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.

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.

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.