Common use of Collection of Accounts, Etc Clause in Contracts

Collection of Accounts, Etc. (A) Until otherwise notified by the Secured Party, the Debtors may collect all the Accounts but the Proceeds of all Accounts so collected by the Debtors shall be held by the Debtors in trust for the Secured Party. The Secured Party may at any time during the existence of an Event of Default terminate the authority hereby given to the Debtors to collect the Proceeds of such Accounts and, acting if it so chooses in each Debtor's name, collect such Accounts itself, directly or through an agent, sell, assign, compromise, discharge or extend the time for payment of such Accounts, institute legal action for the collection of such Accounts and do all acts and things necessary or incidental thereto, and each Debtor hereby ratifies all that the Secured Party shall lawfully do under the authority hereby granted to it. The Secured Party may at any time during the existence of an Event of Default, without notice to any Debtor, notify any account debtor on any such Account that such Account has been assigned to the Secured Party and is to be paid directly to the Secured Party. Alternatively, at its election the Secured Party may require any Debtor to, and in such event such Debtor at its sole expense will, notify its account debtors that payments thereon are thenceforth to be made directly to the Secured Party. Without the written consent of the Secured Party in each case, no Debtor shall compromise, discharge, extend the time for payment of or otherwise grant any indulgence or allowance with respect to any such Account except for minor indulgences or allowances in the ordinary course of business which are not related to an extension or restructuring of credit to an account debtor of a duration in excess of 30 days in any instance. (B) If any such Account arises out of a contract with the United States or any department, agency or instrumentality thereof, the Debtors will immediately so notify the Secured Party in writing and will execute all instruments and take all steps required by the Secured Party in order that the security interest of the Secured Party hereunder in all such Accounts under such contract and the Proceeds thereof shall be perfected under the Federal Assignment of Claims Act.

Collection of Accounts, Etc. (A) Until otherwise notified by the Secured Party, the Debtors may collect all the Accounts but the Proceeds of all Accounts so collected by the Debtors shall be held by the Debtors in trust for the Secured Party. The Secured Party may at any time during the existence of an Event of Default terminate the authority hereby given to the Debtors to collect the Proceeds of such Accounts and, acting if it so chooses in each Debtor's name, collect such Accounts itself, directly or through an agent, sell, assign, compromise, discharge or extend the time for payment of such Accounts, institute legal action for the collection of such Accounts and do all acts and things necessary or incidental thereto, and each Debtor hereby ratifies all that the Secured Party shall lawfully do under the authority hereby granted to it. The Secured Party may at any time during the existence of an Event of Default, without notice to any Debtor, notify any account debtor on any such Account that such Account has been assigned to the Secured Party and is to be paid directly to the Secured Party. Alternatively, at its election the Secured Party may require any Debtor to, and in such event such Debtor at its sole expense will, notify its account debtors that payments thereon are thenceforth to be made directly to the Secured Party. Without the written consent of the Secured Party in each case, no Debtor shall compromise, discharge, extend the time for payment of or otherwise grant any indulgence or allowance with respect to any such Account except for minor indulgences or allowances in the ordinary course of business which are not related to an extension or restructuring of credit to an account debtor of a duration in excess of 30 days in any instance. (B) If any such Account arises out of a contract with the United States or any department, agency or instrumentality thereof, the Debtors will immediately so notify the Secured Party in writing and will execute all instruments and take all steps required by the Secured Party in order that the security interest of the Secured Party hereunder in all such Accounts under such contract and the Proceeds thereof shall be perfected under the Federal Assignment of Claims Act. (C) From and after the occurrence and during the continuance of any Event of Default, if any of the Collateral is or becomes evidenced by a promissory note, draft, trade acceptance, Chattel Paper, Instrument or Document of Title, the Debtors will promptly deliver the same to the Secured Party appropriately endorsed to the Secured Party's order. Regardless of the form of such endorsement, each Debtor hereby waives presentment, demand, notice of dishonor, protest and notice of protest and all other notices with respect thereto. The Debtors will promptly notify the Secured Party of any Material Adverse Change of which it has knowledge in the financial condition of any account debtor on any material Account pertaining to a Lease or in the collectibility of any of such Accounts, and of all claims, rejections, returns and adjustments which may result in a material reduction of the liability of an account debtor on any such Account.

