Common use of Notification of Account Debtors and Other Obligors Clause in Contracts

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the Lender may at any time after the occurrence of an Event of Default notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as agent and attorney in fact of the Borrower, notify the United States Postal Service to change the address for delivery of the Borrower's mail to any address designated by the Lender, otherwise intercept the Borrower's mail, and receive, open and dispose of the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 2 contracts

Samples: Credit and Security Agreement (Skymall Inc), Credit and Security Agreement (Skymall Inc)

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Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after the occurrence of an Event of (whether or not a Default Period then exists) notify any account debtor or other person Person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower Borrowers will join in giving such notice if the Lender so requests. At any time after the Borrower Borrowers or the Lender gives give such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's ’s name or in the any Borrower's ’s name, (a) demand, xxx sxx for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) . The Lender may, in the Lender’s name or in any Borrower’s name, as such Borrower’s agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's ’s mail to any address designated by the Lender, otherwise intercept the such Borrower's ’s mail, and receive, open and dispose of the such Borrower's ’s mail, applying all Collateral as permitted under this Agreement and holding all other mail for the such Borrower's ’s account or forwarding such mail to the such Borrower's ’s last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 2 contracts

Samples: Credit and Security Agreement (Global Employment Holdings, Inc.), Credit and Security Agreement (Global Employment Holdings, Inc.)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after (upon the occurrence of an Event of Default or during a Default Period) notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx sue for, collect or receive recexxx any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as the Borrower's agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's mail to any address designated by the Lender, otherwise intercept the Borrower's mail, and receive, open and dispose of otherwise handle the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Royal Precision Inc)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after the occurrence of an Event of during a Default Period notify any account debtor or other person Person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's ’s name or in the Borrower's ’s name, (a) demand, xxx sxx for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) . During a Default Period, the Lender may, in the Lender’s name or in the Borrower’s name, as the Borrower’s agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's ’s mail to any address designated by the Lender, otherwise intercept the Borrower's ’s mail, and receive, open and dispose of (or, if so directed by the Borrower's , forward) the Borrower’s mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's ’s account or forwarding such mail to the Borrower's ’s last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Exabyte Corp /De/)

Notification of Account Debtors and Other Obligors. With In addition to the rights of the Lender under Section 6.10 hereof, with respect to any and all rights to payment constituting Collateral the Lender may at any time (after the occurrence of an Event of Default Default) notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx sue for, collect or receive any money or property at any time payable payabxx or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as agent and attorney in fact of the Borrower, notify the United States Postal Service to change the address for delivery of the Borrower's mail to any address designated by the Lender, otherwise intercept the Borrower's mail, and receivereceive and, open and dispose of the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Sunrise Educational Services Inc)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The --------------------------------------------------- Lender may at any time after the occurrence of an Event of (whether or not a Default Period then exists) notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender; provided, however, that if no Default -------- ------- Period then exists, the Lender agrees to provide two (2) Banking Days notice to the Borrower of its intent to so notify account debtors or such others obligors. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as the Borrower's agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's mail to any address designated by the Lender, otherwise intercept the Borrower's mail, and receive, open and dispose of the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Act Teleconferencing Inc)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after the occurrence of an Event of (whether or not a Default Period then exists) notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, or during any Default Period, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as the Borrower's agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's mail to any address designated by the Lender, otherwise intercept the Borrower's mail, and receive, open and dispose of the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Marquest Medical Products Inc)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after the occurrence of an Event of (as long as a Default Period then exists) notify any account debtor or other person Person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's ’s name or in the Borrower's ’s name, (a) demand, xxx forsux xor, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) . The Lender may, in the Lender’s name or in the Borrower’s name, as the Borrower’s agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's ’s mail to any address designated by the Lender, otherwise intercept the Borrower's ’s mail, and receive, open and dispose of the Borrower's ’s mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's ’s account or forwarding such mail to the Borrower's ’s last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement   by And (uBid.com Holdings, Inc.)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after the occurrence of an Event of during a Default Period notify any account debtor or other person Person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's ’s name or in the Borrower's ’s name, (a) demand, xxx for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) . During a Default Period, the Lender may, in the Lender’s name or in the Borrower’s name, as the Borrower’s agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's ’s mail to any address designated by the Lender, otherwise intercept the Borrower's ’s mail, and receive, open and dispose of (or, if so directed by the Borrower's , forward) the Borrower’s mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's ’s account or forwarding such mail to the Borrower's ’s last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Exabyte Corp /De/)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after (upon the occurrence of an Event of Default or during a Default Period) notify any account debtor or other person Person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx sue for, collect or receive any money or property at any time payable xayable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any reasonable compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account Account debtor or other obligor; and (b) as the Borrower's agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's mail to any address designated by the Lender, otherwise intercept the Borrower's mail, and receive, open and dispose of otherwise handle the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Royal Precision Inc)

