Collection of Collateral Payments. (a) The Company or the applicable Borrowing Subsidiary shall, at its sole cost and expense, use its best efforts to obtain payment, when due and payable, of all sums due or to become due with respect to any Collateral ("Collateral Payments" or a "Collateral Payment"), consistent with all requirements of law and contractual obligations binding upon the Company or the applicable Borrowing Subsidiary. Upon the request of the Collateral Agent while an Event of Default exists, the Company or the applicable Borrowing Subsidiary will notify and direct any party who is or might become obligated to make any Collateral Payment, to make payment thereof to the Collateral Agent (or to the Company or the applicable Borrowing Subsidiary in care of the Collateral Agent) at such address as the Collateral Agent may designate. The Company will reimburse the Collateral Agent promptly upon demand for all out-of-pocket costs and expenses, including reasonable attorneys' fees and litigation expenses, incurred by the Collateral Agent in seeking to collect any Collateral Payment.
(b) The Collateral Agent shall, promptly upon receipt of any funds delivered from any Servicing Purchaser as full or partial payment of any Pledged Servicing Sale Receivable, deposit such funds into the Collateral Agent's Settlement Account and notify the Company of the receipt of such funds. If the Collateral Agent receives any check from a Servicing Purchaser in payment of Servicing Sale Receivables and such check contains a restrictive endorsement, the Collateral Agent shall obtain the consent of the Company and the Credit Agent before cashing any such check.
(c) Following the occurrence of an Event of Default, upon the request of the Collateral Agent the Company and each Borrowing Subsidiary will transmit and deliver to the Collateral Agent, forthwith upon receipt and in the form received, all cash, checks, drafts and other instruments for the payment of money (properly endorsed where required so that such items may be collected by the Collateral Agent) which may be received by the Company or any Borrowing Subsidiary at any time as payment on account of any Collateral Payment and if such request shall be made, until delivery to the Collateral Agent, such items will be held in trust for the Collateral Agent for the benefit of the Secured Parties and will not be commingled by the Company or any Borrowing Subsidiary with any of their other funds or property. Thereafter, the Collateral Agent is hereby aut...
Collection of Collateral Payments. (a) Until Secured Party gives notice to Debtors pursuant to Paragraph 8(b) below or exercises the Secured Party’s rights under Paragraph 10 hereof, Debtors shall be entitled to receive all collections on any and all of the Mortgage Notes, Mortgages and any documents related to the foregoing (hereinafter collectively called “Collections”) and use the same in the normal course of business. Upon notice from Secured Party to Debtors given after the occurrence and during the continuation of an Event of Default, Debtors shall furnish to Secured Party not later than the tenth Business Day after the end of each month a report on all Collections received during the preceding month and provide the same accounting therefor as Debtors customarily furnish the Investors therein, including with respect to Collections on each Mortgage Loan: (1) the name of the Obligor, (2) Debtors’ loan number for the Mortgage Loan, (3) current principal balance of the Mortgage Loan, (4) current escrow balance with respect to the Mortgage Loan, (5) number and amount of past due payments on the Mortgage Loan and (6) the amount of the Collections received during such month with respect to the Mortgage Loan, itemized to show (A) principal portion, (B) interest portion and (C) portion thereof representing amounts paid in escrow for real estate taxes and insurance.
(b) Upon notice from Secured Party to Debtors given after the occurrence and during the continuation of an Event of Default, Debtors shall hold all Collections representing principal payments and prepayments and escrows for real estate taxes and insurance in trust for Secured Party and shall promptly remit the same to Secured Party. All amounts representing the principal payments and prepayments on Mortgage Loans which are delivered to Secured Party pursuant to the preceding sentence shall be deposited in the Settlement Account and all amounts representing real estate tax and insurance escrows for Mortgage Loans which are delivered to Secured Party pursuant to the preceding sentence shall be deposited in an escrow account with any bank satisfactory to Debtors and Secured Party, to be held for the payment of the applicable real estate taxes and insurance premiums.
(c) Debtors hereby agree to indemnify, defend and save harmless Secured Party and its officers, employees and representatives (collectively, the “Indemnified Persons”) from and against all liabilities and expenses on account of any adverse claim asserted against Secured Par...
Collection of Collateral Payments. (a) Each Debtor shall, at its sole cost and expense, endeavor to obtain payment, when due and payable, of all sums due or to become due with respect to any Collateral ("Collateral Payments" or a "Collateral Payment"), including, ------------------- ------------------ without limitation, the taking of such action with respect thereto as Administrative Agent or any Secured Party may reasonably request, or, in the absence of such request, as each Debtor may reasonably deem advisable; provided, -------- however, that each Debtor shall not, without the prior written consent of ------- Administrative Agent and the Secured Parties, grant or agree to any rebate, refund, compromise or extension with respect to any Collateral Payment or accept any prepayment on account thereof, except, in all cases referred to in this sentence, in the ordinary course of business. After the occurrence and during the continuance of an Event of Default, upon the request of Administrative Agent at the direction of all the Secured Parties, each Debtor will notify and direct any party who is or might become obligated to make any Collateral Payment, to make payment thereof to such accounts as Administrative Agent may direct in writing and to execute all instruments and take all action required by Administrative Agent to ensure the rights of Administrative Agent for the benefit of the Secured Parties in any Collateral subject to the Federal Assignment of Claims Act of 1940, as amended.
