Notification to Account Debtors and Other Obligors. If an Event of Default shall have occurred and be continuing, each Grantor shall, at the request of the Agent, notify account debtors on accounts, chattel paper and general intangibles of such Grantor and obligors on instruments for which such Grantor is an obligee of the security interest of the Agent in any account, chattel paper, general intangible or instrument and that payment thereof is to be made directly to the Agent or to any financial institution designated by the Agent as the Agent’s agent therefor, and the Agent may itself, if a Default or an Event of Default shall have occurred and be continuing, without notice to or demand upon any Grantor, so notify account debtors and obligors. After the making of such a request or the giving of any such notification, such Grantor shall hold any proceeds of collection of accounts, chattel paper, general intangibles and instruments received by such Grantor as trustee for the Agent, without commingling the same with other funds of any Grantor and shall turn the same over to the Agent in the identical form received, together with any necessary endorsements or assignments. The Agent shall apply the proceeds of collection of accounts, chattel paper, general intangibles and instruments received by the Agent to the Obligations, pro rata among the Holders after deducting amounts owing to the Agent for expenses incurred by the Agent, such proceeds to be immediately entered after final payment in cash or solvent credits of the items giving rise to them.
Notification to Account Debtors and Other Obligors. If an Event of Default shall have occurred and be continuing, the Company shall, at the request of the Bank, notify account debtors on accounts, chattel paper and general intangibles of the Company and obligors on instruments for which the Company is an obligee of the security interest of the Bank in any account, chattel paper, general intangible or instrument and that payment thereof is to be made directly to the Bank or to any financial institution designated by the Bank as the Bank's agent therefor, and the Bank may itself, if an Event of Default shall have occurred and be continuing, without notice to or demand upon the Company, so notify account debtors and obligors. After the making of such a request or the giving of any such notification, the Company shall hold any proceeds of collection of accounts, chattel paper, general intangibles and instruments received by the Company as trustee for the Bank without commingling the same with other funds of the Company and shall turn the same over to the Bank in the identical form received, together with any necessary endorsements or assignments. The Bank shall apply the proceeds of collection of accounts, chattel paper, general intangibles and instruments received by the Bank to the Obligations, such proceeds to be immediately entered after final payment in cash or solvent credits of the items giving rise to them.
Notification to Account Debtors and Other Obligors. In the event of the occurrence of any Default, the Debtor shall (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral), at the request of the Secured Party, notify account debtors on accounts, accounts receivable, chattel papers and general intangibles of the Debtor and obligors on instruments for which the Debtor is an obligee, of the security interest of the Secured Party in any account, account receivable, chattel paper, general intangible or instrument and that payment thereof is to be made directly to the Secured Party or to any financial institution designated by the Secured Party as the Secured Party's agent therefor, and the Secured Party may itself (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral), if a Default shall have occurred, without notice to or demand upon the Debtor, so notify account debtors and obligors. After the making of such a request or the giving of any such notification, the Debtor shall (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral) hold any proceeds of collection of accounts, accounts receivable, chattel paper, general intangibles and instruments received by the Debtor as trustee for the Secured Party without commingling the same with other funds of the Debtor and shall promptly turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments. The Secured Party shall (subject, however, to the rights of any holders of superior liens or security interests relating to the Collateral) apply the proceeds of collection of accounts, accounts receivable, chattel paper, general intangibles and instruments received by the Secured Party to the Secured Obligations, such proceeds to be immediately entered after final payment in cash or solvent credits of the items giving rise to them.
Notification to Account Debtors and Other Obligors. (a) If an Event of Default shall have occurred and be continuing, each Grantor shall, at the request of the Collateral Agent, notify account debtors on accounts, chattel paper and general intangibles of such Grantor and obligors on instruments for which such Grantor is an obligee of the security interest of the Collateral Agent in any account, chattel paper, general intangible or instrument and that payment thereof is to be made directly to the Collateral Agent or to any financial institution designated by the Collateral Agent as the Collateral Agent's agent therefor, and the Collateral Agent may itself, if an Event of Default shall have occurred and be continuing, without notice to or demand upon any Grantor, so notify account debtors and obligors. After the making of such a request or the giving of any such notification, each Grantor shall hold any proceeds of collection of accounts, chattel paper, general intangibles and instruments received by such Grantor as trustee for the Collateral Agent, for the benefit of the Secured Creditors, without commingling the same with other funds of such Grantor and shall turn the same over to the Collateral Agent in the identical form received, together with any necessary endorsements or assignments. The Collateral Agent shall apply the proceeds of collection of accounts, chattel paper, general intangibles and instruments received by the Collateral Agent to the Obligations, such proceeds to be immediately credited after final payment in cash or solvent credits of the items giving rise to them. Notwithstanding anything to the contrary in the foregoing, the Collateral Agent shall not deliver any "entitlement order" (within the meaning of Section 8-102 of the UCC), instruction, "Notice of Sole Control" or other order to any financial institution or securities intermediary with respect to any Collateral of a Grantor unless an Event of Default has occurred and is continuing.
