Common use of Collection Notices Clause in Contracts

Collection Notices. The Agent is authorized at any time following (i) three Business Days’ notice to the Seller (a “CN Advice”) or (ii) the occurrence and during the continuance of an Amortization Event, to date and to deliver to the Collection Banks the Collection Notices. The Agent shall, in any CN Advice, identify the circumstance that shall have precipitated or resulted in its election to date and deliver the Collection Notices so as to provide the Seller an opportunity to submit any mitigating information (it being understood that the election to date and deliver any Collection Notice, following due consideration of any mitigating information timely provided, shall be in the sole and absolute discretion of the Agent). Seller hereby transfers to the Agent for the benefit of the Purchasers, effective when the Agent delivers such notice, the exclusive ownership and control of each Lock-Box and the Collection Accounts. In case any authorized signatory of Seller whose signature appears on a Collection Account Agreement shall cease to have such authority before the delivery of such notice, such Collection Notice shall nevertheless be valid as if such authority had remained in force. Seller hereby authorizes the Agent, and agrees that the Agent shall be entitled to (i) endorse Seller’s name on checks and other instruments representing Collections, (ii) enforce the Receivables, the related Contracts and the Related Security and (iii) take such action as shall be necessary or desirable to cause all cash, checks and other instruments constituting Collections of Receivables to come into the possession of the Agent rather than Seller. The Agent shall provide Seller and Servicer a copy of each Collection Notice at the time of, or promptly following, delivery of the same to a Collection Bank, provided, however that any failure to provide such copy shall not affect the validity or effectiveness of the Collection Notice.

Collection Notices. The Agent is authorized at any time following (i) three Business Days’ notice to the Seller (a “CN Advice”) or (ii) after the occurrence and during the continuance of an any Amortization Event, Event to date and to deliver to the Collection Banks the Collection Notices. The Agent shall, in any CN Advice, identify agrees to notify the circumstance that shall have precipitated or resulted in its election Seller promptly after the delivery of such Collection Notices to date and deliver the Collection Notices so as to provide the Seller an opportunity to submit any mitigating information (it being understood that the election to date and deliver any Collection Notice, following due consideration of any mitigating information timely provided, shall be in the sole and absolute discretion of the Agent)Banks. Seller hereby transfers to the Agent for the benefit of the Purchasers, effective when the Agent delivers such notice, the exclusive ownership dominion and control and “control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) of each Lock-Box Box, each Collection Account and the Collection Accountsamounts on deposit therein. In case any authorized signatory of Seller whose signature appears on a Collection Account Agreement shall cease to have such authority before the delivery of such notice, such Collection Notice shall nevertheless be valid as if such authority had remained in force. Seller hereby authorizes the Agent, and agrees that the Agent shall be entitled to (i) endorse Seller’s name on checks and other instruments representing Collections, (ii) enforce the Receivables, the related Contracts and the Related Security and (iii) take such action as shall be necessary or desirable to cause all cash, checks and other instruments constituting Collections of Receivables to come into the possession of the Agent rather than Seller. The Agent shall agrees that after delivery of a Collection Notice, the Collection Banks may continue to provide or otherwise make available to the Seller and the Servicer a copy copies of each all correspondence or other mail which will be sent directly to the Agent subsequent to the delivery of such Collection Notice at the time of, or promptly following, delivery of the same pursuant to a Collection Bank, provided, however that any failure to provide such copy shall not affect the validity or effectiveness of the Collection NoticeAccount Agreements.

Collection Notices. The Agent is authorized at any time following (i) three Business Days’ notice to the Seller (after a “CN Advice”) or (ii) the occurrence and during the continuance of an Amortization Event, Servicer Default ------------------ to date and to deliver to the Collection Banks Banks, the Collection Notices. The Agent shall, in any CN Advice, identify the circumstance that shall have precipitated or resulted in its election to date and deliver the Collection Notices so as to provide the Seller an opportunity to submit any mitigating information (it being understood that the election to date and deliver any Collection Notice, following due consideration of any mitigating information timely provided, shall be in the sole and absolute discretion of the Agent). Seller hereby transfers to the Agent for the benefit of the Purchasers, effective when the Agent delivers such notice, the exclusive ownership and control of each Lock-Box and the Collection Accounts. In case any authorized signatory of the Seller whose signature appears on a Collection Account Agreement shall cease to have such authority before the delivery of such noticeCollection Notice, such Collection Notice shall nevertheless be valid as if such authority had remained in force. The Seller hereby authorizes the Agent, and agrees that at any time and from time to time following a Servicer Default, the Agent shall be entitled to to: (i) endorse the Seller’s 's name on checks and other instruments representing Collections, (ii) enforce the Receivables, the related Contracts and the Related Security Security, and (iii) take such action as shall be necessary or desirable to cause all cash, checks and other instruments constituting Collections of Receivables to come into the possession of the Agent rather than the Seller. The Agent shall provide Seller and Servicer a copy of each Collection Notice at the time of, or promptly following, delivery Responsibilities of the same Seller. Anything herein to a Collection Bankthe contrary notwithstanding, provided, however that any failure to provide such copy ------------------------------ the exercise by the Agent and the Purchasers of their rights hereunder shall not affect release the validity Servicer or effectiveness the Seller from any of their duties or obligations with respect to any Receivables or under the related Contracts. The Purchasers shall have no obligation or liability with respect to any Receivables or related Contracts, nor shall any of them be obligated to perform the obligations of the Collection NoticeSeller.

