Common use of Notification to Account Debtors and Other Persons Obligated on Collateral Clause in Contracts

Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing, the Company shall, at the request and option of the Lender, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Lender in any account and that payment thereof is to be made directly to the Lender or to any financial institution designated by the Lender as the Lender's agent therefor, and the Lender 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. After the making of such a request or the giving of any such notification, the Company shall hold any proceeds of collection of accounts and other Collateral received by the Company as trustee for the Lender without commingling the same with other funds of the Company and shall turn the same over to the Lender in the identical form received, together with any necessary endorsements or assignments. The Lender shall apply the proceeds of collection of accounts, instruments and other Collateral received by the Lender to 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.

Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of a Default shall have occurred and be continuing, the Company each Obligor shall, at the request and option of the LenderBank, notify account debtors Account Debtors and other persons Persons obligated on any of the Collateral of the security interest Liens of the Lender Bank in any account Account, chattel paper, general intangible, instrument or other Collateral and that payment thereof is to be made directly to the Lender Bank or to any financial institution designated by the Lender Bank as the Lender's Bank’s agent therefor, and the Lender Bank may itself, if an Event of a Default shall have occurred and be continuing, without notice to or demand upon the Companyany Obligor, so notify account debtors Account Debtors and other persons Persons obligated on Collateral. After the making of such a request or the giving of any such notification, the Company each Obligor shall hold any proceeds of collection of accounts Accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company such Obligor as trustee for the Lender Bank without commingling the same with other funds of the Company such Obligor and shall turn the same over to the Lender Bank in the identical form received, together with any necessary endorsements or assignments. The Lender Bank shall apply the proceeds of collection of accountsAccounts, chattel paper, general intangibles, instruments and other Collateral received by the Lender Bank to the ObligationsLiabilities as provided in this Agreement, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.

Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing, the The Company shall, at the request and option of the Lender, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Lender in any account account, chattel paper, general intangible, instrument or other Collateral and that payment thereof is to be made directly to the Lender or to any financial institution designated by the Lender as the Lender's ’s agent therefor, and the Lender 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. After the making of such a request or the giving of any such notification, the Company shall hold any proceeds of collection of accounts accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company as trustee for the Lender without commingling the same with other funds of the Company and shall turn the same over to the Lender in the identical form received, together with any necessary endorsements or assignments. The Lender shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Lender to 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.

Notification to Account Debtors and Other Persons Obligated on Collateral. If [If[ a Default or] an Event of Default shall have occurred and be continuing], the Company shall, at the request and option of the Lender, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Lender in any account account, chattel paper, general intangible, instrument or other Collateral and that payment thereof is to be made directly to the Lender or to any financial institution designated by the Lender as the Lender's agent therefor, and the Lender 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 other persons obligated on Collateral. After the making of such a request or the giving of any such notification, the Company shall hold any proceeds of collection of accounts accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company as trustee for the Lender without commingling the same with other funds of the Company and shall turn the same over to the Lender in the identical form received, together with any necessary endorsements or assignments. The Lender shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Lender to 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.

Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing, the Company The Debtor shall, at the request and option of the LenderLender 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 Lender in any account account, chattel paper, general intangible, instrument constituting Collateral or other Collateral and that payment thereof is to be made directly to the Lender or to any financial institution designated by the Lender as the Lender's agent therefor, and the Lender 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. 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 accounts, chattel paper, general intangibles, instruments constituting Collateral and other Collateral received by the Company Debtor as trustee for the Lender Lender, without commingling the same with other funds of the Company Debtor and shall turn the same over to the Lender in the identical form received, together with any necessary endorsements or assignments. The Lender shall apply the proceeds of collection of such accounts, chattel paper, general intangibles, instruments and other Collateral received by the Lender to the ObligationsObligations in accordance with Section 10.4 of the Credit Agreement, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.

Notification to Account Debtors and Other Persons Obligated on Collateral. If a Default or an Event of Default shall have occurred and be continuing, the Company Borrower shall, at the request and option of the Lender, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Lender in any account or other Collateral and that payment thereof is to be made directly to the Lender or to any financial institution designated by the Lender as the Lender's ’s agent therefortherefore, and the Lender may itself, if a Default or an Event of Default shall have occurred and be continuing, without notice to or demand upon the CompanyBorrower, so notify account debtors and other persons obligated on Collateral. After the making of such a request or the giving of any such notification, the Company Borrower shall hold any proceeds of collection of accounts and other Collateral received by the Company Borrower as trustee for the Lender without commingling the same with other funds of the Company Borrower and shall turn the same over to the Lender in the identical form received, together with any necessary endorsements or assignments. The Lender shall apply the proceeds of collection of accounts, instruments accounts and other Collateral received by the Lender to 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.

Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing, the Company Borrower shall, at the request and option of the Lender, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Lender in any account account, chattel paper, general intangible, instrument or other Collateral and that payment thereof is to be made directly to the Lender or to any financial institution designated by the Lender as the Lender's agent therefor, and the Lender may itself, if a Default or an Event of Default shall have occurred and be continuing, without notice to or demand upon the CompanyBorrower, so notify account debtors and other persons obligated on under the Collateral. After the making of such a request or the giving of any such notification, the Company Borrower shall hold any proceeds of collection of accounts accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company Borrower as trustee for the Lender without commingling the same with other funds of the Company Borrower and shall turn the same over to the Lender in the identical form received, together with any necessary endorsements or assignments. The Lender shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Lender to 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.

Notification to Account Debtors and Other Persons Obligated on Collateral. If an Event of Default shall have occurred and be continuing, the The Company shall, at the request and option of the Lender, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Lender in any account account, chattel paper, general intangible, instrument or other Collateral and that payment thereof is to be made directly to the Lender or to any financial institution designated by the Lender as the Lender's agent therefor, and the Lender 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. After the making of such a request or the giving of any such notification, the Company shall hold any proceeds of collection of accounts accounts, chattel paper, general intangibles, instruments and other Collateral received by the Company as trustee for the Lender without commingling the same with other funds of the Company and shall turn the same over to the Lender in the identical form received, together with any necessary endorsements or assignments. The Lender shall apply the proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by the Lender to 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.