Common use of COLLECTION OF DEBTS Clause in Contracts

COLLECTION OF DEBTS. At any time that an Event of Default shall have occurred and be continuing, the Collateral Agent may notify all or any person (an "Account Debtor") obligated to pay any Collateral of the Security Interest and may also direct such Account Debtors to make all payments on the Collateral to the Collateral Agent. The Debtor acknowledges that any payments on account of Collateral received by it from Account Debtors after notification of this Security Interest to Account Debtors shall be held by the Debtor separate from all other property of the Debtor in trust for, and shall be promptly paid over to, the Collateral Agent, in form received with all necessary endorsements or transfers.

COLLECTION OF DEBTS. At any time that an Event of Default shall have occurred and be continuing, the Collateral Agent may notify all or any person (an "Account Debtor") obligated to pay any Collateral of the Security Interest lnterest and may also direct such Account Debtors to make all payments on the Collateral to the Collateral Agent. The Debtor acknowledges that any payments on account of Collateral received by it from Account Debtors after notification of this Security Interest lnterest to Account Debtors shall be held by the Debtor separate from all other property of the Debtor in trust for, and shall be promptly paid over to, the Collateral Agent, in form received with all necessary endorsements or transfers.

COLLECTION OF DEBTS. At any time that an Event of Default shall have occurred and be continuing, the Collateral Agent may notify all or any person (an "Account Debtor") obligated to pay any Collateral of the Security Interest and may also direct such Account Debtors to make all payments on the Collateral to the Collateral Agent. The Debtor acknowledges that any payments on account of Collateral received by it from Account Debtors after notification of this Security Interest to Account Debtors shall be held by the Debtor separate from all other property of the Debtor in trust for, and shall be promptly paid over totol, the Collateral Agent, in form received with all necessary endorsements or transfers.