Accounts and Contracts. While an Event of Default has occurred and is continuing, (i) the Borrower will make no material change to the terms of any Account or Contract without the prior written permission of the Lender, and (ii) the Borrower upon request of the Lender will promptly notify (and the Borrower hereby authorizes the Lender so to notify) each account debtor in respect of any Account or General Intangible that such Collateral has been assigned to the Lender hereunder, and that any payments due or to become due in respect of such Collateral are to be made directly to the Lender or its designee.
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Samples: Mortgage, Assignment, Security Agreement and Financing Statement (Paxton Energy Inc), Mortgage and Security Agreement (Reading & Bates Corp)
Accounts and Contracts. While an Event of Default has occurred and is continuing, (i) the Borrower Mortgagor will make no material change to the terms of any Account or Contract without the prior written permission of the Lender, and (ii) the Borrower Mortgagor upon request of the Lender will promptly notify (and the Borrower Mortgagor hereby authorizes the Lender so to notify) each account debtor in respect of any Account or General Intangible that such Collateral has been assigned to the Lender hereunder, and that any payments due or to become due in respect of such Collateral are to be made directly to the Lender or its designee.
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