Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing: (a) the Company shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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; (b) the Secured Party may itself, without notice to or demand upon the Company, so notify account debtors and other persons obligated on Collateral; (c) 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, instruments and other Collateral received by the Company as trustee for the Secured Party, for the benefit of 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; and (d) the Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 6 contracts
Samples: Security Agreement (Blue Star Foods Corp.), Security Agreement (Marizyme Inc), Security Agreement (Blue Star Foods Corp.)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company The Debtor shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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 's agent therefor;
(b) , and the Secured Party may itself, without notice to or demand upon the CompanyDebtor, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 5 contracts
Samples: Contract for the Purchase of Sacramento Corporate Office and Use of Itex Client Information (Itex Corporation), Contract for the Purchase of Corporate Office and Use of Client Information (Itex Corporation), Contract for the Purchase of Seattle Corporate Office and Use of Itex Client Information (Itex Corporation)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company shall, at the request and option of the Secured Party, notify account debtors and other persons Persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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;
(b) the Secured Party may itself, without notice to or demand upon the Company, so notify account debtors and other persons Persons obligated on Collateral;
(c) 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, instruments and other Collateral received by the Company as trustee for the Secured Party, for the benefit of 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; and
(d) the Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 5 contracts
Samples: Guarantor Security Agreement (PARTS iD, Inc.), Security Agreement (PARTS iD, Inc.), Guarantor Security Agreement (AERWINS Technologies Inc.)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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 's agent therefor;
(b) the Secured Party may itself, without notice to or demand upon the Company, so notify account debtors and other persons obligated on Collateral;
(c) 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, instruments and other Collateral received by the Company as trustee for the Secured Party, for the benefit of 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; and
(d) the Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 5 contracts
Samples: Security Agreement (Northann Corp.), Security Agreement (Wisa Technologies, Inc.), Security Agreement (Wisa Technologies, Inc.)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company shall, at the request and option of the Secured Party, notify account debtors and other persons Persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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 's agent therefor;
(b) the Secured Party may itself, without notice to or demand upon the Company, so notify account debtors and other persons Persons obligated on Collateral;
(c) 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, instruments and other Collateral received by the Company as trustee for the Secured Party, for the benefit of 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; and
(d) the Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 3 contracts
Samples: Security Agreement (Golden Matrix Group, Inc.), Security Agreement (Ainos, Inc.), Security Agreement (PaxMedica, Inc.)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing, but subject in all cases to the terms of the Intercreditor Agreement:
(a) the Company shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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 's agent therefor;
(b) the Secured Party may itself, without notice to or demand upon the Company, so notify account debtors and other persons obligated on Collateral;
(c) 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, instruments and other Collateral received by the Company as trustee for the Secured Party, for the benefit of 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; and
(d) the Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 3 contracts
Samples: Security Agreement (Bio Key International Inc), Security Agreement (Bio Key International Inc), Security Agreement (Bio Key International Inc)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the each Company shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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;
(b) the Secured Party may itself, without notice to or demand upon the such Company, so notify account debtors and other persons obligated on Collateral;
(c) after the making of such a request or the giving of any such notification, the such Company shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the such Company as trustee for the Secured Party, for the benefit of the Secured Party, without commingling the same with other funds of the such Company and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 2 contracts
Samples: Security Agreement (COMSovereign Holding Corp.), Security Agreement (COMSovereign Holding Corp.)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company The Debtor shall, at the request and option of the Secured Party, and only if an Event of Default has occurred, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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 's agent therefor;
(b) , and the Secured Party may itself, without notice to or demand upon the CompanyDebtor, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited entered after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 2 contracts
Samples: Security Agreement (Sedona Corp), Security Agreement (Sedona Corp)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) , the Company Debtor shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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;
(b) , and the Secured Party may itself, if an Event of Default shall have occurred and be continuing, without notice to or demand upon the CompanyDebtor, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Debtor as trustee for the Secured Party, Party (as collateral agent for the benefit of the Secured Party, Banks) without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 2 contracts
Samples: Security Agreement (One Earth Energy LLC), Security Agreement (Highwater Ethanol LLC)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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 's agent therefor;
(b) the Secured Party may itself, without notice to or demand upon the Company, so notify account debtors and other persons obligated on Collateral;
(c) 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, instruments and other Collateral received by the Company as trustee for the Secured Party, for the benefit of 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; and
(d) the Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately promptly credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 2 contracts
