Common use of Right to Collect Clause in Contracts

Right to Collect. After the occurrence of any Notification Event, Seller authorizes [*] to collect, ▇▇▇ 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 own gross negligence and willful misconduct. After the occurrence of any Notification Event, Seller hereby waives notice of nonpayment of any Account sold to [*] hereunder as well as any and all other notices with respect to such Accounts, 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. After the occurrence of any Notification Event, Seller further authorizes (or its designee) to open and remove the contents of any post office box of Seller which [*] believes contains mail relating to Accounts, and 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 other parties including customers and postal authorities to change the address for delivery of such mail addressed to Seller to such address as may designate. [*]agrees to use reasonable measures to preserve the contents of any such mail which does not relate to the Accounts of Seller and to deliver same to Seller (or, at the election of [*], to notify Seller of the 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 take possession thereof, [*] may dispose of such contents without any liability to Seller).

Right to Collect. After the occurrence of any Notification Event, Seller authorizes [*] * to collect, ▇▇▇ for and give releases for and in the name of Seller or [* in *] 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 own gross negligence and willful misconduct. After the occurrence of any Notification Event, Seller hereby waives notice of nonpayment of any Account sold to [*] * hereunder as well as any and all other notices with respect to such Accounts, 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. After the occurrence of any Notification Event, Seller further authorizes * (or its designee) to open and remove the contents of any post office box of Seller which [*] * believes contains mail relating to Accounts, and 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 other parties including customers and postal authorities to change the address for delivery of such mail addressed to Seller to such address as * may designate. [*]* agrees to use reasonable measures to preserve the contents of any such mail which does not relate to the Accounts of Seller and to deliver same to Seller (or, at the election of [*], to notify Seller of the 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 take possession thereof, [*] * may dispose of such contents without any liability to Seller).

Right to Collect. After 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 Notification EventEvent of Default, Seller authorizes [*] to collectagrees, upon ▇▇▇ for ▇▇▇’s request, to notify all Account Debtors and give releases for 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 the name such order or at such time of Seller or [*] application as Buyer may determine in [*]'s its sole discretion. At Buyer’s request, Seller shall include a like statement on all amounts due on Accounts sold to [*] hereunder. Seller specifically authorizes [*] to endorse, in the name of Seller, all checks, drafts, trade acceptances invoices or other forms of payment tendered instructions sent by Seller to Account Debtors in payment of Accounts sold to hereunder and made payable to Seller. [*] shall have no liability other parties obligated to Seller for any mistake in the application of any payment received with respect to any Accountthe Purchased Assets. Buyer shall be under no duty to demand, IT BEING THE SPECIFIC INTENT OF THE PARTIES HERETO THAT [*]SHALL HAVE NO LIABILITY HEREUNDER FOR ITS OWN NEGLIGENCEcollect, except for its own gross negligence and willful misconduct. After the occurrence of any Notification Eventreceipt for, Seller hereby waives notice of nonpayment of any Account sold to [*] hereunder as well as any and all other notices with respect to such Accountssettle, demands or presentations for payment and agrees that [*] may extendcompromise, renew or modify from time to time the payment ofadjust, sue for, foreclose, or vary, reduce realize upon 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. After the occurrence of any Notification Event, Seller further authorizes (or its designee) to open and remove the contents of any post office box of Seller which [*] believes contains mail relating to Accounts, and 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 other parties including customers and postal authorities to change the address for delivery of such mail addressed to Seller to such address as may designate. [*]agrees to use reasonable measures to preserve the contents of any such mail which does not relate to the Accounts of Seller and to deliver same to Seller (or, at the election of [*], to notify Seller of the 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 take possession thereof, [*] may dispose of such contents without any liability to Seller)Purchased Assets.

Right to Collect. After 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 Administrative Agent 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 DepositOperating Account or as Administrative Agent 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 Administrative Agent 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 Notification EventEvent of Default, Seller authorizes [*] agrees, upon Administrative Agent’s request, to collectnotify 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 DepositOperating Account, ▇▇▇ for and give releases for and which amounts shall, at Administrative Agent’s option, be applied to the payment of the Obligations, whether then due or not, in the name such order or at such time of Seller or [*] application as Administrative Agent may determine in [*]'s its sole discretion. At Administrative Agent’s request, Seller shall include a like statement on all amounts due on Accounts sold to [*] hereunder. Seller specifically authorizes [*] to endorse, in the name of Seller, all checks, drafts, trade acceptances invoices or other forms of payment tendered instructions sent by Seller to Account Debtors in payment of Accounts sold to hereunder and made payable to Seller. [*] shall have no liability other parties obligated to Seller for any mistake in the application of any payment received with respect to any Accountthe Purchased Assets. Administrative Agent shall be under no duty to demand, IT BEING THE SPECIFIC INTENT OF THE PARTIES HERETO THAT [*]SHALL HAVE NO LIABILITY HEREUNDER FOR ITS OWN NEGLIGENCEcollect, except for its own gross negligence and willful misconduct. After the occurrence of any Notification Eventreceipt for, Seller hereby waives notice of nonpayment of any Account sold to [*] hereunder as well as any and all other notices with respect to such Accountssettle, demands or presentations for payment and agrees that [*] may extendcompromise, renew or modify from time to time the payment ofadjust, sue for, foreclose, or vary, reduce realize upon 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. After the occurrence of any Notification Event, Seller further authorizes (or its designee) to open and remove the contents of any post office box of Seller which [*] believes contains mail relating to Accounts, and 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 other parties including customers and postal authorities to change the address for delivery of such mail addressed to Seller to such address as may designate. [*]agrees to use reasonable measures to preserve the contents of any such mail which does not relate to the Accounts of Seller and to deliver same to Seller (or, at the election of [*], to notify Seller of the 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 take possession thereof, [*] may dispose of such contents without any liability to Seller)Purchased Assets.

Right to Collect. After Subject to the occurrence terms of any Notification Eventthe Intercreditor Agreement, Seller authorizes [*] Capital to collect, ▇▇▇ for and give releases for and in the name of Seller or [*] Capital in [*]Capital's sole discretion, all amounts due on Accounts sold to [*] hereunderSold 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 Accounts sold to hereunder 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 AccountSold 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. After the occurrence of any Notification Event, Seller hereby waives notice of nonpayment of any Account sold to [*] hereunder Sold Receivables as well as any and all other notices with respect to such Accountsthe Sold Receivables, demands or presentations for payment and 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 Account purchased by [*]Sold Receivables, in each case without notice to or the consent of Seller. After Subject to the occurrence terms of any Notification Eventthe Intercreditor Agreement, Seller further authorizes Capital (or its designee) after an occurrence of an Event of Default to open and remove the contents of any post office box of Seller or Capital (or its designee) which [*] Capital believes contains mail relating to AccountsSold Receivables, and in connection therewith or otherwise, to receive, open and dispose of mail addressed to Seller which [*] Capital believes may relate to AccountsSold Receivables, and in order to further assure receipt by [*] Capital (or its designee) of mail relating to such AccountsSold Receivables, to notify other parties including customers and postal authorities to change the address for delivery of such mail addressed to Seller to such address as Capital may designate. [*]Capital agrees to use reasonable measures to preserve the contents of any such mail which does not relate to the Accounts of Seller Sold Receivables and to deliver same to Seller (or, at the election of [*]Capital, to notify Seller of the 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 take possession thereof, [*] Capital may dispose of such contents without any liability to Seller).