Funds Received by Servicer After Conversion Date Clause Samples

Funds Received by Servicer After Conversion Date. Following the Conversion Date, Servicer shall use commercially reasonable efforts to forward, or cause to be forwarded to Bank within three (3) Business Days after receipt by Servicer, all funds received by or credited to Servicer under the Account Portfolio Assets and, within ten (10) Business Days after receipt by Servicer, all correspondence from Cardholders received with respect to the Account Portfolio Assets. Servicer shall provide to Bank, via facsimile, a daily settlement sheet which shall contain a summary of such funds received and forwarded. In the event that Bank receives funds or correspondence relating to any account not included in the Account Portfolio Assets, Bank shall use commercially reasonable efforts to, within three (3) Business Days after receipt, forward, or cause to be forwarded, to Servicer all such funds and, within ten (10) Business Days after receipt, all such correspondence. All such funds and correspondence shall be sent by Servicer or Bank, as applicable, by overnight mail or courier service (in each case, at Bank's expense). The obligation to transmit funds shall continue for a period of one year following the Conversion Date. Effective on the Conversion Date, Servicer hereby appoints and empowers Bank as its true and lawful attorney-in-fact solely to endorse any check or instrument made payable to Servicer and submitted as payment on any outstanding balance of any Account and Bank hereby appoints and empowers Servicer as its true and lawful attorney-in-fact solely to endorse any check or instrument made payable to Bank and submitted as payment on any outstanding balance of any Account.