Samples: Security Agreement (Seelos Therapeutics, Inc.), Security Agreement (Seelos Therapeutics, Inc.)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company , Debtor shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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 's agent therefor;
(b) , and the Secured Party may itselfitself if an Event of Default shall have occurred and be continuing, without notice to or demand upon the CompanyDebtor, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited entered after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Samples: Security Agreement (Lumenon Innovative Lightwave Technology Inc)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) , then the Company Debtor shall, at the request and option of the Secured Party, notify account debtors and other persons Persons obligated on any of the Collateral of the security interest of the Secured Party in any account, as-extracted collateral, chattel paper, general intangible, instrument or other Collateral 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;
(b) , and the Secured Party may itself, if an Event of Default shall have occurred and be continuing, without notice to or demand upon the CompanyDebtor, so notify account debtors and other persons Persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, as-extracted collateral, chattel paper, general intangibles, instruments and other Collateral received by the Company Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, as-extracted collateral, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the ObligationsObligations in accordance with Section 5.01(b), such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) , the Company Debtor shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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;
(b) , and the Secured Party may itself, without if an Event of Default shall have occurred and be continuing, upon notice to or demand upon the CompanyDebtor, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Parent and the Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Parent or the Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Parent and the Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Secured Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Samples: Asset Purchase Agreement (Greenrose Acquisition Corp.)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company The Debtors shall, at the request and option of the Secured PartyParty during a continuance of an Event of Default, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party Party, in any account, chattel paper, general intangible, instrument or other Collateral and that payment thereof is to be made directly to the Secured Party Party, or to any financial institution designated by the Secured Party as the Secured Party’s 's agent therefor;
(b) , and the Secured Party may itself, if an Event of Default shall have occurred and be continuing, without notice to or demand upon the CompanyDebtors, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company each Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company such Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company such Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Notification to Account Debtors and Other Persons Obligated on Collateral. If a Default or an Event of Default shall have occurred and be continuing:
(a) , the Company Debtor shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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 's agent therefor;
(b) therefore, and the 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 CompanyDebtor, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company each Grantor shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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 's agent therefor;
(b) the Secured Party may itself, without notice to or demand upon the Companyany Grantor, so notify account debtors and other persons obligated on Collateral;
(c) after the making of such a request or the giving of any such notification, the Company such Grantor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company such Grantor as trustee for the Secured Party, for the benefit of the Secured Party, without commingling the same with other funds of the Company such Grantor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Samples: Security Agreement (Northann Corp.)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company The Debtor shall, at the request and option of the Secured Party, and only if an Event of Default has occurred, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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 's agent therefor;
(b) , and the Secured Party may itself, without notice to or demand upon the CompanyDebtor, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.or
Appears in 1 contract
Samples: Security Agreement (Sedona Corp)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) , the Company Debtor shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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 's agent therefor;
(b) , and the Secured Party may itself, without notice to or demand upon the CompanyDebtor, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Notification to Account Debtors and Other Persons Obligated on Collateral. If a Default or an Event of Default shall have occurred and be continuing:
(a) , the Company Debtor shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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;
(b) , and the Secured Party may itself, without if a Default or an Event of Default shall have occurred and be continuing, upon notice to or demand upon the CompanyDebtor, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form receivedParty, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Samples: Security Agreement (Nautilus, Inc.)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company each Debtor shall, at the request and option of the Secured Party, notify account debtors and other persons Persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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 's agent therefor;
(b) the Secured Party may itself, without notice to or demand upon the CompanyDebtors, so notify account debtors and other persons Persons obligated on Collateral;
(c) after the making of such a request or the giving of any such notification, the Company each Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company such Debtor as trustee for the Secured Party, for the benefit of the Secured Party, without commingling the same with other funds of the Company such Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Samples: Security Agreement (Know Labs, Inc.)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) , then the Company Debtor shall, at the request and option of the Secured Party, notify account debtors and other persons Persons obligated on any of the Collateral of the security interest of the Secured Party in any account, as-extracted collateral, chattel paper, general intangible, instrument or other Collateral 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;
