Common use of Collection and Servicing Rights Clause in Contracts

Collection and Servicing Rights. 4.4(a) If no Event of Default exists, Borrowers may service and receive and collect directly all sums payable to Borrowers in respect of the Collateral other than proceeds of any Purchase Commitment or proceeds of the sale of any Collateral. All proceeds of any Purchase Commitment or any other sale of Collateral must be paid directly to the Lender Only Account for application as provided in this Agreement. 4.4(b) After an Event of Default, and subject to any applicable agency requirements, Lender or its designee is entitled to service and receive and collect all sums payable to Borrowers in respect of the Collateral, and in such case (i) Lender or its designee in its discretion may, in its own name, in the name of Borrowers 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 Lender has no obligation to do so, (ii) Borrowers must, if Lender requests it to do so, hold in trust for the benefit of Lender and immediately pay to Lender at its office designated by Notice, all amounts received by Borrowers upon or in respect of any of the Collateral, advising Lender as to the source of those funds, and (iii) all amounts so received and collected by Lender 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. 4.4(a) If no Event of Default exists, Borrowers Borrower may service and receive and collect directly all sums payable to Borrowers Borrower in respect of the Collateral other than proceeds of any Purchase Commitment or proceeds of the sale of any Collateral. All proceeds of any Purchase Commitment or any other sale of Collateral must be paid directly to the Lender Only Cash Collateral Account for application as provided in this Agreement. 4.4(b) After an Event of DefaultDefault occurs and remains continuing, and subject to any applicable agency requirements, Lender Administrative Agent or its designee is entitled to service and receive and collect all sums payable to Borrowers Borrower in respect of the Collateral, and in such case case, subject to any applicable requirements of the relevant Federal Agency, (i1) Lender Administrative Agent or its designee in its discretion may, in its own name, in the name of Borrowers 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 Lender Administrative Agent has no obligation to do so, (ii2) Borrowers Borrower must, if Lender Administrative Agent requests it to do so, hold in trust for the benefit of Lender Administrative Agent and immediately pay to Lender Administrative Agent at its office designated by Notice, all amounts received by Borrowers Borrower upon or in respect of any of the Collateral, advising Lender Administrative Agent as to the source of those funds, and (iii3) all amounts so received and collected by Lender Administrative Agent will be held by it as part of the Collateral, subject to disposition Collateral and applied by Administrative Agent as provided in accordance with this Agreement and applicable lawAgreement.

Collection and Servicing Rights. 4.4(a) If no Event of Default exists, Borrowers Borrower may service and receive and collect directly all sums payable to Borrowers Borrower in respect of the Collateral other than proceeds of any Purchase Commitment or proceeds of the sale of any Collateral. All proceeds of any Purchase Commitment or any other sale of Collateral must be paid directly to the Lender Only Cash Collateral Account for application as provided in this Agreement. 4.4(b) After an Event of Default, Default occurs and subject to any applicable agency requirementsremains continuing, Lender or its designee is entitled to service and receive and collect all sums payable to Borrowers Borrower in respect of the Collateral, and in such case case, subject to any applicable requirements of the relevant Federal Agency, (i1) Lender or its designee in its discretion may, in its own name, in the name of Borrowers 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 Lender has no obligation to do so, (ii2) Borrowers Borrower must, if Lender requests it to do so, hold in trust for the benefit of Lender and immediately pay to Lender at its office designated by Notice, all amounts received by Borrowers Borrower upon or in respect of any of the Collateral, advising Lender as to the source of those funds, and (iii3) all amounts so received and collected by Lender will be held by it as part of the Collateral, subject to disposition Collateral and applied by Lender as provided in accordance with this Agreement and applicable lawAgreement.

Collection and Servicing Rights. 4.4(a) If no Event of Default exists, Borrowers the Borrower may service and receive and collect directly all sums payable to Borrowers the Borrower in respect of the Collateral other than proceeds of any Purchase Commitment or proceeds of the sale of any Collateral. All proceeds of any Purchase Commitment or any other sale of Collateral must be paid directly to the Lender Only Cash Collateral Account for application as provided in this Agreement. 4.4(b) After an Event of Default, Default occurs and subject to any applicable agency requirementsremains continuing, Lender or its designee is entitled to service and receive and collect all sums payable to Borrowers Borrower in respect of the Collateral, and in such case case, subject to any applicable requirements of the relevant Federal Agency, (i1) Lender or its designee in its discretion may, in its own name, in the name of Borrowers 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 Lender has no obligation to do so, (ii2) Borrowers Borrower must, if Lender requests it to do so, hold in trust for the benefit of Lender and immediately pay to Lender at its office designated by Notice, all amounts received by Borrowers Borrower upon or in respect of any of the Collateral, advising Lender as to the source of those funds, and (iii3) all amounts so received and collected by Lender will be held by it as part of the Collateral, subject to disposition Collateral and applied by Lender as provided in accordance with this Agreement and applicable lawAgreement.