Common use of Right to Collect Clause in Contracts

Right to Collect. Except as otherwise set forth below, unless and until the occurrence of an Event of Default hereunder, Seller or its Servicer shall continue to collect all principal, interest, and escrow payments due and to become due under the Purchased Mortgage Loans (and all such amounts shall be held in trust for the exclusive benefit of Buyer as the owner of the related Purchased Asset), and may take such action as Seller may deem necessary, advisable, convenient, or proper for the enforcement of such Purchased Mortgage Loans to the extent consistent with Seller’s covenants and agreements set forth herein, except that regardless of whether any Event of Default exists, Mortgage Loan Sale Proceeds shall be paid directly to the Deposit Account or as Buyer shall otherwise direct, for application as provided herein. Upon receipt of any prepayment on any Purchased Mortgage Loan, Seller shall (or shall cause the Servicer to) promptly pay such amount to Buyer for application to repay the Purchase Price made with respect to such Purchased Mortgage Loan. All prepayments will be remitted to the Monthly Remittance Account within two (2) Business Days following receipt. Immediately upon and at all times after the occurrence of any Event of Default, Seller agrees, upon Xxxxx’s request, to notify all Account Debtors and other parties obligated to Seller under any Purchased Assets that all payments made to Seller on account of the Purchased Assets shall be remitted on each Remittance Date directly to the Deposit Account, which amounts shall, at Buyer’s option, be applied to the payment of the Obligations, whether then due or not, in such order or at such time of application as Buyer may determine in its sole discretion. At Buyer’s request, Seller shall include a like statement on all invoices or other instructions sent by Seller to Account Debtors and other parties obligated to Seller with respect to the Purchased Assets. Buyer shall be under no duty to demand, collect, receipt for, settle, compromise, adjust, sue for, foreclose, or realize upon the Purchased Assets.

Right to Collect. Except as otherwise set forth below, unless and until After the occurrence of an Event of Default hereunderany Notification Event, Seller authorizes * to collect, xxx for and give releases for and in the name of Seller or * in *'s sole discretion, all amounts due on Accounts sold to * hereunder. Seller specifically authorizes * to endorse, in the name of Seller, all checks, drafts, trade acceptances or other forms of payment tendered by Account Debtors in payment of Accounts sold to * hereunder and made payable to Seller. * shall have no liability to Seller for any mistake in the application of any payment received with respect to any Account, IT BEING THE SPECIFIC INTENT OF THE PARTIES HERETO THAT * SHALL HAVE NO LIABILITY HEREUNDER FOR ITS OWN NEGLIGENCE, except for its Servicer shall continue own gross negligence and willful misconduct. After the occurrence of any Notification Event, Seller hereby waives notice of nonpayment of any Account sold to collect all principal, interest, and escrow payments due and to become due under the Purchased Mortgage Loans (* hereunder as well as any and all such amounts shall be held in trust for the exclusive benefit of Buyer as the owner of the related Purchased Asset), and may take such action as Seller may deem necessary, advisable, convenient, or proper for the enforcement of such Purchased Mortgage Loans to the extent consistent with Seller’s covenants and agreements set forth herein, except that regardless of whether any Event of Default exists, Mortgage Loan Sale Proceeds shall be paid directly to the Deposit Account or as Buyer shall otherwise direct, for application as provided herein. Upon receipt of any prepayment on any Purchased Mortgage Loan, Seller shall (or shall cause the Servicer to) promptly pay such amount to Buyer for application to repay the Purchase Price made other notices with respect to such Purchased Mortgage LoanAccounts, demands or presentations for payment and agrees that * may extend, renew or modify from time to time the payment of, or vary, reduce the amount payable under or compromise any of the terms of, any Account purchased by *, in each case without notice to or the consent of Seller. All prepayments will be remitted to the Monthly Remittance Account within two (2) Business Days following receipt. Immediately upon and at all times after After the occurrence of any Event of DefaultNotification Event, Seller agreesfurther authorizes * (or its designee) to open and remove the contents of any post office box of Seller which * believes contains mail relating to Accounts, upon Xxxxx’s requestand in connection therewith or otherwise, to receive, open and dispose of mail addressed to Seller which * believes may relate to Accounts, and in order to further assure receipt by * (or its designee) of mail relating to such Accounts, to notify all Account Debtors and other parties obligated including customers and postal authorities to change the address for delivery of such mail addressed to Seller under to such address as * may designate. * agrees to use reasonable measures to preserve the contents of any Purchased Assets that all payments made such mail which does not relate to the Accounts of Seller and to deliver same to Seller on account (or, at the election of *, to notify Seller of the Purchased Assets shall be remitted on each Remittance Date directly address where Seller may take possession of such contents; provided, if Seller does not take possession of such contents within 30 days after notice from * to the Deposit Accounttake possession thereof, which amounts shall, at Buyer’s option, be applied * may dispose of such contents without any liability to the payment of the Obligations, whether then due or not, in such order or at such time of application as Buyer may determine in its sole discretion. At Buyer’s request, Seller shall include a like statement on all invoices or other instructions sent by Seller to Account Debtors and other parties obligated to Seller with respect to the Purchased Assets. Buyer shall be under no duty to demand, collect, receipt for, settle, compromise, adjust, sue for, foreclose, or realize upon the Purchased AssetsSeller).

