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

Notice to Account Debtors and Contracting Parties. At any time after an Event of Default has occurred and is continuing, (i) the Collateral Trustee may, upon the direction of the Trustee, and upon request of the Collateral Trustee, each Grantor that has granted a Security Interest in Accounts and Contracts pursuant to Section 2.1 shall notify Account Debtors and parties to such Contracts that the Accounts and the Contracts have been assigned to the Collateral Trustee and that payments in respect thereof shall be made directly to the Collateral Trustee, and (ii) the Collateral Trustee may in its own name or in the name of others, communicate with Account Debtors and parties to the Contracts to verify with them to the Collateral Trustee's satisfaction the existence, amount and terms of any such Receivables or Contracts.

Notice to Account Debtors and Contracting Parties. At any time after an Event of Default has occurred and is continuing, (i) the Collateral Trustee may, upon the direction of the Trustee, and upon request of the Collateral Trustee, each Grantor that has granted a Security Interest in Accounts and Contracts pursuant to Section 2.1 shall notify Account Debtors and parties to such Contracts that the Accounts and the Contracts have been assigned to the Collateral Trustee and that payments in respect thereof shall be made directly to the Collateral Trustee, and (ii) the Collateral Trustee may in its own name or in the name of others, communicate with Account Debtors and parties to the Contracts to verify with them to the Collateral Trustee's satisfaction the existence, amount and terms of any such Receivables or Contracts.