Common use of Notification of Assignment of Receivables Clause in Contracts

Notification of Assignment of Receivables. (i) With respect to Credit Card Receivables, so long as an Event of Default shall have occurred and be continuing, Agent shall have the right to send notice of the collateral assignment of, and Agent’s security interest in and Lien on, such Receivables to any and all Customers or any third party holding or otherwise concerned with such Receivables, whether pursuant to the Credit Card Notices or otherwise. After such notices are sent, all amounts payable on such Receivables shall be remitted to a deposit account maintained with PNC or a collection account established at a financial institution that has entered into a deposit account control agreement in form and substance reasonably satisfactory to Agent in its Permitted Discretion and, at the instruction of the Required Lenders, applied to the Obligations as set forth herein. Agent’s actual expenses in connection with the foregoing shall constitute Obligations and shall be paid pursuant to the terms of Section 15.9. (ii) With respect to all Receivables other than Credit Card Receivables, at any time following the occurrence and during the continuance of an Event of Default, Agent shall have the right to send notice of the assignment of, and Agent’s security interest in and Lien on, such Receivables to any and all Customers or any third party holding or otherwise concerned with any of the Collateral. After such notices are sent, Agent shall have the sole right to collect such Receivables, take possession of the Collateral, or both. Agent’s actual collection expenses, including, but not limited to, stationery and postage, telephone and telegraph, secretarial and clerical expenses and the salaries of any collection personnel used for collection shall constitute Obligations and shall be paid pursuant to the terms of Section 15.9.

Notification of Assignment of Receivables. (i) With respect to Credit Card Receivables, so long as an Event of Default shall have occurred and be continuing, Agent shall have the right to send notice of the collateral assignment of, and Agent’s security interest in and Lien on, such Receivables to any and all Customers or any third party holding or otherwise concerned with such Receivables, whether pursuant to the Credit Card Notices or otherwise. After such notices are sent, all amounts payable on such Receivables shall be remitted to a deposit account Collection Account maintained with PNC or a collection account established at a financial institution that has entered into a deposit account control agreement in form and substance reasonably satisfactory to Agent in its Permitted Discretion and, at the instruction of the Required Lenders, applied to the Obligations as set forth herein. Agent’s actual expenses in connection with the foregoing shall constitute Obligations may be charged to Borrower’s Account and shall be paid pursuant added to the terms of Section 15.9Obligations. (ii) With respect to all Receivables other than Credit Card Receivables, at any time following the occurrence and during the continuance of an Event of Default, Agent shall have the right to send notice of the assignment of, and Agent’s security interest in and Lien on, such Receivables to any and all Customers or any third party holding or otherwise concerned with any of the Collateral. After such notices are sent, Agent shall have the sole right to collect such Receivables, take possession of the Collateral, or both. Agent’s actual collection expenses, including, but not limited to, stationery and postage, telephone and telegraph, secretarial and clerical expenses and the salaries of any collection personnel used for collection shall constitute Obligations collection, may be charged to Borrower’s Account and shall be paid pursuant added to the terms of Section 15.9Obligations.