Common use of Accounts, Notification and Collection Clause in Contracts

Accounts, Notification and Collection. In the event that an Event of Default occurs and is continuing, Bank may notify any Person owing Borrower money of Bank's security interest in the funds and verify and/or collect the amount of the Account. After the occurrence and during the continuance of an Event of Default, any amounts received by Borrower shall be held in trust by Borrower for Bank, and, if requested by Bank, Borrower shall immediately deliver such receipts to Bank in the form received from the account debtor, with proper endorsements for deposit.

Accounts, Notification and Collection. In the event that an Event of Default occurs and is continuing, Bank Lenders may notify any Person owing Borrower money of Bank's Lenders’ security interest in the funds and verify and/or collect the amount of the Account. After the occurrence and during the continuance of an Event of Default, any amounts received by Borrower shall be held in trust by Borrower for BankLenders, and, if requested by BankLenders, Borrower shall immediately deliver such receipts to Bank Lenders in the form received from the account debtor, with proper endorsements for deposit.

Accounts, Notification and Collection. In the event that an Event of Default occurs and is continuing, Bank Lenders may notify any Person owing Borrower money of Bank's Lenders' security interest in the funds and verify and/or collect the amount of the Account. After the occurrence and during the continuance of an Event of Default, any amounts received by Borrower shall be held in trust by Borrower for BankLenders, and, if requested by BankLenders, Borrower shall immediately deliver such receipts to Bank Lenders in the form received from the account debtor, with proper endorsements for deposit.