Common use of Defaulted Receivables Clause in Contracts

Defaulted Receivables. On the date when any Receivable in an Account becomes a Defaulted Receivable, the Agent shall automatically and without further action or consideration transfer, set over and otherwise convey to the Transferor with respect to such Account, without recourse, representation or warranty, all right, title and interest of the Agent in and to the Defaulted Receivables in such Account, all monies due or to become due with respect thereto, all Proceeds thereof and any Insurance Proceeds relating thereto; provided, that Recoveries of such Account shall remain property of the Agent and be applied as provided herein.

Defaulted Receivables. On the date when any Receivable in an Account becomes a Defaulted Receivable, the Agent shall automatically and without further action or consideration transfer, set over and otherwise convey to the Transferor with respect to such Account, without recourse, representation or warranty, all right, title and interest of the Agent in and to the Defaulted Receivables in such Account, all monies due or to become due with respect thereto, all Proceeds thereof and any Insurance Proceeds relating thereto; providedPROVIDED, that Recoveries of such Account shall remain property of the Agent and be applied as provided herein.

Defaulted Receivables. On the date when any Receivable in an Account becomes a Defaulted Receivable, the Agent Trust shall automatically and without further action or consideration be deemed to transfer, set over and otherwise convey to the Transferor with respect to such Account, without recourse, representation or warranty, all right, title and interest of the Agent Trust in and to the Defaulted Receivables in such Account, all monies due or to become due with respect thereto, all Proceeds proceeds thereof and any Insurance Proceeds relating thereto; provided, that Recoveries of such Account shall remain property of the Agent Trust and be applied as provided herein.