Notification of Account Debtors and Other Obligors. With In addition to the rights of the Lender under Section 6.10 hereof, with respect to any and all rights to payment constituting Collateral the Lender may at any time (but only after the occurrence of an Event of Default Default) notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after a Default or an Event of Default and after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx sue for, collect or receive any money or property propexxx at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as agent and attorney in fact of the Borrower, notify the United States Postal Service to change the address for delivery of the Borrower's mail to any address designated by the Lender, otherwise intercept the Borrower's mail, and receive, open and dispose of the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: And (Lamaur Corp)

Notification of Account Debtors and Other Obligors. With respect The -------------------------------------------------- Lender may at any time notify any account debtor or other person obligated to any pay the amount due that payment shall be made directly to the Lockbox, and all rights to payment constituting Collateral the Lender may at any time after the occurrence of an Event of Default Default, notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as agent and attorney in fact of the Borrower, notify the United States Postal Service to change the address for delivery of the Borrower's mail to any address designated by the Lender, otherwise intercept the Borrower's mail, and receive, open and dispose of the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Data National Corp)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after the occurrence of an Event of during a Default Period notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Each Borrower will join in giving such notice if the Lender so requests. At any time after the such Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the such Borrower's name, (a) demand, xxx sxx for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) . The Lender may, in the Lender's name or in such Borrower's name, as such Borrower's agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the such Borrower's mail to any address designated by the Lender, otherwise intercept the such Borrower's mail, and receive, open and dispose of the such Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the such Borrower's account or forwarding such mail to the such Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Security Agreement (Allis Chalmers Corp)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after (whether or not a Default Period then exists) notify any account debtor or other person obligated to pay the occurrence of an Event of amount due and instruct such account debtor or other person to pay any such amounts to the Lockbox Account or the Collateral Account. During a Default Period, the Lender may notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower Borrowers will join in giving such notice if the Lender so requests. At any time after the Borrower Borrowers or the Lender gives give such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in any of the Borrower's nameBorrowers' names, provided a Default Period then exists, (a) demand, xxx forsue xxx, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as the Borrowers' agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's Borrowers' mail to any address designated by the Lender, otherwise intercept the Borrower's Borrowers' mail, and receive, open and dispose of the Borrower's Borrowers' mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's Borrowers' account or forwarding such mail to the Borrower's Borrowers' last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Nu Kote Holding Inc /De/)

