Collection of the Notes. Borrower hereby directs and authorizes each party liable for the payment of the Pledged Notes Receivable, and by no later than the Closing Date shall direct in writing each such party, to pay each installment thereon to Lockbox Agent pursuant to the Lockbox Agreement, unless and until directed otherwise by written notice from Agent or, at Agent’s direction, from Borrower, after which such parties are and shall be directed to make all further payments on the Pledged Notes Receivable in accordance with the directions of Agent. Following the occurrence of an Event of Default, Agent shall have the right to require that all payments becoming due under the Pledged Notes Receivable be paid directly to Agent, as agent for Lenders, and Agent is hereby authorized to receive, collect, hold and apply the same in accordance with the provisions of this Agreement. In the event that following the occurrence of an Event of Default, Agent or Lockbox Agent does not receive any installment of principal or interest due and payable under any of the Pledged Notes Receivable on or prior to the date upon which such installment becomes due, Agent may, at its election (but without any obligation to do so), give or cause Lockbox Agent to give notice of such default to the defaulting party or parties, and Agent shall have the right (but not the obligation), subject to the terms of such Notes, to accelerate payment of the unpaid balance of any of the Pledged Notes Receivable in default and to foreclose each of the Mortgages securing the payment thereof, and to enforce any other remedies available to the holder of such Pledged Notes Receivable with respect to such default. Borrower hereby further authorizes, directs and empowers Agent (and Lockbox Agent or any other Person as may be designated by Agent in writing) to collect and receive all checks and drafts evidencing such payments and to endorse such checks or drafts in the name of Borrower and upon such endorsements, to collect and receive the money therefor. The right to endorse checks and drafts granted pursuant to the preceding sentence is irrevocable by Borrower, and the banks or banks paying such checks or drafts upon such endorsements, as well as the signers of the same, shall be as fully protected as though the checks or drafts have been endorsed by Borrower.
Collection of the Notes. Borrower hereby directs and authorizes each party liable for the payment of the Pledged Notes Receivable, and by no later than the Closing Date shall direct
Collection of the Notes. If the Notes are placed in the hands of an attorney for collection or to take other appropriate proceedings to enforce the Notes or the Loan Documents, all payments thereafter received by Con-Spec or the other parties hereto in connection with the Notes or the Loan Documents shall be applied (i) first, to all costs and expenses of any nature whatsoever incurred for the maintenance, preservation, defense, protection, sale, other disposition, collection, and enforcement of the Notes, the Loan Documents and any collateral for the Notes, including, without limitation, attorneys' fees, expenses, and disbursements and court costs and (ii) second, to accrued and unpaid interest and principal on the Notes. Acquisitions agrees to execute all additional documents, instruments and agreements that Con-Spec, its successors or assigns may reasonably deem to be necessary to effectuate the intent of this Agreement. If Con-Spec, its successors or assigns so requests, Acquisitions will appoint such person as its true and lawful attorney-in-fact, irrevocably, with full power of substitution, to demand, collect, receive, receipt for, xxx and recover all sums of money or other property which may now or hereafter become due, owing or payable under the Notes and to file any claim or claims or to take any action or institute or take part in any proceedings which in the reasonable discretion of Agent seem necessary or advisable to effectuate the foregoing.
