Common use of Collection and Servicing Rights Clause in Contracts

Collection and Servicing Rights. So long as no Event of Default shall have occurred and is continuing, the Borrower shall have a revocable and nontransferable license to service and retain subservicers, and receive and collect directly all sums payable to the Borrower in respect of the Collateral other than proceeds of any Purchase Commitment or proceeds of the sale of any Collateral. During the continuance of any Event of Default, the Agent or its designee may revoke such license by Notice to the Borrower (or its successor, trustee, or receiver) whereupon the Borrower’s rights to so service the Collateral shall terminate. Agent or its designee shall thereafter be entitled to service and receive and collect all sums payable to the Borrower in respect of the Collateral, and in such case (a) the Agent or its designee in its discretion may, in its own name or in the name of the Borrower or otherwise, demand, sxx 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 shall be under no obligation to do so, (b) the Borrower shall, if the Agent so requests, forthwith deliver the credit files and the servicing files for the Collateral to the Agent or its designee and pay to the Agent, on behalf of the Lenders, at its principal office all amounts thereafter received by the Borrower upon or in respect of any of the Collateral, advising the Agent as to the source of such funds, and (c) all amounts so received and collected by the Agent shall be held by it for the benefit of the Lenders as part of the Collateral.

Collection and Servicing Rights. So long as no Event of Default shall have occurred and is continuingoccurred, the Borrower Company shall have a revocable and nontransferable license to service and retain subservicers, and receive and collect directly all sums payable to the Borrower Company in respect of the Collateral other than proceeds of any Purchase Commitment or proceeds of the sale of any Collateral. During Following the continuance occurrence of any Event of Default, the Agent Lender or its designee may revoke such license by Notice notice to the Borrower Company (or its successor, trustee, or receiver) whereupon the BorrowerCompany’s rights to so service the Collateral shall terminate. Agent Lender or its designee shall thereafter be entitled to service and receive and collect all sums payable to the Borrower Company in respect of the Collateral, and in such case (a) the Agent Lender or its designee in its discretion may, in its own name or in the name of the Borrower Company or otherwise, demand, sxx sue for, collect or receive any money or property at any time payable or receivable on account of or in exchange for any of anx xf the Collateral, but shall be under no obligation to do so, so and (b) the Borrower Company shall, if the Agent Lender so requests, forthwith deliver the credit files and the servicing files for the Collateral to the Agent Lender or its designee and pay to the Agent, on behalf of the LendersLender, at its principal office all amounts thereafter received by the Borrower Company upon or in respect of any of the Collateral, advising the Agent Lender as to the source of such funds, and (c) all amounts so received and collected by the Agent shall be held by it for the benefit of the Lenders as part of the Collateral.

Collection and Servicing Rights. So long as no Event of Default ------------------------------- shall have occurred and is be continuing, the Borrower Borrowers shall have a revocable and nontransferable license be entitled to service and retain subservicers, and receive and collect directly all sums payable to the Borrower Borrowers in respect of the Collateral other than proceeds of any Purchase Commitment or proceeds of the sale of any Collateral. During Following the continuance occurrence of any Event of Default, the Agent or its designee may revoke such license by Notice to the Borrower (or its successor, trustee, or receiver) whereupon the Borrower’s rights to so service the Collateral shall terminate. Credit Agent or its designee shall thereafter be entitled to service and receive and collect all sums payable to the Borrower Borrowers in respect of the Collateral, and in such case (a) the Credit Agent or its designee in its sole discretion may, in its own name or name, in the name of the Borrower Borrowers or otherwise, demand, sxx 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 shall be under no obligation to do so, (b) the Borrower Borrowers shall, if the Credit Agent so requests, forthwith deliver the credit files and the servicing files for the Collateral to the Agent or its designee and pay to the Agent, on behalf of the Lenders, Credit Agent at its principal office designated by Notice hereunder, all amounts thereafter received by the Borrower Borrowers upon or in respect of any of the Collateral, advising the Credit Agent as to the source of such funds, and (c) all amounts so received and collected by the Credit Agent shall be held by it for in the benefit of the Lenders Cash Collateral Account as part of the Collateral.

Collection and Servicing Rights. So long as no Event of Default shall have occurred and is be continuing, the Borrower Borrowers shall have a revocable and nontransferable license be entitled to service and retain subservicers, and receive and collect directly all sums payable to the Borrower Borrowers in respect of the Collateral other than proceeds of any Purchase Commitment or proceeds of the sale of any Collateral. During Following the continuance occurrence of any Event of DefaultDefault and Notice thereof from the Lender to the Borrowers, the Agent or its designee may revoke such license by Notice to the Borrower (or its successor, trustee, or receiver) whereupon the Borrower’s rights to so service the Collateral shall terminate. Agent Lender or its designee shall thereafter be entitled to service and receive and collect all sums payable to the Borrower Borrowers in respect of the Collateral, and in such case (a) the Agent Lender or its designee in its discretion may, in its own name or name, in the name of the Borrower Borrowers or otherwise, demand, sxx 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 shall be under no obligation to do so, (b) the Borrower Borrowers shall, if the Agent Lender so requests, forthwith deliver the credit files and the servicing files hold in trust for the Collateral to benefit of the Agent or its designee Lender and forthwith pay to the Agent, on behalf of the Lenders, Lender at its principal office designated by Notice hereunder, all amounts thereafter received by the Borrower Borrowers upon or in respect of any of the Collateral, advising the Agent Lender as to the source of such funds, and (c) all amounts so received and collected by the Agent Lender shall be held by it for the benefit of the Lenders as part of the Collateral.