Collection of Accounts, Etc. (Aa) Until otherwise notified by the Secured Party, the Debtors each Debtor may collect all the Accounts but the Proceeds of all Accounts so collected by the Debtors Debtor shall be held by the Debtors Debtor in trust for the Secured Party. The Secured Party may at any time during the existence of an Event of Default terminate the authority hereby given to the Debtors any Debtor to collect the Proceeds of such Accounts and, acting if it so chooses in each the Debtor's name, collect such Accounts itself, directly or through an agent, sell, assign, compromise, discharge or extend the time for payment of such Accounts, institute legal action for the collection of such Accounts and do all acts and things necessary or incidental thereto, and each Debtor hereby ratifies all that the Secured Party shall lawfully do under the authority hereby granted to it. Prior to the first such action permitted hereunder by the Secured Party, the Secured Party shall furnish written notice of such action to the Debtor. Thereafter, no further notices shall be required. The Secured Party may at any time during the existence of an Event of Default, without notice to any DebtorDebtor except the notice of first action stated above, notify any account debtor on any such Account that such Account has been assigned to the Secured Party and is to be paid directly to the Secured Party. AlternativelyAlternatively during the existence of an Event of Default, at its election the Secured Party may require any each Debtor to, and in such event such the Debtor at its sole expense will, notify its account debtors that payments thereon are thenceforth to be made directly to the Secured Party. Without the written consent of the Secured Party in each case, no Debtor shall compromise, discharge, extend the time for payment of or otherwise grant any indulgence or allowance with respect to any such Account except for minor indulgences or allowances in the ordinary course of business which are not related to an extension or restructuring of credit to an account debtor of a duration debtor. Notwithstanding the foregoing, all payments and proceeds with respect to the Insurance Policy shall be paid directly and immediately to the Security Party until the Term Loans have been paid in excess of 30 days in any instancefull. Thereafter all payments and proceeds with respect to the Insurance Policy shall be paid to the Debtors. (Bb) If any such Account arises out of a contract with the United States or any department, agency or instrumentality thereof, the Debtors applicable Debtor will immediately so notify the Secured Party in writing and will execute all instruments and take all steps required by the Secured Party in order that the security interest of the Secured Party hereunder in all such Accounts under such contract and the Proceeds thereof shall be perfected under the Federal Assignment of Claims Act.

