Common use of Notice to Account Debtors and Contract Parties Clause in Contracts

Notice to Account Debtors and Contract Parties. Upon the request of the Agent at any time after the occurrence and during the continuance of an Event of Default, the Pledgor shall notify account debtors on the Accounts and parties to the Contracts that the Accounts and the Contracts have been assigned to the Agent, for the ratable benefit of the Banks, and that payments in respect of such Accounts shall be made directly to the Agent.