Notification to Account Debtors and Other Obligors. At any time after an Event of Default has occurred and is continuing,
Notification to Account Debtors and Other Obligors. If the Company shall fail to make payment of any of the Obligations when due (a “Payment Default”), the Company shall, at the request of the Secured Party, notify account debtors on accounts and general intangibles of the Company and obligors on instruments for which the Company is an obligee of the security interest of the Secured Party in any account, general intangible or instrument and that payment thereof is to be made directly to the Secured Party or to any financial institution designated by the Secured Party as the Secured Party’s agent therefor, and the Secured Party may itself, without notice to or demand upon the Company, so notify account debtors and obligors. After the making of such a request or the giving of any such notification, the Company shall hold any proceeds of collection of accounts, general intangibles and instruments received by the Company as trustee for the Secured Party without commingling the same with other funds of the Company and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments. The Secured Party shall apply the proceeds of collection of accounts, general intangibles and instruments received by the Secured Party to the Obligations, such proceeds to be immediately entered after final payment in cash or solvent credits of the items giving rise to them.
Notification to Account Debtors and Other Obligors. If an Event of Default shall have occurred and be continuing, each of the Companies shall, at the request of the Agent, notify account debtors on accounts, chattel paper and general intangibles of such Company and obligors on instruments for which such Company is an obligee of the security interest of the Agent in any account, chattel paper, general intangible or instrument and that payment thereof is to be made directly to the Agent or to any financial institution designated by the Agent as the Agent's agent therefor, and the Agent may itself, if an Event of Default shall have occurred and be continuing, without notice to or demand upon such Company, so notify account debtors and obligors. After the making of such a request or the giving of any such notification, such Company shall hold any proceeds of collection of accounts, chattel paper, general intangibles and instruments received by such Company as trustee for the Agent without commingling the same with other funds of such Company and shall turn the same over to the Agent in the identical form received, together with any necessary endorsements or assignments. The Agent shall apply the proceeds of collection of accounts, chattel paper, general intangibles and instruments received by the Agent to the Obligations, such proceeds to be immediately entered after final payment in cash or solvent credits of the items giving rise to them.
Notification to Account Debtors and Other Obligors. If a Default or an -------------------------------------------------- Event of Default shall have occurred and be continuing, Indiana LP shall, at the request of the Agent, notify account debtors on accounts, chattel paper and general intangibles of Indiana LP and obligors on instruments for which Indiana LP is an obligee of the security interest of the Agent in any account, chattel paper, general intangible or instrument and that payment thereof is to be made directly to the Agent or to any financial institution designated by the Agent as the Agent's agent therefor, and the Agent may itself, if a Default or an Event of Default shall have occurred and be continuing, without notice to or demand upon Indiana LP, so notify account debtors and obligors. After the making of such a request or the giving of any such notification, Indiana LP shall hold any proceeds of collection of accounts, chattel paper, general intangibles and instruments received by Indiana LP as trustee for the Agent, for the benefit of the Banks and the Agent, without commingling the same with other funds of Indiana LP and shall turn the same over to the Agent in the identical form received, together with any necessary endorsements or assignments. The Agent shall apply the proceeds of collection of accounts, chattel paper, general intangibles and instruments received by the Agent to the Obligations, such proceeds to be immediately entered after final payment in cash or solvent credits of the items giving rise to them.
Notification to Account Debtors and Other Obligors. Subject to the terms of the Intercreditor Agreement, if a Default or an Event of Default shall have occurred and be continuing, each Company shall, at the request of the Agent, notify account debtors on accounts, chattel paper and general intangibles of such Company and obligors on instruments for which such Company is an obligee of the security interest of the Agent in any account, chattel paper, general intangible or instrument constituting Collateral and that payment thereof is to be made directly to the Agent or to any financial institution designated by the Agent as the Agent 's agent therefor, and the Agent may itself, if a Default or an Event of Default shall have occurred and be continuing, without notice to or demand upon any Company, so notify account
Notification to Account Debtors and Other Obligors. If an Event of Default shall have occurred and be continuing, the Company shall, at the request of SECURED PARTY, notify account debtors on accounts, chattel paper and general intangibles of the Company and obligors on instruments for which the Company is an obligee of the security interest of SECURED PARTY in any account, chattel paper, general intangible or instrument and that payment thereof is to be made directly to SECURED PARTY or to any financial institution designated by SECURED PARTY as SECURED PARTY's agent therefor, and SECURED PARTY may itself, if a Default or an Event of Default shall have occurred and be continuing, without notice to or demand upon the Company, so notify account debtors and obligors. After the making of such a request or the giving of any such notification, the Company shall hold any proceeds of collection of accounts, chattel paper, general intangibles and instruments received by the Company as trustee for SECURED PARTY without commingling the same with other funds of the Company and shall turn the same over to SECURED PARTY in the identical form received, together with any necessary endorsements or assignments. SECURED PARTY shall apply the proceeds of collection of accounts, chattel paper, general intangibles and instruments received by SECURED PARTY to the Obligations, such proceeds to be immediately entered after final payment in cash or solvent credits of the items giving rise to them.
