Common use of Collection Rights of Bank Clause in Contracts

Collection Rights of Bank. The Obligor agrees that at any time, whether or not an Event of Default shall have occurred, Bank shall have the right to notify an account debtor (with respect to any Collateral consisting of Accounts), or the obligor on any Instrument or other right or claim of the Obligor to any payment which is Collateral, to make payment directly to Bank, whether or not Event of Default shall have occurred and whether or not the Obligor was theretofore making collections on such Collateral, and also to take control of any Proceeds Bank is entitled to under Section 9-306 of the New York Uniform Commercial Code. If any Collateral consists of Accounts, Instruments or other rights or claims of the Obligor to any payment, then at Bank's request, the Obligor shall promptly notify, (in manner, form and substance satisfactory to Bank) all Persons obligated to the Obligor under any such Accounts, Instruments or other rights or claims of the Obligor to any payment that Bank possesses a security interest in such Accounts, Instruments or other rights or claims of the Obligor to any payment and that all payments in respect of such Accounts, Instruments, or other rights or claims of the Obligor to any payment are to be made directly to Bank. The Obligor shall not settle, compromise or adjust any disputed amount, or allow any credit, rebate or discount with respect to any Account, Instrument or other right or claim of the Obligor to any payment which constitutes Collateral. After Bank shall have given any notice of the type specified in the first sentence of this Section 8, any and all amounts received by the Obligor from the account debtor or other obligor so notified shall be promptly remitted to Bank, and until so remitted shall be segregated by the Obligor and held in trust for Bank.

Collection Rights of Bank. The Obligor agrees that at any time, whether or not an Event of Default shall have occurred, Bank shall have the right to notify an any account debtor (with respect to any Collateral consisting of Accounts, General Intangibles or Chattel Paper), or the obligor person liable on any Instrument or other right or claim of the Obligor to any payment which is CollateralCollateral or the issuer of any securities constituting Investment Property (with respect to any Collateral consisting of Investment Property), or the custodian of any Collateral consisting of Deposit Accounts or Electronic Chattel Paper, or the issuer of any letters of credit subject to the control of Bank, to make payment directly to Bank, whether or not an Event of Default shall have occurred and whether or not the Obligor was theretofore making collections on such Collateral, and also to take control of any Proceeds Bank is entitled to under Section 9-306 315 of the New York Uniform Commercial CodeUCC. If any Collateral consists of Accounts, Instruments or other rights or claims of the Obligor to any payment, then at Bank's request, the Obligor shall promptly notify, notify (in manner, form and substance satisfactory to Bank) all Persons obligated to the Obligor under any such Accounts, Instruments or other rights or claims of the Obligor to any payment that Bank possesses a security interest in such Accounts, Instruments or other rights or claims of the Obligor to any payment and that all payments in respect of such Accounts, Instruments, or other rights or claims of the Obligor to any payment are to be made directly to Bank. The Obligor shall not settle, compromise or adjust any disputed amount, or allow any credit, rebate or discount with respect to any Account, Instrument or other right or claim of the Obligor to any payment which constitutes Collateral. After Bank shall have given any notice of the type specified in the first sentence of this Section 89, any and all amounts received by the Obligor from the account debtor or other obligor or issuer so notified shall be promptly remitted to Bank, and until so remitted shall be segregated by the Obligor and held in trust for Bank.