(b) Upon the request of Administrative Agent, which request will be made only following the occurrence and during the continuance of a Default or Event of Default, each Debtor will, forthwith upon receipt, transmit and deliver to Administrative Agent, in the form received, all cash, checks, drafts and other instruments for the payment of money (properly endorsed where required so that such items may be collected by Administrative Agent) which may be received by each Debtor at any time as payment on account of any Collateral Payment and if such request shall be made, until delivery to Administrative Agent, such items will be held in trust for Administrative Agent and the Secured Parties and will not be commingled by each Debtor with any of its other funds or property. Thereafter, Administrative Agent is hereby authorized and empowered to endorse the name of any Debtor on any check, draft or other instrument for the payment of money received by Administrative Agent on account of any Collateral Payment if Admini...
Collection of Collateral Payments. 8(a) Each Debtor shall, at its sole cost and expense, endeavor to obtain payment, when due and payable, of all sums due or to become due with respect to any Collateral ("Collateral Payments" or a "Collateral Payment"), including, without limitation, the taking of such action with respect thereto as the Agent or any Secured Party may reasonably request, or, in the absence of such request, as such Debtor may reasonably deem advisable; provided, however, that such Debtor shall not, without the prior written consent of the Agent and the Secured Parties, grant or agree to any rebate, refund, compromise or extension with respect to any Collateral Payment or accept any prepayment on account thereof. Upon the request of the Agent at the direction of all the Secured Parties, such Debtor will notify and direct any party who is or might become obligated to make any Collateral Payment, to make payment thereof to such accounts as the Agent may direct in writing and to execute all instruments and take all action required by the Agent to ensure the rights of the Agent for the benefit of the Secured Parties in any Collateral subject to the Federal Assignment of Claims Act of 1940, as amended.
Collection of Collateral Payments. (a) The Company shall, at its sole cost and expense, endeavor to obtain payment, when due and payable, of all sums due or to become due with respect to any Collateral (each such payment being referred to as a "Collateral Payment"), including, without limitation, the taking of such action with respect thereto as the Collateral Agent may request, or, in the absence of such request, as the Company may reasonably deem advisable; provided, however, that the Company shall not, without the prior written consent of the Collateral Agent, grant or agree to any rebate, refund, compromise or extension with respect to any Collateral Payment or accept any prepayment on account thereof. Upon the request of the
Collection of Collateral Payments. 8 Section 12. Authorized Action by Agent and Collateral Agent ............ 9 Section 13. Default .................................................... 10 (a) Remedies ............................................. 10 (b)
Collection of Collateral Payments. 8(a) Each Debtor shall, at its sole cost and expense, endeavor to obtain payment, when due and payable, of all sums due or to become due with respect to any Collateral ("Collateral Payments" or a "Collateral Payment"), including, without limitation, the taking of such action with respect thereto as the Collateral Agent or any Secured Party may reasonably request, or, in the absence of such request, as such Debtor may reasonably deem advisable; provided, however, that following the occurrence and during the continuance of an Event of Default such Debtor shall not, without the consent of the Collateral Agent, grant or agree to any rebate, refund, compromise or extension with respect to any Collateral Payment or accept any prepayment on account thereof. Upon the request of the Collateral Agent at the direction of all the Secured Parties, following the occurrence and during the continuance of an Event of Default and notice from the Collateral Agent to the Company, such Debtor will notify and direct any party who is or might become obligated to make any Collateral Payment, to make payment thereof to such accounts as the Collateral Agent may direct in writing and to execute all instruments and take all action required by the Collateral Agent to ensure the rights of the Collateral Agent for the benefit of the Secured Parties in any Collateral subject to the Federal Assignment of Claims Act of 1940, as amended.
Collection of Collateral Payments. After the occurrence of a Default, the Administrative Agent, by giving the Borrower written notice, may elect to require that the Collateral Payments be paid directly to the Administrative Agent for the benefit of the Lenders. In such event, the Borrower shall, and shall permit the Administrative Agent to, promptly notify the obligors under the Collateral of the Lenders' interest therein and direct such obligors to make payment of all amounts then or thereafter payable directly to the Administrative Agent. Upon receipt of any such notice from the Administrative Agent, the Borrower shall thereafter hold in trust for the Administrative Agent, on behalf of the Lenders, all amounts and proceeds received by it with respect to the Collateral and immediately and at all times thereafter deliver to the Administrative Agent all such amounts and proceeds in the same form as so received, whether by cash, check, draft or otherwise, with any necessary endorsements. The Administrative Agent shall hold and apply funds so received as provided by the terms of Sections 7.2.
Collection of Collateral Payments. 44 Section 4.13 Authorized Action by Agent.......................45 Section 4.14 Negative Pledge..................................45
Collection of Collateral Payments. (1) Until there shall occur an Event of Default or Potential Default, the Borrower shall, at its sole cost and expense, endeavor to obtain payment when due and payable of all sums due or to become due with respect to any Mortgage Loan constituting Collateral ("Mortgage Payments" or a "Mortgage Payment"), including without limitation, the taking of such action with respect thereto as Lender may request, or, in the absence of such request, as the Borrower may reasonably deem advisable; provided, however, that the Borrower shall not, without the prior written consent of Lender, grant or agree to any rebate, refund, compromise or extension with respect to any Mortgage Payment or accept any prepayment on account thereof (except those of the foregoing which are disclosed to Lender pursuant to subparagraph (g) of the definition of "Eligible Mortgage Loan" in Paragraph 11 below, or which are consistent with applicable other Approved Investor servicing guidelines). Thereafter, upon the request of Lender, the Borrower will notify and direct any party who is or might become obligated to make any Mortgage Payment to make payment thereof to Lender (or to the Borrower in care of Lender) at such address as Lender may designate.