Collection of Accounts, Etc. (A) Until otherwise notified by Upon the Secured Partyoccurrence and during the continuance of any Event of Default, the Debtors Lender may collect notify or may require the Company to notify account debtors on any or all of the Accounts but Company's Accounts, whether now existing or hereafter arising, to make payment directly to the Proceeds Lender, and the Lender may take possession of all proceeds of any accounts in the Company's possession, and may take any other steps which the Lender deems necessary or advisable to collect any or all such Accounts so collected by or other Collateral or proceeds thereof. Without limiting the Debtors generality of the foregoing, upon the occurrence and during the continuance of any Event of Default: (a) the Lender shall be held by have the Debtors right to receive, endorse, assign and/or deliver in trust their name or the name of the Company any and all checks, drafts and other instruments for the Secured Party. The Secured Party may at any time during the existence payment of an Event of Default terminate the authority hereby given money relating to the Debtors Accounts, and the Company hereby waives notice of presentment, protest and nonpayment of any instrument so endorsed; (b) the Company hereby constitutes the Lender or their designee as its attorney-in-fact with power to collect endorse the Proceeds Company's name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral that may come into Lender' possession; to sign the Company's name on any invoice or xxxx of lading relating to any of the Company's accounts, drafts against customers, assignments and verifications of such Accounts and, acting if it so chooses in each Debtor's name, collect accounts and notices to customers; to notify the Post Office authorities to change the address for delivery of mail addressed to the Company to such Accounts itself, directly or through an agent, sell, assign, compromise, discharge or extend address as the time for payment of such Accounts, institute legal action for the collection of such Accounts Lender may designate; and to do all other acts and things necessary to carry out this agreement. All acts of said attorney or incidental theretodesignee are hereby ratified and approved, and each Debtor hereby ratifies all that said attorney or designee shall not be liable for any acts of omission or commission, nor for any error of judgment or mistake of fact or law; this power being coupled with an interest is irrevocable until this Security Agreement terminates in accordance with its terms; (c) the Secured Party shall lawfully do under the authority hereby granted to it. The Secured Party may at any time during the existence of an Event of DefaultLender may, without notice to any Debtoror consent from the Company, notify any account debtor on any such Account that such Account has been assigned to the Secured Party and is to be paid directly to the Secured Party. Alternativelyin their reasonable business judgment, at its election the Secured Party may require any Debtor to, and in such event such Debtor at its sole expense will, notify its account debtors that payments thereon are thenceforth to be made directly to the Secured Party. Without the written consent of the Secured Party in each case, no Debtor shall compromise, dischargexxx upon or otherwise collect, extend the time of payment, or compromise or settle for payment of cash, credit or otherwise grant upon any indulgence terms, any of the Company's Accounts or allowance with respect any securities, instruments or insurance applicable thereto and/or release the obligor thereon; and (d) the Lender are authorized and empowered to accept the return of the goods represented by any such Account except for minor indulgences of the Company's Accounts, without notice to or allowances in consent by the ordinary course of business which are not related to an extension Company, all without discharging or restructuring of credit to an account debtor of a duration in excess of 30 days in any instanceway affecting the Company's liability thereunder. (B) If any such Account arises out of a contract with the United States or any department, agency or instrumentality thereof, the Debtors will immediately so notify the Secured Party in writing and will execute all instruments and take all steps required by the Secured Party in order that the security interest of the Secured Party hereunder in all such Accounts under such contract and the Proceeds thereof shall be perfected under the Federal Assignment of Claims Act.

Collection of Accounts, Etc. (Aa) Until otherwise notified by the Secured Partyoccurrence of an Event of Default, the Debtors Debtor may collect all the Accounts but the Proceeds of all Accounts so collected by the Debtors Debtor shall be held by the Debtors Debtor in trust for the Secured Party. The Secured Party may at any time during the existence of an Event of Default terminate the authority hereby given to the Debtors Debtor to collect the Proceeds of such Accounts and, acting if it so chooses in each the Debtor's name, collect such Accounts itself, directly or through an agent, sell, assign, compromise, discharge or extend the time for payment of such Accounts, institute legal action for the collection of such Accounts and do all acts and things necessary or incidental thereto, and each the Debtor hereby ratifies all that the Secured Party shall lawfully do under the authority hereby granted to it. The Secured Party may at any time during the existence of an Event of Default, without notice to any the Debtor, notify any account debtor on any such Account that such Account has been assigned to the Secured Party and is to be paid directly to the Secured Party. Alternatively, at its election the Secured Party may require any the Debtor to, and in such event such the Debtor at its sole expense will, notify its account debtors that payments thereon are thenceforth to be made directly to the Secured Party. Without the written consent of the Secured Party in each case, no the Debtor shall not compromise, discharge, extend the time for payment of or otherwise grant any indulgence or allowance with respect to any such Account except for minor indulgences or allowances in the ordinary course of business which are not related to an extension or restructuring of credit to an account debtor of a duration in excess of 30 days in any instance. (Bb) If any such Account arises out of a contract with the United States or any department, agency or instrumentality thereof, the Debtors Debtor will immediately so notify the Secured Party in writing and will execute all instruments and take all steps required by the Secured Party in order that the security interest of the Secured Party hereunder in all such Accounts under such contract and the Proceeds thereof shall be perfected under the Federal Assignment of Claims Act.