Notification of Account Debtors and Other Obligors. With In addition to the rights of the Lender under Section 6.10 hereof, with respect to any and all rights to payment constituting Collateral the Lender may at any time after the occurrence of an Event of Default notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx forsue xxx, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as agent and attorney in fact of the Borrower, notify the United States Postal Service to change the address for delivery of the Borrower's mail to any address designated by the Lender, otherwise intercept the Borrower's mail, and receive, open and dispose of the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Shop at Home Inc /Tn/)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may may, at any time after the occurrence of an Event of during a Default Period, notify any account debtor or other person obligated to pay the amount due under an Account that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower applicable Obligor will join in giving such notice if the Lender so requests. At any time after the Borrower applicable Obligor or the Lender gives such notice to an account debtor or other obligor, but only for so long as a Default Period exists, the Lender may, but need not, in the Lender's ’s name or in the Borrower's such Obligor’s name, (a) demand, xxx for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as such Obligor’s agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's such Obligor’s mail to any address designated by the Lender, otherwise intercept the Borrower's such Obligor’s mail, and receive, open and dispose of the Borrower's such Obligor’s mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's such Obligor’s account or forwarding such mail to the Borrower's such Obligor’s last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Infotech Usa Inc)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after the occurrence of an Event of (whether or not a Default Period then exists) notify any account debtor or other person Person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx sue for, collect or receive any money or property at any time payable payabxx or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) . The Lender may, in the Lender's name or in the Borrower's name, as the Borrower's agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's mail to any address designated by the Lender, otherwise intercept the Borrower's mail, and receive, open and dispose of the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Tradestar Services, Inc.)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after the occurrence of an Event of a Default Period then exists notify any account debtor or other person Person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's ’s name or in the Borrower's ’s name, (a) demand, xxx sue for, collect cxxxect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any reasonable compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) . The Lender may, in the Lender’s name or in the Borrower’s name, as the Borrower’s agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's ’s mail to any address designated by the Lender, otherwise intercept the Borrower's ’s mail, and receive, open and dispose of the Borrower's ’s mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's ’s account or forwarding such mail to the Borrower's ’s last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (CPS Technologies Corp/De/)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after (upon a Default or the occurrence of an Event of Default a Threshold Event) notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx sue for, collect or receive any xxy money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as the Borrower's agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's mail to any address designated by the Lender, otherwise intercept the Borrower's mail, and receive, open and dispose of the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Orthologic Corp)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after the occurrence of an Event of (whether or not a Default Period then exists) notify any account debtor or other person Person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's ’s name or in the Borrower's ’s name, (a) demand, xxx sxx for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) . The Lender may, in the Lender’s name or in the Borrower’s name, as the Borrower’s agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's ’s mail to any address designated by the Lender, otherwise intercept the Borrower's ’s mail, and receive, open and dispose of the Borrower's ’s mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's ’s account or forwarding such mail to the Borrower's ’s last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Staar Surgical Co)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the Lender may The Agent may, at any time after the occurrence of an Event of during a Default Period, notify any account debtor or other person Person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender Agent for security and shall be paid directly to the LenderAgent. The Borrower will join in giving such notice if the Lender Agent so requests. At any time after the Borrower or the Lender Agent gives such notice to an account debtor or other obligor, the Lender Agent may, but need not, in the Lender's Agent’s name or in the Borrower's ’s name, (a) demand, xxx for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; . Upon the occurrence of an Event of Default and (b) during the continuation thereof, the Agent may, in the Agent’s name or in the Borrower’s name, as the Borrower’s agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's ’s mail to any address designated by the LenderAgent, provided that the Agent shall also notify the Borrower promptly after it provides such notice to the United States Postal Service, and/or otherwise intercept the Borrower's ’s mail, and receive, open and dispose of the Borrower's ’s mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's ’s account or forwarding such mail to the Borrower's ’s last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Intellectual Property Security Agreement (Biovest International Inc)

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Notification of Account Debtors and Other Obligors. With In addition to the rights of the Lender under Section 6.10 hereof, with respect to any and all rights to payment constituting Collateral Collateral, the Lender may at any time (either before or after the occurrence of an Event of Default Default) notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx sue for, collect or receive any receivx xny money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as agent and attorney in fact of the Borrower, notify the United States Postal Service to change the address for delivery of the Borrower's mail to any address designated by the Lender, otherwise intercept the Borrower's mail, and receive, open and dispose of otherwise handle the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Royal Grip Inc)