Collection Notices. The Agent is authorized at any time following (i) three Business Days’ notice to the Seller (a “CN Advice”) or (ii) after the occurrence and during the continuance of an any Amortization Event, Event to date and to deliver to the Collection Banks the Collection Notices. The Agent shall, in any CN Advice, identify agrees to notify Seller promptly after the circumstance that shall have precipitated or resulted in its election delivery of such Collection Notices to date and deliver the Collection Notices so as to provide the Seller an opportunity to submit any mitigating information (it being understood that the election to date and deliver any Collection Notice, following due consideration of any mitigating information timely provided, shall be in the sole and absolute discretion of the Agent)Banks. Seller hereby transfers to the Agent for the benefit of the Purchasers, effective when the Agent delivers such notice, the exclusive ownership dominion and control and “control” (within the meaning of Section 9‑104 of the UCC of all applicable jurisdictions) of each Lock-Box Box, each Collection Account and the Collection Accountsamounts on deposit therein. In case any authorized signatory of Seller whose signature appears on a Collection Account Agreement shall cease to have such authority before the delivery of such notice, such Collection Notice shall nevertheless be valid as if such authority had remained in force. Seller hereby authorizes the Agent, and agrees that the Agent shall be entitled to (i) endorse Seller’s name on checks and other instruments representing Collections, (ii) enforce the Receivables, the related Contracts and the Related Security and (iii) take such action as shall be necessary or desirable to cause all cash, checks and other instruments constituting Collections of Receivables to come into the possession of the Agent rather than Seller. The Agent shall agrees that after delivery of a Collection Notice, the Collection Banks may continue to provide or otherwise make available to Seller and the Servicer a copy copies of each all correspondence or other mail which will be sent directly to the Agent subsequent to the delivery of such Collection Notice at the time of, or promptly following, delivery of the same pursuant to a Collection Bank, provided, however that any failure to provide such copy shall not affect the validity or effectiveness of the Collection NoticeAccount Agreements.

Collection Notices. The Agent is authorized at any time following (i) three Business Days’ notice to the Seller (a “CN Advice”) or (ii) the occurrence and during the continuance of an Amortization Event, to date and to deliver to the Collection Banks the Collection Notices. The Agent shall, in any CN Advice, identify the circumstance that shall have precipitated or resulted in its election agrees to date and deliver the Collection Notices so as to provide the Seller an opportunity to submit any mitigating information (it being understood that the election to date and deliver Servicer a copy of any Collection NoticeNotice promptly following delivery thereof to a Collection Bank; provided, following due consideration that any failure or delay in delivering any Collection Notice shall not impair or adversely affect the effectiveness of any mitigating information timely provided, shall be in the sole and absolute discretion of the Agent)such Collection Notice. Seller hereby transfers to the Agent for the benefit of the Purchasers, exclusive dominion and control of each Lock-Box and Collection Account and, effective when the Agent delivers such noticeany Collection Notice, the exclusive ownership and control of each Lock-Box and the Collection Accounts. Until the Agent delivers a Collection Notice to the applicable Collection Bank, the Agent shall permit Seller and the Servicer to provide instructions to such Collection Bank with respect to the applicable Collection Accounts and Lock-Boxes. In case any authorized signatory of Seller whose signature appears on a Collection Account Agreement shall cease to have such authority before the delivery of such notice, such Collection Notice shall nevertheless be valid as if such authority had remained in force. Seller hereby authorizes the Agent, and agrees that the Agent shall be entitled to (i) endorse Seller’s 's name on checks and other instruments representing Collections, (ii) enforce the Receivables, the related Contracts and the Related Security Assets and (iii) take such action as shall be necessary or desirable to cause all cash, checks and other instruments constituting Collections of Receivables to come into the possession of the Agent rather than Seller. The Agent shall provide Seller and Servicer a copy of each Collection Notice at the time of, or promptly following, delivery of the same to a Collection Bank, provided, however that any failure to provide such copy shall not affect the validity or effectiveness of the Collection Notice.