Right to Collect. Except Subject to the terms of the Intercreditor Agreement, Seller authorizes Capital to collect, xxx for and give releases for and in the name of Seller or Capital in Capital's sole discretion, all amounts due on Sold Receivables. Seller specifically authorizes Capital to endorse, in the name of Seller, all checks, drafts, trade acceptances or other forms of payment tendered by Account Debtors in payment of Sold Receivables and made payable to Seller. Capital shall have no liability to Seller for any mistake in the application of any payment received with respect to any Sold Receivables, IT BEING THE SPECIFIC INTENT OF THE PARTIES HERETO THAT CAPITAL SHALL HAVE NO LIABILITY HEREUNDER FOR ITS OWN NEGLIGENCE, except for its own gross negligence and willful misconduct. Seller hereby waives notice of nonpayment of any Sold Receivables as otherwise set forth belowwell as any and all other notices with respect the Sold Receivables, unless demands or presentations for payment and until agrees that Capital may extend, renew or modify from time to time the payment of, or vary, reduce the amount payable under or compromise any of the terms of, any Sold Receivables, in each case without notice to or the consent of Seller. Subject to the terms of the Intercreditor Agreement, Seller further authorizes Capital (or its designee) after an occurrence of an Event of Default hereunder, to open and remove the contents of any post office box of Seller or Capital (or its Servicer shall continue designee) which Capital believes contains mail relating to collect all principal, interestSold Receivables, and escrow payments due in connection therewith or otherwise, to receive, open and dispose of mail addressed to become due under the Purchased Mortgage Loans (and all such amounts shall be held in trust for the exclusive benefit of Buyer as the owner of the related Purchased Asset)Seller which Capital believes may relate to Sold Receivables, and may take such action as Seller may deem necessary, advisable, convenient, or proper for the enforcement of such Purchased Mortgage Loans in order to the extent consistent with Seller’s covenants and agreements set forth herein, except that regardless of whether any Event of Default exists, Mortgage Loan Sale Proceeds shall be paid directly to the Deposit Account or as Buyer shall otherwise direct, for application as provided herein. Upon further assure receipt of any prepayment on any Purchased Mortgage Loan, Seller shall by Capital (or shall cause the Servicer toits designee) promptly pay such amount to Buyer for application to repay the Purchase Price made with respect of mail relating to such Purchased Mortgage Loan. All prepayments will be remitted to the Monthly Remittance Account within two (2) Business Days following receipt. Immediately upon and at all times after the occurrence of any Event of Default, Seller agrees, upon Xxxxx’s requestSold Receivables, to notify all Account Debtors and other parties obligated including customers and postal authorities to change the address for delivery of such mail addressed to Seller under to such address as Capital may designate. Capital agrees to use reasonable measures to preserve the contents of any Purchased Assets that all payments made such mail which does not relate to the Sold Receivables and to deliver same to Seller on account (or, at the election of Capital, to notify Seller of the Purchased Assets shall be remitted on each Remittance Date directly address where Seller may take possession of such contents; provided, if Seller does not take possession of such contents within 30 days after notice from Capital to the Deposit Accounttake possession thereof, which amounts shall, at Buyer’s option, be applied Capital may dispose of such contents without any liability to the payment of the Obligations, whether then due or not, in such order or at such time of application as Buyer may determine in its sole discretion. At Buyer’s request, Seller shall include a like statement on all invoices or other instructions sent by Seller to Account Debtors and other parties obligated to Seller with respect to the Purchased Assets. Buyer shall be under no duty to demand, collect, receipt for, settle, compromise, adjust, sue for, foreclose, or realize upon the Purchased AssetsSeller).