Notification of Account Debtors and Other Obligors. With In addition to the rights of the Lender under Section 6.10 hereof, with respect to any and all rights to payment constituting Collateral the Lender may at any time (after the occurrence of an Event of Default Default) notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as agent and attorney in fact of the Borrower, notify the United States Postal Service to change the address for delivery of the Borrower's mail to any address designated by the Lender, otherwise intercept the Borrower's mail, and receive, open and dispose of the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Sportsmans Guide Inc)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after the occurrence of an Event of (whether or not a Default Period then exists) notify any account debtor or other person Person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's ’s name or in the Borrower's ’s name, (a) demand, xxx forsux xor, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) . The Lender may, in the Lender’s name or in the Borrower’s name, as the Borrower’s agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's ’s mail to any address designated by the Lender, otherwise intercept the Borrower's ’s mail, and receive, open and dispose of the Borrower's ’s mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's ’s account or forwarding such mail to the Borrower's ’s last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement     by And (Qsgi Inc.)

Notification of Account Debtors and Other Obligors. With In addition to the rights of the Lender under Section 6.10 hereof, with respect to any and all rights to payment constituting Collateral the Lender may may, at any time after before the occurrence of an Event of Default Default, notify any account debtor or other person obligated to pay the amount due that payment shall be made directly to a Lockbox, and may at any time after the occurrence of an Event of Default which is continuing, notify such Person that the right to such payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower Borrowers will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to occurrence of an account debtor or other obligorEvent of Default which is continuing, the Lender may, but need not, in the Lender's name or in the such Borrower's name, (a) demand, xxx for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as agent and attorney in fact of the such Borrower, notify the United States Postal Service to change the address for delivery of the such Borrower's mail to any address designated by the Lender, otherwise intercept the such Borrower's mail, and receive, open and dispose of the such Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the such Borrower's account or forwarding such mail to the such Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Larson Davis Inc)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after the occurrence of an Event of during a Default Period notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower whose account debtor is to be notified will join in giving such notice if the Lender so requests. At any time after the such Borrower or the Lender gives such notice to an account debtor or other obligorobligor and so long as a Default Period exists, the Lender may, but need not, in the Lender's name or in the such Borrower's name, (a) demand, xxx for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as such Borrower's agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the such Borrower's mail to any address designated by the Lender, otherwise intercept the such Borrower's mail, and receive, open and dispose of the such Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the such Borrower's account or forwarding such mail to the such Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Pemco Aviation Group Inc)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after (upon the occurrence of an Event of Default or during a Default Period) notify any account debtor or other person Person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx sue for, collect or receive any money or property at any time payable xayable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any reasonable compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as the Borrower's agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's mail to any address designated by the Lender, otherwise intercept the Borrower's mail, and receive, open and dispose of otherwise handle the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Royal Precision Inc)

Notification of Account Debtors and Other Obligors. With In addition to the rights of the Lender under Section 6.10 hereof, with respect to any and all rights to payment constituting Collateral Collateral, the Lender may at any time (either before or after the occurrence of an Event of Default Default) notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx sue for, collect or receive recexxx any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as agent and attorney in fact of the Borrower, notify the United States Postal Service to change the address for delivery of the Borrower's mail to any address designated by the Lender, otherwise intercept the Borrower's mail, and receive, open and dispose of the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Continental Information Systems Corp)

