Common use of Collection and Servicing Rights Clause in Contracts

Collection and Servicing Rights. (a) If no Event of Default has occurred or, as to any Event of Default, it has been waived in writing by the Administrative Agent, Borrower (or, if applicable pursuant to the Loan Servicing Agreement, the Servicer) may service and receive and collect directly all sums payable to Borrower in respect of the Collateral, other than proceeds of any sale of any Collateral. All proceeds of any sale of Collateral must be paid directly to the Cash Collateral Account for application as provided in this Agreement. (b) After an Event of Default has occurred which has not been waived in writing by the Administrative Agent, Administrative Agent or its designee is entitled to service and receive and collect all sums payable to Borrower in respect of the Collateral, and in such case (i) Administrative Agent or its designee in its discretion may, in its own name, in the name of Borrower or otherwise, demand, ▇▇▇ for, collect or receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral, but neither Administrative Agent nor any Lender has any obligation to do so, (ii) Borrower shall, if Administrative Agent requests it to do so, hold in trust for the benefit of Lenders and immediately pay to Administrative Agent, for the benefit of Lenders, at its office designated by Notice, all amounts received by Borrower upon or in respect of any of the Collateral, advising Administrative Agent as to the source of those funds, and (iii) all amounts so received and collected by Administrative Agent for the benefit of Lenders will be held by it as part of the Collateral, subject to disposition in accordance with this Agreement and applicable law.

Collection and Servicing Rights. (a) If no Event of Default has occurred or, as to any Event of Default, it has been waived in writing by the Administrative Agent, Borrower (or, if applicable pursuant to the Loan Servicing Agreement, the Servicer) may service and receive and collect directly all sums payable to Borrower in respect of the Collateral, other than proceeds of any sale of any Collateral. All proceeds of any sale of Collateral must be paid directly to the Cash Collateral Account for application as provided in this Agreement. (b) After an Event of Default has occurred which has not been waived in writing by the Administrative Agent, Administrative Agent or its designee is entitled to service and receive and collect all sums payable to Borrower in respect of the Collateral, and in such case (i) Administrative Agent or its designee in its discretion may, in its own name, in the name of Borrower or otherwise, demand, ▇▇▇ for, collect or receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral, but neither Administrative Agent nor any Lender has any obligation to do so, (ii) Borrower or the Servicer shall, if Administrative Agent requests it to do so, hold in trust for the benefit of Lenders and immediately pay to Administrative Agent, for the benefit of Lenders, at its office designated by Notice, all amounts received by Borrower upon or in respect of any of the Collateral, advising Administrative Agent as to the source of those funds, and (iii) all amounts so received and collected by Administrative Agent for the benefit of Lenders will be held by it as part of the Collateral, subject to disposition in accordance with this Agreement and applicable law.

Collection and Servicing Rights. (a) If So long as no Event of Default has shall have occurred or, as to any Event of Default, it has been waived in writing by the Administrative Agent, Borrower (or, if applicable pursuant to the Loan Servicing Agreementand is continuing, the Servicer) may Borrower shall have a revocable and nontransferable license to service and retain subservicers, and receive and collect directly all sums payable to the Borrower in respect of the Collateral, Collateral other than proceeds of any Purchase Commitment or proceeds of the sale of any Collateral. All proceeds During the continuance of any sale of Collateral must be paid directly to the Cash Collateral Account for application as provided in this Agreement. (b) After an Event of Default has occurred which has not been waived in writing by Default, the Administrative Agent, Administrative Agent or its designee is may revoke such license by notice to the Borrower (or its successor, trustee, or receiver) whereupon the Borrower's rights to so service the Collateral shall terminate. Agent or its designee shall thereafter be entitled to service and receive and collect all sums payable to the Borrower in respect of the Collateral, and in such case (ia) Administrative the Agent or its designee in its discretion may, in its own name, name or in the name of the Borrower or otherwise, demand, ▇▇▇ sue for, collect or receive any money or property at any time payable or ▇▇ receivable on account of or in exchange for any of the Collateral, but neither Administrative Agent nor any Lender has any shall be under no obligation to do so, (iib) the Borrower shall, if Administrative the Agent requests it to do soso requests, hold in trust forthwith deliver the credit files and the servicing files for the benefit of Lenders Collateral to the Agent or its designee and immediately pay to Administrative the Agent, for on behalf of the benefit of Lenders, at its principal office designated by Notice, all amounts thereafter received by the Borrower upon or in respect of any of the Collateral, advising Administrative the Agent as to the source of those such funds, and (iiic) all amounts so received and collected by Administrative the Agent shall be held by it for the benefit of the Lenders will be held by it as part of the Collateral, subject to disposition in accordance with this Agreement and applicable law.