Responsibilities of Seller. Anything herein to the contrary notwithstanding: (a) Seller agrees to deliver directly to the Administrator (for NAFCO's account), within one Business Day after receipt thereof, any Collections that it receives, in the form so received, and agrees that all such Collections shall be deemed to be received in trust for NAFCO and shall be maintained and segregated separate and apart from all other funds and moneys of Seller until delivery of such Collections to the Administrator. (b) Seller shall perform all of its obligations hereunder and under the Contracts related to the Receivables and Related Assets to the same extent as if such Receivables had not been sold hereunder, and the exercise by NAFCO or its designee or assignee of NAFCO's rights hereunder or in connection herewith shall not relieve Seller from any of its obligations under the Contracts or Related Assets related to the Receivables. (c) Seller hereby grants to NAFCO an irrevocable power of attorney, with full power of substitution, coupled with an interest, to take in the name of Seller all steps necessary or advisable to endorse, negotiate or otherwise realize on any writing or other right of any kind held or transmitted by Seller or transmitted or received by NAFCO (whether or not from Seller) in connection with any Purchased Asset.
Appears in 1 contract
Samples: Receivables Purchase Agreement (National Auto Finance Co Inc)
Responsibilities of Seller. Anything herein to the contrary notwithstanding, Seller hereby agrees that during the Regulated Period and except as otherwise provided in this Agreement or the Purchase Agreement:
(a) Seller agrees to shall deliver directly to any of the Administrator (for NAFCO's account)Lockbox Accounts, within one two Business Day Days after receipt thereof, any Collections that it receives, in the form so received, and agrees that all such Collections shall be deemed to be received in trust for NAFCO Buyer and shall be maintained and segregated separate and apart from all other funds and moneys of Seller until delivery of such Collections to the Administrator.Buyer;
(b) Seller shall perform all of its obligations hereunder and under the Contracts related to the Receivables and Related Assets to the same extent as if such the Transferred Receivables had not been sold or contributed hereunder, and the exercise by NAFCO Buyer or its designee or assignee of NAFCOBuyer's rights hereunder or in connection herewith shall not relieve Seller from any of its obligations under the Sale Documents and the Contracts or Related Assets related to the Transferred Receivables.; and
(c) Buyer shall have, and Seller hereby grants to NAFCO Buyer, an irrevocable power of attorney, with full power of substitution, substitution and coupled with an interest, to take in the name of Seller all steps which Buyer, in its reasonable discretion, may deem necessary or advisable to endorse, negotiate or otherwise realize on any writing or other right of any kind held or transmitted by Seller or transmitted or received by NAFCO Buyer (whether or not from Seller) in connection with any Purchased AssetTransferred Receivable.
Appears in 1 contract
Samples: Receivables Sale and Contribution Agreement (Volt Information Sciences Inc)
Responsibilities of Seller. Anything herein to the contrary notwithstanding, Seller hereby agrees:
(a) Seller agrees to deliver directly to any of the Administrator (for NAFCO's account)Lockbox Accounts, within one two Business Day Days after receipt thereof, any Collections that it receives, in the form so received, and agrees that all such Collections shall be deemed to be received in trust for NAFCO Buyer and shall be maintained and segregated separate and apart from all other funds and moneys of Seller until delivery of such Collections to the Administrator.Buyer,
(b) Seller shall to perform all of its obligations hereunder and under the Contracts related to the Receivables and Related Assets to the same extent as if such the Receivables had not been sold or contributed hereunder, and the exercise by NAFCO Buyer or its designee or assignee of NAFCOBuyer's rights hereunder or in connection herewith shall not relieve Seller from any of its obligations under the Sale Documents and the Contracts or Related Assets related to the Receivables., and
(c) Seller that it hereby grants to NAFCO Buyer an irrevocable power of attorney, with full power of substitution, coupled with an interest, to take in the name of Seller all steps necessary or advisable to endorse, negotiate or otherwise realize on any writing or other right of any kind held or transmitted by Seller or transmitted or received by NAFCO Buyer (whether or not from Seller) in connection with any Purchased AssetReceivable.
Appears in 1 contract
Samples: Sale Agreement (Exide Corp)
Responsibilities of Seller. Anything herein to the contrary -------------------------- notwithstanding, Seller hereby agrees:
(a) Seller agrees to deliver directly to any of the Administrator (for NAFCO's account)Lockbox Accounts, within one two Business Day Days after receipt thereof, any Collections that it receives, in the form so received, and agrees that all such Collections shall be deemed to be received in trust for NAFCO Buyer and shall be maintained and segregated separate and apart from all other funds and moneys of Seller until delivery of such Collections to the Administrator.Buyer,
(b) Seller shall to perform all of its obligations hereunder and under the Contracts related to the Receivables and Related Assets to the same extent as if such the Receivables had not been sold or contributed hereunder, and the exercise by NAFCO Buyer or its designee or assignee of NAFCOBuyer's rights hereunder or in connection herewith shall not relieve Seller from any of its obligations under the Sale Documents and the Contracts or Related Assets related to the Receivables., and
(c) Seller that it hereby grants to NAFCO Buyer an irrevocable power of attorney, with full power of substitution, coupled with an interest, to take in the name of Seller all steps necessary or advisable to endorse, negotiate or otherwise realize on any writing or other right of any kind held or transmitted by Seller or transmitted or received by NAFCO Buyer (whether or not from Seller) in connection with any Purchased AssetReceivable.
Appears in 1 contract
Samples: Sale Agreement (Exide Corp)
Responsibilities of Seller. Anything herein to the contrary -------------------------- notwithstanding, Seller hereby agrees:
(a) Seller agrees to deliver directly to the Administrator Master Collection Account (for NAFCOBuyer's account), within one two Business Day Days after receipt thereof, any Collections that it receives, in the form so received, and agrees that all such Collections shall be deemed to be received in trust for NAFCO Buyer and shall be maintained and segregated separate and apart from all other funds and moneys of Seller until delivery of such Collections to the Administrator.Master Collection Account,
(b) Seller shall to perform all of its obligations hereunder and under the Contracts related to the Receivables and Related Assets Obligor Loan Agreements at least to the same extent as if such Receivables the Purchased Assets had not been sold hereunder, and the exercise by NAFCO Buyer or its designee or assignee of NAFCOBuyer's rights hereunder or in connection herewith shall not relieve Seller from any of its obligations under the Contracts Obligor Loan Agreements or Related Assets related to the Receivables.Purchased Assets,
(c) Seller that it hereby grants to NAFCO Buyer an irrevocable power of attorney, with full power of substitution, coupled with an interest, to take in the name of Seller all steps necessary or advisable to endorse, negotiate or otherwise realize on any writing or other right of any kind held or transmitted by Seller or transmitted or received by NAFCO Buyer (whether or not from Seller) in connection with any Purchased Asset, and
(d) to the extent that Seller does not own the computer software that Seller uses to account for Receivables, Seller shall provide Buyer, Servicer and Trustee with such licenses, sublicenses and/or assignments of contracts as Buyer, Servicer or Trustee shall require with regard to all services and computer hardware or software used by Seller that relate to the servicing of the Purchased Assets.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Healthcare Financial Partners Inc)