Common use of COLLECTION OF DEBTS FORMING PART OF COLLATERAL Clause in Contracts

COLLECTION OF DEBTS FORMING PART OF COLLATERAL. Before or after default under this Agreement, Secured Party may notify all or any account debtors (as hereinafter defined) of the Security Interest and may also direct such account debtors to make all payments on Collateral to Secured Party. Debtor acknowledges that any payments on or other proceeds of Collateral received by Debtor from account debtors after default under this Agreement, whether before or after notification of the Security Interest to account debtors, shall be received and held by Debtor in trust for Secured Party and shall be turned over to Secured Party upon request.

COLLECTION OF DEBTS FORMING PART OF COLLATERAL. Before or after default under this AgreementAfter default, Secured Party may notify all or any account debtors (as hereinafter defined) Account Debtors of the Security Interest and may also direct such account debtors Account Debtors to make all payments on Collateral to Secured Party. Debtor acknowledges that any payments on or other proceeds of Collateral received by Debtor from account debtors after default under this AgreementAccount Debtors, whether before or after notification of the this Security Interest to account debtorsAccount Debtors, if received after default, shall be received and held by Debtor in trust for Secured Party and shall be turned over to Secured Party upon request.