Common use of Right to Collect Clause in Contracts

Right to Collect. Subject to the terms of the Intercreditor Agreement, Seller authorizes Capital to collect, xxx for and give releases for and in the name of Seller or Capital in Capital's sole discretion, all amounts due on Sold 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 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 Sold 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. Seller hereby waives notice of nonpayment of any Sold Receivables as well as any and all other notices with respect the 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 Sold Receivables, in each case without notice to or the consent of Seller. Subject to the terms of the 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 Sold Receivables, and in connection therewith or otherwise, to receive, open and dispose of mail addressed to Seller which Capital believes may relate to Sold Receivables, and in order to further assure receipt by Capital (or its designee) of mail relating to such Sold 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 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).

Right to Collect. Subject to After the terms occurrence of the Intercreditor Agreementany Notification Event, Seller authorizes Capital [*] to collect, xxx for and give releases for and in the name of Seller or Capital [*] in Capital[*]'s sole discretion, all amounts due on Sold ReceivablesAccounts sold to [*] hereunder. 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 Sold Receivables Accounts sold to hereunder 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 Sold ReceivablesAccount, 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 Sold Receivables Account sold to [*] hereunder as well as any and all other notices with respect the Sold Receivablesto such Accounts, 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 Sold ReceivablesAccount purchased by [*], in each case without notice to or the consent of Seller. Subject to After the terms occurrence of the Intercreditor Agreementany Notification Event, 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 Sold ReceivablesAccounts, and in connection therewith or otherwise, to receive, open and dispose of mail addressed to Seller which Capital [*] believes may relate to Sold ReceivablesAccounts, and in order to further assure receipt by Capital [*] (or its designee) of mail relating to such Sold ReceivablesAccounts, 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 Sold Receivables Accounts of Seller 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).

Right to Collect. Subject to After the terms occurrence of the Intercreditor Agreementany Notification Event, Seller authorizes Capital * to collect, xxx for and give releases for and in the name of Seller or Capital * in Capital*'s sole discretion, all amounts due on Sold ReceivablesAccounts sold to * hereunder. 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 Sold Receivables Accounts sold to * hereunder 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 Sold ReceivablesAccount, 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 Sold Receivables Account sold to * hereunder as well as any and all other notices with respect the Sold Receivablesto such Accounts, 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 Sold ReceivablesAccount purchased by *, in each case without notice to or the consent of Seller. Subject to After the terms occurrence of the Intercreditor Agreementany Notification Event, 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 Sold ReceivablesAccounts, and in connection therewith or otherwise, to receive, open and dispose of mail addressed to Seller which Capital * believes may relate to Sold ReceivablesAccounts, and in order to further assure receipt by Capital * (or its designee) of mail relating to such Sold ReceivablesAccounts, 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 Sold Receivables Accounts of Seller 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).

Right to Collect. Subject to Except as otherwise set forth below, unless and until the terms of the Intercreditor Agreement, Seller authorizes Capital to collect, xxx for and give releases for and in the name of Seller or Capital in Capital's sole discretion, all amounts due on Sold 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 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 Sold 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. Seller hereby waives notice of nonpayment of any Sold Receivables as well as any and all other notices with respect the 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 Sold Receivables, in each case without notice to or the consent of Seller. Subject to the terms of the Intercreditor Agreement, Seller further authorizes Capital (or its designee) after an occurrence of an Event of Default hereunder, Seller or its Servicer shall continue to open collect all principal, interest, and remove escrow payments due and to become due under the contents 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 post office box of prepayment on any Purchased Mortgage Loan, Seller or Capital shall (or its designeeshall cause the Servicer to) which Capital believes contains mail relating promptly pay such amount to Sold Receivables, and in connection therewith or otherwise, Buyer for application to receive, open and dispose of mail addressed to Seller which Capital believes may relate to Sold Receivables, and in order to further assure receipt by Capital (or its designee) of mail relating repay the Purchase Price made with respect to such Sold ReceivablesPurchased 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 Event of Default, Seller agrees, upon Xxxxx’s request, to notify all Account Debtors and other parties including customers and postal authorities to change the address for delivery of such mail addressed obligated to Seller under any Purchased Assets that all payments made to such address as Capital may designate. Capital agrees to use reasonable measures to preserve Seller on account of the contents of any such mail which does not relate Purchased Assets shall be remitted on each Remittance Date directly to the Sold Receivables Deposit Account, which amounts shall, at Buyer’s option, be applied to the payment of the Obligations, whether then due or not, in such order or at such time of application as Buyer may determine in its sole discretion. At Buyer’s request, Seller shall include a like statement on all invoices or other instructions sent by Seller to Account Debtors and to deliver same other parties obligated to Seller (orwith respect to the Purchased Assets. Buyer shall be under no duty to demand, at collect, receipt for, settle, compromise, adjust, sue for, foreclose, or realize upon 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)Purchased Assets.