Common use of COLLECTION OF DEBTS Clause in Contracts

COLLECTION OF DEBTS. Upon the occurrence of an Event of Default, hereunder, the Vendors may, without exercising any of their other rights or remedies hereunder, give notice of the security interest in, and the assignment to, the Vendors of any debt or liability forming part of the Collateral and may direct such person to make all payments on account of any such debt or liability to the Vendors.