Common use of Collection and Servicing Rights Clause in Contracts

Collection and Servicing Rights. (a) While no Event of Default exists, Borrower (or, if applicable pursuant to the Loan Servicing Agreement, the Servicer) may service and receive and collect directly all sums payable to Borrower in respect of the Collateral, other than any payments which are required to be paid directly to the Cash Collateral Account pursuant to applicable provisions of this Agreement. (b) After an Event of Default has occurred, Administrative Agent or its designee is entitled to service and receive and collect all sums payable to Borrower in respect of the Collateral, and in such case (i) Administrative Agent or its designee in its discretion may, in its own name, in the name of Borrower or otherwise, demand, xxx for, collect or receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral, but neither Administrative Agent nor any Lender has any obligation to do so, (ii) Borrower or the Servicer shall, if Administrative Agent requests it to do so, hold in trust for the benefit of the Administrative Agent and the Lenders and immediately pay to Administrative Agent, at its office designated by Notice, all amounts received by Borrower upon or in respect of any Collateral, advising Administrative Agent as to the source of those funds, and (iii) all amounts so received and collected by Administrative Agent will be held by it as part of the Collateral, subject to disposition in accordance with this Agreement and applicable Law.

Collection and Servicing Rights. (a) While If no Event of Default existshas occurred or, as to any Event of Default, it has been waived in writing by the Administrative Agent, Borrower (or, if applicable pursuant to the Loan Servicing Agreement, the Servicer) may service and receive and collect directly all sums payable to Borrower in respect of the Collateral, other than proceeds of any payments which are required to sale of any Collateral. All proceeds of any sale of Collateral must be paid directly to the Cash Collateral Account pursuant to applicable provisions of for application as provided in this Agreement. (b) After an Event of Default has occurredoccurred which has not been waived in writing by the Administrative Agent, Administrative Agent or its designee is entitled to service and receive and collect all sums payable to Borrower in respect of the Collateral, and in such case (i) Administrative Agent or its designee in its discretion may, in its own name, in the name of Borrower or otherwise, demand, xxx for, collect or receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral, but neither Administrative Agent nor any Lender has any obligation to do so, (ii) Borrower or the Servicer shall, if Administrative Agent requests it to do so, hold in trust for the benefit of the Administrative Agent and the Lenders and immediately pay to Administrative Agent, for the benefit of Lenders, at its office designated by Notice, all amounts received by Borrower upon or in respect of any of the Collateral, advising Administrative Agent as to the source of those funds, and (iii) all amounts so received and collected by Administrative Agent for the benefit of Lenders will be held by it as part of the Collateral, subject to disposition in accordance with this Agreement and applicable Lawlaw.

Collection and Servicing Rights. (a) While If no Event of Default existshas occurred or, as to any Event of Default, it has been waived in writing by the Administrative Agent, Borrower (or, if applicable pursuant to the Loan Servicing Agreement, the Servicer) may service and receive and collect directly all sums payable to Borrower in respect of the Collateral, other than proceeds of any payments which are required to sale of any Collateral. All proceeds of any sale of Collateral must be paid directly to the Cash Collateral Account pursuant to applicable provisions of for application as provided in this Agreement. (b) After an Event of Default has occurredoccurred which has not been waived in writing by the Administrative Agent, Administrative Agent or its designee is entitled to service and receive and collect all sums payable to Borrower in respect of the Collateral, and in such case (i) Administrative Agent or its designee in its discretion may, in its own name, in the name of Borrower or otherwise, demand, xxx for, collect or receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral, but neither Administrative Agent nor any Lender has any obligation to do so, (ii) Borrower or the Servicer shall, if Administrative Agent requests it to do so, hold in trust for the benefit of the Administrative Agent and the Lenders and immediately pay to Administrative Agent, for the benefit of Lenders, at its office designated by Notice, all amounts received by Borrower upon or in respect of any of the Collateral, advising Administrative Agent as to the source of those funds, and (iii) all amounts so received and collected by Administrative Agent for the benefit of Lenders will be held by it as part of the Collateral, subject to disposition in accordance with this Agreement and applicable Lawlaw.