Common use of ACCOUNT AND CONTRACT DEBTORS Clause in Contracts

ACCOUNT AND CONTRACT DEBTORS. Upon the occurrence of an Event of Default, the Secured Party shall have the right to notify the account and contract debtor obligated on any or all of the Collateral to make payment thereof directly to the Secured Party and the Secured Party may take control of all proceeds of any such Collateral, which rights the Secured Party may exercise at any time. The cost of such collection and enforcement, including reasonable attorneys' fees and expenses, shall be borne solely by the Debtor whether the same is incurred by the Secured Party or the Debtor. Upon demand of the Secured Party, the Debtor will, upon receipt of all checks, drafts, cash and other remittances in payment on any Collateral, deposit the same in a special deposit account maintained with a financial institution acceptable to the Secured Party, over which the Secured Party has control.

Appears in 3 contracts

Samples: Security Agreement (Brightstar Corp.), Security Agreement (Brightstar Corp.), Limited Security Agreement (Brightstar Corp.)

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ACCOUNT AND CONTRACT DEBTORS. Upon the occurrence of an Event of Default, the Secured Party shall have the right to notify the account and contract debtor obligated on any or [***] Denotes Confidential Treatment Requested all of the Collateral to make payment thereof directly to the Secured Party and the Secured Party may take control of all proceeds of any such Collateral, which rights the Secured Party may exercise at any time. The cost of such collection and enforcement, including reasonable attorneys' fees and expenses, shall be borne solely by the Debtor whether the same is incurred by the Secured Party or the Debtor. Upon demand of the Secured Party, the Debtor will, upon receipt of all checks, drafts, cash and other remittances in payment on any Collateral, deposit the same in a special deposit account maintained with a financial institution acceptable to the Secured Party, over which the Secured Party has control.

Appears in 1 contract

Samples: Security Agreement (Brightstar Corp.)

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