Collection Rights of Bank. The Obligor Owner agrees that at any time, whether or not an Event of Default shall have occurred, Bank shall have the right to notify an any account debtor (with respect to any Collateral consisting of Accounts), or the obligor owner on any my Instrument or other right or claim of the Obligor Owner to any payment which is CollateralCollateral or the issuer of any securities constituting Investment Property (with respect to any Collateral consisting of Investment Property), to make payment directly to Bank, whether or not an Event of Default shall have occurred and whether or not the Obligor Owner was theretofore making collections on such Collateral, and also to take control of any Proceeds Bank is entitled to under Section 9-306 9306 of the New York Uniform Commercial CodeUCC. If any Collateral consists of Accounts, Instruments Instruments, Investment Property, or other rights or claims of the Obligor Owner to any payment, then at Bank's request, the Obligor Owner shall promptly notify, notify (in manner, form and substance satisfactory to Bank) all Persons obligated to the Obligor Owner under any such Accounts, Instruments Instruments, Investment Property or other rights or claims of the Obligor Owner to any payment that Bank possesses a security interest in such Accounts, Instruments Instruments, Investment Property or other rights or claims of the Obligor Owner to any payment and that all payments in respect of such Accounts, Instruments, Investment Property or other rights or claims of the Obligor Owner to any my payment are to be made directly to Bank. The Obligor Owner shall not settle, compromise or adjust any disputed amount, or allow any credit, rebate or discount with respect to any Account, Instrument or other right or claim of the Obligor Owner to any payment which constitutes Collateral. After Bank shall have given any notice of the type specified in the first sentence of this Section 89, any and all amounts received by the Obligor Owner from the account debtor or other obligor owner or issues so notified shall be promptly remitted to Bank, and until so remitted shall be segregated by the Obligor Owner and held in trust for Bank.

Collection Rights of Bank. The Obligor agrees that at any time, whether or not an Event of Default shall have occurred, Bank shall have the right to notify an account debtor (with respect to any Collateral consisting of Accounts), or the obligor on any Instrument or other right or claim of the Obligor to any payment which is Collateral, to make payment directly to Bank, whether or not an Event of Default shall have occurred and whether or not the Obligor was theretofore making collections on such Collateral, and also to take control of any Proceeds Bank is entitled to under Section 9-306 of the New York Uniform Commercial Code. If any Collateral consists of Accounts, Instruments or other rights or claims of the Obligor to any payment, then at Bank's request, the Obligor shall promptly notify, notify (in manner, form and substance satisfactory to Bank) all Persons obligated to the Obligor under any such Accounts, Instruments or other rights or claims of the Obligor to any payment that Bank possesses a security interest in such Accounts, Instruments or other rights or claims of the Obligor to any payment and that all payments in respect of such Accounts, Instruments, Instruments or other rights or claims of the Obligor to any payment are to be made directly to Bank. The Obligor shall not settle, compromise or adjust any disputed amount, or allow any credit, rebate or discount with respect to any Account, Instrument or other right or claim of the Obligor to any payment which constitutes Collateral. After Bank shall have given any notice of the type specified in the first sentence of this Section 8, any and all amounts received by the Obligor from the account debtor or other obligor so notified shall be promptly remitted to Bank, and until so remitted shall be segregated by the Obligor and held in trust for Bank.

Collection Rights of Bank. The Obligor Owner agrees that at any time, whether or not an Event of Default shall have occurred, Bank shall have the right to notify an any account debtor (with respect to any Collateral consisting of Accounts), or the obligor owner on any Instrument or other right or claim of the Obligor Owner to any payment which is CollateralCollateral or the issuer of any securities constituting Investment Property (with respect to any Collateral consisting of Investment Property), to make payment directly to Bank, whether or not an Event of Default shall have occurred and whether or not the Obligor Owner was theretofore making collections on such Collateral, and also to take control of any Proceeds Bank is entitled to under Section 9-306 of the New York Uniform Commercial CodeUCC. If any Collateral consists of Accounts, Instruments Instruments, Investment Property, or other rights or claims of the Obligor Owner to any payment, then at Bank's request, the Obligor Owner shall promptly notify, notify (in manner, form and substance satisfactory to Bank) all Persons obligated to the Obligor Owner under any such Accounts, Instruments Instruments, Investment Property or other rights or claims of the Obligor Owner to any payment that Bank possesses a security interest in such Accounts, Instruments Instruments, Investment Property or other rights or claims of the Obligor Owner to any payment and that all payments in respect of such Accounts, Instruments, Investment Property or other rights or claims of the Obligor Owner to any payment are to be made directly to Bank. The Obligor Owner shall not settle, compromise or adjust any disputed amount, or allow any credit, rebate or discount with respect to any Account, Instrument or other right or claim of the Obligor Owner to any payment which constitutes Collateral. After Bank shall have given any notice of the type specified in the first sentence of this Section 89, any and all amounts received by the Obligor Owner from the account debtor or other obligor owner or issuer so notified shall be promptly remitted to Bank, and until so remitted shall be segregated by the Obligor Owner and held in trust for Bank.