(b) , and the Secured Party may itself, if an Event of Default shall have occurred and be continuing, without notice to or demand upon the CompanyDebtor, so notify account debtors and other persons Persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, as-extracted collateral, chattel paper, general intangibles, instruments and other Collateral received by the Company Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, as-extracted collateral, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the ObligationsObligations in accordance with Section 7.01(b), such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company The Debtors shall, at the request and option of the Secured PartyParty during a continuance of an Event of Default, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument constituting Collateral or other Collateral 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 's agent therefor;
(b) , and the Secured Party may itself, if an Event of Default shall have occurred and be continuing, without notice to or demand upon the CompanyDebtor, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtors shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments constituting Collateral and other Collateral received by the Company Debtors as trustee for the Secured Party, for the benefit of the Secured Party, without commingling the same with other funds of the Company Debtors and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of such accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment Obligations in accordance with Section 10.4 of the ObligationsCredit Agreement, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Samples: Subsidiary Security Agreement (Miller Industries Inc /Tn/)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) , the Company shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral and that payment thereof is to be made directly to the Secured Party or to any financial institution anyone designated by the Secured Party as the Secured Party’s 's agent therefor;
(b) , and the Secured Party 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 other persons obligated on Collateral;
(c) after . 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, instruments and other Collateral received by the Company as trustee for the Secured Party, for the benefit of the Secured Party, 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; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited entered after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Samples: Security Agreement (Big Lots Inc)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company shall, at the request and option of the Secured Party, notify account debtors and other persons Persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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;
(b) the Secured Party may itself, without notice to or demand upon the any Company, so notify account debtors and other persons Persons obligated on Collateral;
(c) 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, instruments and other Collateral received by the Company as trustee for the Secured Party, for the benefit of 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; and
(d) the Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) , the Company Debtor shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral Customer Contracts of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other the Collateral 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 's agent therefor;
(b) , and the Secured Party may itself, without if an Event of Default shall have occurred and be continuing, after notice to or demand upon and consent from the CompanyDebtor, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the each Company shall, at the request and option of the Secured Party, notify account debtors and other persons Persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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;
(b) the Secured Party may itself, without notice to or demand upon the any Company, so notify account debtors and other persons Persons obligated on Collateral;
(c) after the making of such a request or the giving of any such notification, the each Company shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the such Company as trustee for the Secured Party, for the benefit of the Secured Party, without commingling the same with other funds of the such Company and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Samples: Guarantor Security Agreement (Abvc Biopharma, Inc.)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:continuing (and, to the extent applicable, subject to the terms of any applicable Subordination Agreement):
(a) the Company shall, at the request and option of the Secured Party, notify account debtors and other persons Persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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 's agent therefor;
(b) the Secured Party may itself, without notice to or demand upon the Company, so notify account debtors and other persons Persons obligated on Collateral;
(c) 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, instruments and other Collateral received by the Company as trustee for the Secured Party, for the benefit of 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; and
(d) the Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company , Debtor shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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;
(b) the , and Secured Party may itself, if an Event of Default shall have occurred and be continuing, without notice to or demand upon the CompanyDebtor, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . Secured Party shall apply ratably distribute to each Secured Party the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party, for application by each Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company The Debtor shall, at the request and option of the Secured Party, and only if an Event of Default has occurred, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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;
(b) , and the Secured Party may itself, without notice to or demand upon the CompanyDebtor, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited entered after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Samples: Security Agreement (Sedona Corp)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) , then the Company Debtor shall, at the request and option of the Secured Party, notify account debtors and other persons Persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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;
(b) , and the Secured Party may itself, if an Event of Default shall have occurred and be continuing, without notice to or demand upon the CompanyDebtor, so notify account debtors and other persons Persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the ObligationsObligations in accordance with Section 5.01(b), such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of a Default shall have occurred and be continuing:
(a) occurred, the Company Debtor shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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 's agent therefor;
(b) , and the Secured Party may itself, if a Default shall have occurred, without notice to or demand upon the CompanyDebtor, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) , the Company Debtor shall, at the written request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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 's agent therefor;