Right to Collect. Except as otherwise set forth below, unless and until After the occurrence of an Event of Default hereunderany Notification Event, Seller authorizes [*] to collect, xxx for and give releases for and in the name of Seller or [*] in [*]'s sole discretion, all amounts due on Accounts sold to [*] hereunder. Seller specifically authorizes [*] to endorse, in the name of Seller, all checks, drafts, trade acceptances or other forms of payment tendered by Account Debtors in payment of Accounts sold to hereunder and made payable to Seller. [*] shall have no liability to Seller for any mistake in the application of any payment received with respect to any Account, IT BEING THE SPECIFIC INTENT OF THE PARTIES HERETO THAT [*]SHALL HAVE NO LIABILITY HEREUNDER FOR ITS OWN NEGLIGENCE, except for its Servicer shall continue own gross negligence and willful misconduct. After the occurrence of any Notification Event, Seller hereby waives notice of nonpayment of any Account sold to collect all principal, interest, and escrow payments due and to become due under the Purchased Mortgage Loans ([*] hereunder as well as any and all such amounts shall be held in trust for the exclusive benefit of Buyer as the owner of the related Purchased Asset), and may take such action as Seller may deem necessary, advisable, convenient, or proper for the enforcement of such Purchased Mortgage Loans to the extent consistent with Seller’s covenants and agreements set forth herein, except that regardless of whether any Event of Default exists, Mortgage Loan Sale Proceeds shall be paid directly to the Deposit Account or as Buyer shall otherwise direct, for application as provided herein. Upon receipt of any prepayment on any Purchased Mortgage Loan, Seller shall (or shall cause the Servicer to) promptly pay such amount to Buyer for application to repay the Purchase Price made other notices with respect to such Purchased Mortgage LoanAccounts, demands or presentations for payment and agrees that [*] may extend, renew or modify from time to time the payment of, or vary, reduce the amount payable under or compromise any of the terms of, any Account purchased by [*], in each case without notice to or the consent of Seller. All prepayments will be remitted to the Monthly Remittance Account within two (2) Business Days following receipt. Immediately upon and at all times after After the occurrence of any Event of DefaultNotification Event, Seller agreesfurther authorizes (or its designee) to open and remove the contents of any post office box of Seller which [*] believes contains mail relating to Accounts, upon Xxxxx’s requestand in connection therewith or otherwise, to receive, open and dispose of mail addressed to Seller which [*] believes may relate to Accounts, and in order to further assure receipt by [*] (or its designee) of mail relating to such Accounts, to notify all Account Debtors and other parties obligated including customers and postal authorities to change the address for delivery of such mail addressed to Seller under to such address as may designate. [*]agrees to use reasonable measures to preserve the contents of any Purchased Assets that all payments made such mail which does not relate to the Accounts of Seller and to deliver same to Seller on account (or, at the election of [*], to notify Seller of the Purchased Assets shall be remitted on each Remittance Date directly address where Seller may take possession of such contents; provided, if Seller does not take possession of such contents within 30 days after notice from [*] to the Deposit Accounttake possession thereof, which amounts shall, at Buyer’s option, be applied [*] may dispose of such contents without any liability to the payment of the Obligations, whether then due or not, in such order or at such time of application as Buyer may determine in its sole discretion. At Buyer’s request, Seller shall include a like statement on all invoices or other instructions sent by Seller to Account Debtors and other parties obligated to Seller with respect to the Purchased Assets. Buyer shall be under no duty to demand, collect, receipt for, settle, compromise, adjust, sue for, foreclose, or realize upon the Purchased AssetsSeller).