Collection Notices. The Agent is authorized at any time following (i) three Business Days’ notice to the Seller (a “CN Advice”) or (ii) after the occurrence and during the continuance of an any Amortization Event, Event to date and to deliver to the Collection Banks the Collection Notices. The Agent shall, in any CN Advice, identify agrees to notify Seller promptly after the circumstance that shall have precipitated or resulted in its election delivery of such Collection Notices to date and deliver the Collection Notices so as to provide the Seller an opportunity to submit any mitigating information (it being understood that the election to date and deliver any Collection Notice, following due consideration of any mitigating information timely provided, shall be in the sole and absolute discretion of the Agent)Banks. Seller hereby transfers to the Agent for the benefit of the Purchasers, effective when the Agent delivers such notice, the exclusive ownership dominion and control “control” (within the meaning of Section 9-104 of the UCC of all applicable jurisdictions) of each Lock-Box Box, each Collection Account and the Collection Accountsamounts on deposit therein. In case any authorized signatory of Seller whose signature appears on a Collection Account Agreement shall cease to have such authority before the delivery of such notice, such Collection Notice shall nevertheless be valid as if such authority had remained in force. Seller hereby authorizes the Agent, and agrees that the Agent shall be entitled to (i) endorse Seller’s name on checks and other instruments representing Collections, (ii) enforce the Receivables, the related Contracts and the Related Security and (iii) take such action as shall be necessary or desirable to cause all cash, checks and other instruments constituting Collections of Receivables to come into the possession of the Agent rather than Seller. The Agent shall agrees that after delivery of a Collection Notice, the Collection Banks may continue to provide or otherwise make available to Seller and the Servicer a copy copies of each all correspondence or other mail which will be sent directly to the Agent subsequent to the delivery of such Collection Notice at the time of, or promptly following, delivery of the same pursuant to a Collection Bank, provided, however that any failure to provide such copy shall not affect the validity or effectiveness of the Collection NoticeAccount Agreements.

Collection Notices. The Agent is authorized at any time following (i) three Business Days’ notice to the Seller (a “CN Advice”) or (ii) the occurrence and during the continuance of an Amortization Event, to date and to deliver to the Collection Banks W▇▇▇▇ Fargo Bank the Collection Notices. The ; provided, however, that nothing herein shall be deemed to give the Agent shallor any Purchaser any claim to, Adverse Claim on or right to retain any amounts deposited into the Servicer’s Concentration Account or the Facility Account which do not constitute Asset Interest Collections and provided, further, that unless an Amortization Event (or another event of the type described in any CN Advicethe definition of “Amortization Date” has occurred), identify the circumstance that shall have precipitated or resulted in its election to date and deliver delivery of the Collection Notices so as to provide the Seller an opportunity to submit any mitigating information (it being understood that the election to date and deliver any Collection Notice, following due consideration of any mitigating information timely provided, shall be not result in the sole and absolute discretion occurrence of the Agent)Amortization Date. Seller Effective when the Agent delivers such notices, Servicer hereby transfers to the Agent Agent, for the benefit of the Purchasers, effective when the Agent delivers such noticeexclusive control of the Servicer’s Concentration Account, and Seller hereby transfers to the Agent, for the benefit of the Purchasers, the exclusive ownership and control of each Lock-Box and the Collection AccountsFacility Account. In case any authorized signatory Each of the Seller whose signature appears on a Collection Account Agreement shall cease to have such authority before the delivery of such notice, such Collection Notice shall nevertheless be valid as if such authority had remained in force. Seller Parties hereby authorizes the Agent, and agrees that the Agent shall be entitled to entitled: (i) at any time after delivery of the Collections Notices, to endorse Sellersuch Seller Party’s name on checks and other instruments representing Asset Interest Collections, (ii) at any time after the earlier to occur of an Amortization Event or replacement of the Servicer, to enforce the Receivables, the related Contracts Pool Receivables and the Related Security Security, and (iii) at any time after delivery of the Collections Notices, to take such action as shall be necessary or desirable to cause all cash, checks and other instruments constituting Asset Interest Collections of Receivables to come into the possession of the Agent rather than Seller. The Agent shall provide such Seller and Servicer a copy of each Collection Notice at the time of, or promptly following, delivery of the same to a Collection Bank, provided, however that any failure to provide such copy shall not affect the validity or effectiveness of the Collection NoticeParty.