(b) , and the Secured Party may itself, if an Event of Default shall have occurred and be continuing, without notice to or demand upon the CompanyDebtor, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Samples: Credit Agreement (TRANS LUX Corp)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) , the Company Debtor shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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;
(b) , and the 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 CompanyDebtor, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company each Grantor shall, at the request and option of the Secured Party, notify account debtors and other persons Persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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;
(b) the Secured Party may itself, without notice to or demand upon the Companyany Grantor, so notify account debtors and other persons Persons obligated on Collateral;
(c) after the making of such a request or the giving of any such notification, the Company each Grantor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company such Grantor as trustee for the Secured Party, for the benefit of the Secured Party, without commingling the same with other funds of the Company such Grantor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Samples: Security Agreement (Gse Systems Inc)
Notification to Account Debtors and Other Persons Obligated on Collateral. (a) If a Default or an Event of Default shall have occurred and be continuing:
(a) the Company occurred, each Debtor shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument instrument, or other Collateral 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 's agent therefor;
(b) , and the Secured Party may itself, if a Default or an Event of Default shall have occurred, without notice to or demand upon the CompanyDebtor, so notify account debtors and other persons obligated on Collateral;
(cb) after After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments instruments, and other Collateral received by the Company Debtor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(dc) the The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments instruments, and other Collateral and received by the Secured Party to the payment of the Secured Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Samples: Security Agreement (Gulfstream International Group Inc)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company each Grantor shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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;
(b) the Secured Party may itself, without notice to or demand upon the Companyany Grantor, so notify account debtors and other persons obligated on Collateral;
(c) after the making of such a request or the giving of any such notification, the Company such Grantor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company such Grantor as trustee for the Secured Party, for the benefit of the Secured Party, without commingling the same with other funds of the Company such Grantor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company The Debtor shall, at the request and option of the Secured PartyParty during a continuance of an Event of Default, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral and that payment thereof is to be made directly to the Secured Party Party, or to any financial institution designated by the Secured Party as the Secured Party’s 's agent therefor;
(b) , and the Secured Party may itself, if an Event of Default shall have occurred and be continuing, without notice to or demand upon the CompanyDebtor, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Debtor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Debtor as trustee for the Secured Party, for the benefit of the Secured Party, without commingling the same with other funds of the Company Debtor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) the Company , Grantor shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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 its agent therefor;
(b) , and the Secured Party may itself, if an Event of Default shall have occurred and be continuing, without notice to or demand upon the CompanyGrantor, so notify account debtors and other persons obligated on Collateral;
(c) . If an Event of Default shall have occurred and is continuing, after the making of such a request or the giving of any such notification, the Company Grantor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Grantor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Grantor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Secured Obligations, such proceeds to be immediately credited entered after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Samples: Pledge and Security Agreement (Real Industry, Inc.)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing, but subject in all cases to the terms of any applicable Intercreditor Agreement:
(a) the Company shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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;
(b) the Secured Party may itself, without notice to or demand upon the Company, so notify account debtors and other persons obligated on Collateral;
(c) 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, instruments and other Collateral received by the Company as trustee for the Secured Party, for the benefit of the Secured PartyParty and the Investors, without commingling the same with other funds of the Company and shall turn the same over to the Secured Party, for the benefit of the Secured Party and the Investors, in the identical form received, together with any necessary endorsements or assignments; and
(d) the Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Obligations, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Samples: Security Agreement (Boxlight Corp)
Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing:
(a) , the Company Grantors shall, at the request and option of the Secured Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party in any account, chattel paper, general intangible, instrument or other Collateral 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 its agent therefor;
(b) , and the Secured Party may itself, if an Event of Default shall have occurred and be continuing, without notice to or demand upon the CompanyGrantor, so notify account debtors and other persons obligated on Collateral;
(c) after . After the making of such a request or the giving of any such notification, the Company Grantors shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Grantor as trustee for the Secured Party, for the benefit of the Secured Party, Party without commingling the same with other funds of the Company Grantor and shall turn the same over to the Secured Party in the identical form received, together with any necessary endorsements or assignments; and
(d) the . The Secured Party shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral and received by the Secured Party to the payment of the Secured Obligations, such proceeds to be immediately credited entered after final payment in cash or other immediately available funds of the items giving rise to them.
Appears in 1 contract
Samples: Pledge and Security Agreement (GenuTec Business Solutions, Inc.)
