Common use of Collection of book debts by Security Trustee Clause in Contracts

Collection of book debts by Security Trustee. If an Event of Default is continuing, the Security Trustee may notify the Chargor that: (a) the Chargor is prohibited from collecting the Chargor’s book debts; and (b) the Security Trustee intends to collect the Chargor’s book debts. If the Security Trustee gives notice under this clause, then the Chargor agrees to: (i) the Security Trustee collecting the book debts and notifying debtors of the Security Trustee’s interest in the book debts; (ii) the Security Trustee preparing and dispatching invoices in connection with the book debts, whether or not an invoice has been prepared previously or despatched in respect of a book debt; and (iii) use its best endeavours in assisting the Security Trustee to collect the book debts.