Receivables, the related Financed Vehicles and the Other Conveyed Property with respect thereto, proceeds from any Insurance Policies, proceeds from recourse against Dealers (including the enforcement of repurchase obligations) on such Receivables and the interests of the Issuer in certain rebates of premiums and other amounts relating to the Insurance Policies and any documents relating thereto, such assignment being an assignment outright and not for security; and Reliance or the Servicer, as applicable, shall thereupon own such Purchased Receivable, and all documents filed in connection such security and documents, free of any further obligation to the Issuer, the Trustee, the Note Insurer or the Noteholders with respect thereto. The Trustee shall take any and all actions reasonably requested by Reliance or the assignment/transfer Servicer, at the expense of the loan/receivables. 26.1 requesting party, to release its security interest in each Purchased Receivable, in the related Financed Vehicle and in the Other Conveyed Property with respect thereto. The BUYER agrees to be bound by Servicer shall remove such Purchased Receivable from the assignment Schedule of receivables Receivables and acknowledges that xxxx the Original Transfer Certificate of Title (TCT)/Condominium Certificate of Title (CCT) subject Electronic Ledger accordingly and shall send a copy of the CTS shall be delivered by the DEVELOPER/ORIGINATOR to NHMFC as security for the amounts to be paid/remitted by the DEVELOPER or BUYER to NHMFC under the Deed of Assignment amended Schedule of Receivables with Recourse (XXXX) executed by and between the DEVELOPER/ORIGINATOR and NHMFC, the HLRPP Guidelines and other contracts/documents filed/submitted in relation thereto. 26.2 The BUYER agrees that the subject Original TCT/CCT shall only be released by NHMFC upon full payment by the DEVELOPER/ORIGINATOR/BUYER, as the case may be, of the full amount of the receivables/loan assigned (in addition to the interest, penalties, premiums, Trustee and other charges, if any) in accordance with the contracts/documents/Guidelines mentioned under No. 26.1Note Insurer. 26.3 The BUYER agrees to be bound by the failure of the DEVELOPER/ORIGINATOR to pay/remit in favor of NHMFC any amount due to the latter by virtue of the contracts/documents/Guidelines mentioned under No. 26.1. 26.4 The BUYER understands and agrees that the receivables/loan assigned in favor of NHMFC, will form part of a pool of receivables/loans which are to be securitized by NHMFC, in accordance with the Securitization Act of 2004 (R.A. 9267) and other pertinent laws, rules and regulations. 26.5 For purposes of securitization and as stated in the immediately preceding paragraph (Section 26.4), the BUYER agrees to waive his rights under the Realty Installment Buyer Protection Act (R.A. 6552).