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

Notification of Account Debtors and Other Obligors. Lender may at any time, if an Event of Default has occurred and is continuing, notify any Account Debtor or other person obligated to pay the amount due that such right to payment has been assigned or transferred to Lender for security and shall be paid directly to Lender. Borrower will join in giving such notice if Lender so requests. At any time after Borrower or Lender gives such notice to an Account Debtor or other obligor, Lender may, but need not, in Lender’s name or in Borrower’s name, 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.

Appears in 2 contracts

Samples: Credit and Security Agreement (Landec Corp \Ca\), Credit and Security Agreement (Landec Corp \Ca\)

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Notification of Account Debtors and Other Obligors. Upon an Event of Default the Lender may at any time, if an Event of Default has occurred and is continuing, time 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, 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.

Appears in 1 contract

Samples: Loan and Security Agreement (REX AMERICAN RESOURCES Corp)

Notification of Account Debtors and Other Obligors. The Lender may at any time, if an Event of time during a Default has occurred and is continuing, Period notify any Account Debtor 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 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 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.the

Appears in 1 contract

Samples: Credit and Security Agreement (Chaparral Network Storage Inc)

Notification of Account Debtors and Other Obligors. The Lender may at any time, if time after an Event of Default has occurred and is continuing, notify any Account Debtor 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 account debtor or other obligor, the Lender may, but need not, in the Lender’s name or in the Borrower’s name, 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 account debtor or other obligor.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Millennium Ethanol, LLC)

Notification of Account Debtors and Other Obligors. Upon an Event of Default the Lender may at any time, if an Event of Default has occurred and is continuing, time notify any Account Debtor 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 account debtor or other obligor, the Lender may, but need not, in the Lender’s name or in the Borrower’s name, 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 account debtor or other obligor.

Appears in 1 contract

Samples: Loan and Security Agreement (Millennium Ethanol, LLC)

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Notification of Account Debtors and Other Obligors. The Lender may at during any time, if an Event of Default has occurred and is continuing, Period notify any Account Debtor 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 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 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 account debtor or other obligor.; and

Appears in 1 contract

Samples: Credit and Security Agreement (Heska Corp)

Notification of Account Debtors and Other Obligors. The Lender may at any time, if an Event of time during a Default has occurred and is continuing, Period notify any Account Debtor 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. Borrower The Borrowers will join in giving such notice if the Lender so requests. At any time after Borrower the Borrowers or the Lender gives give such notice to an Account Debtor account debtor or other obligor, the Lender may, but need not, in the Lender’s 's name or in the applicable Borrower’s '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 account debtor or other obligor.; and (

Appears in 1 contract

Samples: Credit and Security Agreement (Eagle Geophysical Inc)

Notification of Account Debtors and Other Obligors. The Lender may at any time, if time after an Event of Default has occurred and is continuing, 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, 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.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (REX AMERICAN RESOURCES Corp)

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