Common use of Collection of Collateral Payments Clause in Contracts

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 Party relating to any moneys received by Secured Party on account of any Collections WHETHER OR NOT SUCH LIABILITIES AND EXPENSES ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF STRICT LIABILITY, OR ARE CAUSED IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY ANY INDEMNIFIED PERSON (except for any such liabilities or expenses arising as a direct result of the gross negligence or willful misconduct of such Indemnified Person) and such obligation of Debtors shall continue in effect after and notwithstanding the discharge of the Secured Indebtedness and/or the release of the security interest granted in Paragraph 3 above.

Collection of Collateral Payments. (a) Until Secured Party the Administrative Agent gives notice to Debtors the Debtor pursuant to Paragraph 8(b12(b) below or exercises the Administrative Agent's or the Secured Party’s Parties' rights under Paragraph 10 14 hereof, Debtors the Debtor 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 businessbusiness and in a manner consistent with the terms of this Security Agreement and the Credit Agreement. Upon notice from Secured Party the Administrative Agent to Debtors the Debtor given after the occurrence and during the continuation of an Event of Default, Debtors the Debtor shall furnish to Secured Party the Administrative Agent 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 the Debtor customarily furnish furnishes the Investors therein, including with respect to Collections on each Mortgage Loan: (1) the name of the Obligor, (2) Debtors’ the Debtor's 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 the Administrative Agent to Debtors the Debtor given after the occurrence and during the continuation of an Event of Default, Debtors the Debtor shall hold all Collections representing principal payments and prepayments and escrows for real estate taxes and insurance in trust for the Secured Party Parties' and shall promptly remit the same to the Administrative Agent for the benefit of the Secured PartyParties. All amounts representing the principal payments and prepayments on Mortgage Loans which are delivered to Secured Party the Administrative Agent 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 the Administrative Agent pursuant to the preceding sentence shall be deposited in an escrow account, which is subject to a deposit account control agreement acceptable to the Administrative Agent, with any bank satisfactory to Debtors the Debtor and Secured Partythe Administrative Agent, to be held for the payment of the applicable real estate taxes and insurance premiums. (c) Debtors The Debtor hereby agree agrees to indemnify, defend and save harmless Secured Party the Administrative Agent and its directors, officers, employees and representatives (collectively, the “"Indemnified Persons”") from and against all liabilities and expenses on account of any adverse claim asserted against Secured Party the Administrative Agent relating to any moneys received by Secured Party the Administrative Agent on account of any Collections WHETHER OR NOT SUCH LIABILITIES AND EXPENSES ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF STRICT LIABILITY, OR ARE CAUSED IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY ANY INDEMNIFIED PERSON (except for any such liabilities or expenses arising as a direct result of the gross negligence or willful misconduct of such Indemnified Person) and such obligation of Debtors the Debtor shall continue in effect after and notwithstanding the discharge of the Secured Indebtedness and/or the release of the security interest granted in Paragraph 3 above.

Collection of Collateral Payments. (a) Until Secured Party the Administrative Agent gives notice to Debtors the Debtor pursuant to Paragraph 8(b12(b) below or exercises the Administrative Agent's or the Secured Party’s Parties' rights under Paragraph 10 14 hereof, Debtors the Debtor 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 the Administrative Agent to Debtors the Debtor given after the occurrence and during the continuation of an Event of Default, Debtors the Debtor shall furnish to Secured Party the Administrative Agent 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 the Debtor customarily furnish furnishes the Investors therein, including with respect to Collections on each Mortgage Loan: (1) the name of the Obligor, (2) Debtors’ the Debtor's 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 the Administrative Agent to Debtors the Debtor given after the occurrence and during the continuation of an Event of Default, Debtors the Debtor shall hold all Collections representing principal payments and prepayments and escrows for real estate taxes and insurance in trust for the Secured Party Parties' and shall promptly remit the same to the Administrative Agent for the benefit of the Secured PartyParties. All amounts representing the principal payments and prepayments on Mortgage Loans which are delivered to Secured Party the Administrative Agent 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 the Administrative Agent pursuant to the preceding sentence shall be deposited in an escrow account with any bank satisfactory to Debtors the Debtor and Secured Partythe Administrative Agent, to be held for the payment of the applicable real estate taxes and insurance premiums. (c) Debtors The Debtor hereby agree agrees to indemnify, defend and save harmless Secured Party the Administrative Agent 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 Party the Administrative Agent relating to any moneys received by Secured Party the Administrative Agent on account of any Collections WHETHER OR NOT SUCH LIABILITIES AND EXPENSES ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF STRICT LIABILITY, OR ARE CAUSED IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY ANY INDEMNIFIED PERSON (except for any such liabilities or expenses arising as a direct result of the gross negligence or willful misconduct of such Indemnified Person) and such obligation of Debtors the Debtor shall continue in effect after and notwithstanding the discharge of the Secured Indebtedness and/or the release of the security interest granted in Paragraph 3 above.

Collection of Collateral Payments. (a) Until Secured Party gives notice to Debtors Debtor pursuant to Paragraph 8(b) below or exercises the Secured Party’s rights under Paragraph 10 hereof, Debtors Debtor 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 Debtor given after the occurrence and during the continuation of an Event of Default, Debtors Debtor 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 Debtor customarily furnish furnishes the Investors therein, including with respect to Collections on each Mortgage Loan: (1) the name of the Obligor, (2) Debtors’ Debtor’s 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 Debtor given after the occurrence and during the continuation of an Event of Default, Debtors Debtor 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 all liabilities and expenses on account of any adverse claim asserted against Secured Party 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 Debtor and Secured Party, to be held for the payment of the applicable real estate taxes and insurance premiums. (c) Debtors Debtor hereby agree agrees 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 Party relating to any moneys received by Secured Party on account of any Collections WHETHER OR NOT SUCH LIABILITIES AND EXPENSES ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF STRICT LIABILITY, OR ARE CAUSED IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY ANY INDEMNIFIED PERSON (except for any such liabilities or expenses arising as a direct result of the gross negligence or willful misconduct of such Indemnified Person) and such obligation of Debtors Debtor shall continue in effect after and notwithstanding the discharge of the Secured Indebtedness and/or the release of the security interest granted in Paragraph 3 above.