Notification of Account Debtors and Other Obligors. With In addition to the rights of the Lender under Section hereof, with respect to any and all rights to payment constituting Collateral Collateral, the Lender may at any time (either before or after the occurrence of an Event of Default Default) notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx sue for, collect or receive recexxx any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as agent and attorney in fact of the Borrower, notify the United States Postal Service to change the address for delivery of the Borrower's mail to any address designated by the Lender, otherwise intercept the Borrower's mail, and receive, open and dispose of the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Continental Information Systems Corp)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after (upon the occurrence of an Event of Default or during a Default Period) notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx sue for, collect or receive any money xxney or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as the Borrower's agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's mail to any address designated by the Lender, otherwise intercept the Borrower's mail, and receive, open and dispose of otherwise handle the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Royal Precision Inc)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The --------------------------------------------------- Lender may at any time after the occurrence of an Event of (whether or not a Default Period then exists) notify any account debtor or other person Person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; . Upon the occurrence of an Event of Default and (b) during the continuation thereof, the Lender may, in the Lender's name or in the Borrower's name, as the Borrower's agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service and/or Canada Post to change the address for delivery of the Borrower's mail to any address designated by the Lender, provided that Lender shall also notify Borrower promptly after it provides such notice to the United States Postal Service and/or Canada Post, otherwise intercept the Borrower's mail, and receive, open and dispose of the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Ronson Corp)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after the occurrence of an Event of during a Default Period notify any account debtor or other person Person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and and, subject to applicable law, shall be paid directly to the Lender. The Borrower Borrowers will join in giving such notice if the Lender so requests. At any time after the Borrower Borrowers or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, subject to applicable law, in the Lender's ’s name or in the applicable Borrower's ’s name, (a) demand, xxx for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the -21 obligations (including collateral obligations) of any such account debtor or other obligor; and (b) . During a Default Period, the Lender may, in the Lender’s name or in the applicable Borrower’s name, as the Borrower’s agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the Borrower's ’s mail to any address designated by the Lender, otherwise intercept the Borrower's ’s mail, and receive, open and dispose of the Borrower's ’s mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's ’s account or forwarding such mail to the Borrower's ’s last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Loan and Security Agreement (Vein Associates of America Inc)

Notification of Account Debtors and Other Obligors. With respect to any and all rights to payment constituting Collateral the The Lender may at any time after the occurrence of an Event of during a Default Period notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower whose account debtor is to be notified will join in giving such notice if the Lender so requests. At any time after the such Borrower or the Lender gives such notice to an account debtor or other obligorobligor and so long as a Default Period exists, the Lender may, but need not, in the Lender's name or in the such Borrower's name, (a) demand, xxx for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as such Borrower's agent and attorney in fact of the Borrowerattorney-in-fact, notify the United States Postal Service to change the address for delivery of the such Borrower's mail to any address designated by the Lender, otherwise intercept the such Borrower's mail, and receive, open and dispose of the such Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the such Borrower's account or forwarding such mail to the such Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.Section 1.24

Appears in 1 contract

Samples: Credit and Security Agreement

Notification of Account Debtors and Other Obligors. With In addition to the rights of the Lender under Section 6.10 hereof, with respect to any and all rights to payment constituting Collateral Collateral, the Lender may at any time (after the occurrence of an Event of Default Default) notify any account debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to the Lender for security and shall be paid directly to the Lender. The Borrower will join in giving such notice if the Lender so requests. At any time after the Borrower or the Lender gives such notice to an account debtor or other obligor, the Lender may, but need not, in the Lender's name or in the Borrower's name, (a) demand, xxx forsue xxx, collect or receive any money or property at any time payable or receivable on account of, or securing, any such right to payment, or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligations (including collateral obligations) of any such account debtor or other obligor; and (b) as agent and attorney in fact of the Borrower, notify the United States Postal Service to change the address for delivery of the Borrower's mail to any address designated by the Lender, otherwise intercept the Borrower's mail, and receive, open and dispose of the Borrower's mail, applying all Collateral as permitted under this Agreement and holding all other mail for the Borrower's account or forwarding such mail to the Borrower's last known address. This right of Lender to act as agent and attorney in fact of the Borrower shall be irrevocable for the life of this Agreement and may be exercised by the Lender only at any time after the occurrence and during the continuance of an Event of Default.

Appears in 1 contract

Samples: Credit and Security Agreement (Crager Industries Inc)

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