Common use of Rights of Collateral Agent Clause in Contracts

Rights of Collateral Agent. Seller hereby agrees that, upon notice to Seller, the Collateral Agent may exercise all the rights of the Administrator hereunder, with respect to the Asset Interest (or any portions thereof), and Collections with respect thereto, which are owned by Purchaser, and all other rights and interests of Purchaser in, to or under this Agreement or any other Transaction Document. Without limiting the foregoing, upon such notice or at any time thereafter (but subject to any conditions applicable to the exercise of such rights by the Administrator), the Collateral Agent may request Servicer to segregate Purchaser's allocable shares of Collections from Seller's allocable share, may give a Successor Notice pursuant to and in accordance with SECTION 8.01(B), may give or require the Administrator or Relationship Bank to give notice to the Lock-Box Banks or the Collection Account Bank as referred to in SECTION 8.03(B) and may direct the Obligors of Pool Receivables to make payments in respect thereof directly to an account designated by them, in each case, to the same extent as the Administrator might have done.

Rights of Collateral Agent. Seller hereby agrees that, upon prior written notice to Seller, the Collateral Agent may exercise all the rights of the Administrator hereunder, with respect to the Asset Purchased Interest (or any portions thereof), and Collections with respect thereto, which are owned by Purchaser, and all other rights and interests of Purchaser in, to or under this Agreement or any other Transaction Document. Without limiting the foregoing, upon such notice or at any time thereafter (but subject to any conditions applicable to the exercise of such rights by the Administrator), the Collateral Agent may request Master Servicer to segregate Purchaser's allocable shares of Collections from Seller's allocable share, may give a Successor Notice pursuant to and in accordance with SECTION 8.01(BSection 8.01(b), may give or require the Administrator or Relationship Bank to give notice to the Lock-Box Banks or the Collection Account Bank as referred to in SECTION 8.03(BSection 8.03(b) and may direct the Obligors of Pool Receivables to make payments in respect thereof directly to an account designated by them, in each case, to the same extent as the Administrator might have done.