Common use of Assignment of the Letter of Credit Clause in Contracts

Assignment of the Letter of Credit. Notwithstanding anything to the contrary in this Agreement (including, without limitation, the termination or transfer of the servicing rights and/or obligations of the Company pursuant to Articles X and XI hereof), the Company, as beneficiary under any Non-Assigned Letters of Credit, shall transfer and assign, at no cost to the Purchaser, each Non-Assigned Letter of Credit to the Purchaser in accordance with the provisions thereof within ten (10) days of such termination or transfer. In addition, the Company shall forward within one (1) Business Day of receipt any notice received of non-renewal of any Letter of Credit. Any funds received by the Company from draws on the Non-Assigned Letters of Credit after the Company is no longer the servicer hereunder shall be remitted promptly by the Company to the successor servicer for deposit into the Custodial Account. Within thirty (30) days of the related Closing Date, the Company, as beneficiary under any Letter of Credit, shall assign each Letter of Credit in blank and then deliver each such Letter of Credit to the Custodian.

Assignment of the Letter of Credit. Notwithstanding anything to the contrary in this Agreement (including, without limitation, the termination or transfer of the servicing rights and/or obligations of the Company pursuant to Articles X and XI hereof), the Company, as beneficiary under any Non-Assigned Letters of Credit, shall transfer and assign, at no cost to the Purchaser, each Non-Assigned Letter of Credit to the Purchaser in accordance with the provisions thereof within ten (10) days of such termination or transfer. In addition, the Company shall forward within one (1) Business Day of receipt any notice received of non-renewal of any Letter of Credit. Any funds received by the Company from draws on the Non-Assigned Letters of Credit after the Company is no longer the servicer hereunder shall be remitted promptly by the Company to the successor servicer for deposit into the Custodial Account. Within thirty (30) days of the related Closing Date, the Company, as beneficiary under any Letter of Credit, shall assign each Letter of Credit in blank and then deliver each such Letter of Credit to the Custodian.