Notice to Account Debtors. Upon and during the continuance of any Event of Default or Default, Agent may, in its sole discretion, at any time or times and without prior notice to any Borrower, notify any or all Account Debtors that the Accounts have been assigned to Agent and that Agent has a security interest therein. Agent may direct any or all Account Debtors to make all payments upon the Accounts directly to Agent. Agent shall furnish the applicable Borrower with a copy of any such notice.
Appears in 3 contracts
Samples: Loan and Security Agreement (Abc Rail Products Corp), Loan and Security Agreement (Abc Rail Products Corp), Loan and Security Agreement (Abc Rail Products Corp)
Notice to Account Debtors. Upon and during the continuance of any Event of Default or Default, Agent may, in its sole discretion, at any time or times following the occurrence of a Default, and without prior notice to any Borrower, notify any or all Account Debtors that the Accounts have been assigned to Agent and that Agent has a security interest therein. Agent may direct any or all Account Debtors to make all payments upon the Accounts directly to Agent. Agent shall furnish the applicable Borrower with a copy of any such notice.
Appears in 2 contracts
Samples: Loan and Security Agreement (Webco Industries Inc), Loan and Security Agreement (Webco Industries Inc)
Notice to Account Debtors. Upon and during the continuance of any Event of Default or Default, The Agent may, in its sole discretion, at any time or times after the occurrence of a Default, and without prior notice to any the Borrower, notify any or all Account Debtors that the Accounts have been assigned to Agent and the Agent, for the benefit of the Lenders, that Agent the Agent, for the benefit of the Lenders, has a security interest therein. Agent may direct any or all Account Debtors to make , and that all payments upon the Accounts be made directly to the Agent or any account designated by the Agent. Agent shall furnish the applicable Borrower with a copy of any such notice.
Appears in 2 contracts
Samples: Loan and Security Agreement (American Builders & Contractors Supply Co Inc), Loan and Security Agreement (Amcraft Building Products Co Inc)
Notice to Account Debtors. Upon and during the continuance of any Event of Default or Default, Agent may, in its sole discretionif a Default has occurred and is continuing, (a) at any time or times and without prior notice to any Borrowerthe Obligors, notify any or all Account Debtors that the Accounts have been assigned to Agent and that Agent has a security interest therein. Agent may therein and (b) direct any or all Account Debtors to make all payments upon the Accounts directly to Agent. Agent shall furnish the applicable Borrower with a copy of any such notice.the
Appears in 1 contract
Samples: Loan and Security Agreement (Action Performance Companies Inc)
Notice to Account Debtors. Upon and during the continuance of any Event of Default or Default, The Agent may, in its sole discretion, at any time or times after the occurrence and during the continuance of an Event of Default, and without prior notice to any Borrower, notify any or all Account Debtors that the Accounts have been assigned to the Agent and that the Agent has a security interest therein. , and the Agent may direct any or all Account Debtors to make all payments upon the Accounts directly to the Agent. The Agent shall furnish the applicable affected Borrower with a copy of any such noticenotice sent by the Agent.
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