Collection of Accounts, Etc. (A) Until otherwise notified by Upon the Secured Partyoccurrence and during the continuance of any Event of Default, the Debtors Lenders may collect notify or may require the Company to notify account debtors on any or all of the Accounts but Company's Accounts, whether now existing or hereafter arising, to make payment directly to the Proceeds Lenders, and the Lenders may take possession of all proceeds of any accounts in the Company's possession, and may take any other steps which the Lenders deems necessary or advisable to collect any or all such Accounts so collected by or other Collateral or proceeds thereof. Without limiting the Debtors generality of the foregoing, upon the occurrence and during the continuance of any Event of Default: (a) the Lenders shall be held by have the Debtors right to receive, endorse, assign and/or deliver in trust their name or the name of the Company any and all checks, drafts and other instruments for the Secured Party. The Secured Party may at any time during the existence payment of an Event of Default terminate the authority hereby given money relating to the Debtors Accounts, and the Company hereby waives notice of presentment, protest and nonpayment of any instrument so endorsed; (b) the Company hereby constitutes the Lenders or their designee as its attorney-in-fact with power to collect endorse the Proceeds Company's name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral that may come into Lenders' possession; to sign the Company's name on any invoice or xxxx of lading relating to any of the Company's accounts, drafts against customers, assignments and verifications of such Accounts and, acting if it so chooses in each Debtor's name, collect accounts and notices to customers; to notify the Post Office authorities to change the address for delivery of mail addressed to the Company to such Accounts itself, directly or through an agent, sell, assign, compromise, discharge or extend address as the time for payment of such Accounts, institute legal action for the collection of such Accounts Lenders may designate; and to do all other acts and things necessary to carry out this agreement. All acts of said attorney or incidental theretodesignee are hereby ratified and approved, and each Debtor hereby ratifies all that said attorney or designee shall not be liable for any acts of omission or commission, nor for any error of judgment or mistake of fact or law; this power being coupled with an interest is irrevocable until this Security Agreement terminates in accordance with its terms; (c) the Secured Party shall lawfully do under the authority hereby granted to it. The Secured Party may at any time during the existence of an Event of DefaultLenders may, without notice to any Debtoror consent from the Company, notify any account debtor on any such Account that such Account has been assigned to the Secured Party and is to be paid directly to the Secured Party. Alternativelyin their reasonable business judgment, at its election the Secured Party may require any Debtor to, and in such event such Debtor at its sole expense will, notify its account debtors that payments thereon are thenceforth to be made directly to the Secured Party. Without the written consent of the Secured Party in each case, no Debtor shall compromise, dischargexxx upon or otherwise collect, extend the time of payment, or compromise or settle for payment of cash, credit or otherwise grant upon any indulgence terms, any of the Company's Accounts or allowance with respect any securities, instruments or insurance applicable thereto and/or release the obligor thereon; and (d) the Lenders are authorized and empowered to accept the return of the goods represented by any such Account except for minor indulgences of the Company's Accounts, without notice to or allowances in consent by the ordinary course of business which are not related to an extension Company, all without discharging or restructuring of credit to an account debtor of a duration in excess of 30 days in any instanceway affecting the Company's liability thereunder. (B) If any such Account arises out of a contract with the United States or any department, agency or instrumentality thereof, the Debtors will immediately so notify the Secured Party in writing and will execute all instruments and take all steps required by the Secured Party in order that the security interest of the Secured Party hereunder in all such Accounts under such contract and the Proceeds thereof shall be perfected under the Federal Assignment of Claims Act.