Servicing/Collection after Closing Date Clause Samples
Servicing/Collection after Closing Date. Unless Buyer, in its sole discretion, elects to assume Seller’s obligations under the Servicing Agreement, Seller shall terminate such Servicing Agreement prior to Closing and sell the Accounts to Buyer on a servicing-released basis. As of the Closing Date, all rights, obligations, liabilities and responsibilities with respect to the servicing of the Accounts shall pass to Buyer, and Seller shall be discharged from all responsibility for servicing the same.
Servicing/Collection after Closing Date. Unless Buyer, in its sole discretion, elects to assume Seller’s obligations under the Servicing Agreement, Seller shall terminate such Servicing Agreement prior to Closing and sell the Accounts to Buyer on a servicing-released basis. As of the Closing Date, all rights, obligations, liabilities and responsibilities with respect to the servicing of the Accounts shall pass to Buyer, and Seller shall be discharged from all responsibility for servicing the same. Buyer shall use its reasonable best efforts, consistent with the U.S. Bankruptcy Code and other applicable laws, to cause all payments made on the Accounts after the Closing Date to be made directly to Buyer.