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 a Default or an Event of Default shall have occurred and be continuing, each of the Obligors shall, at the request and option of the Collateral Agent, notify its account debtors and other persons obligated on any of the Collateral of the security interest of the Collateral Agent in any account, chattel paper, general intangible, instrument or other Collateral 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 a Default or an Event of Default shall have occurred and be continuing, without notice to or demand upon the Obligors, so notify account debtors and other persons obligated on Collateral. After the making of such a request or the giving of any such notification, each Obligor shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by such Obligor as trustee for the Collateral Agent without commingling the same with other funds of such Obligor 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, instruments and other Collateral received by the Collateral Agent pursuant to the Intercreditor Agreement.

Notification to Account Debtors and Other Persons Obligated on Collateral. If a Default or an Event of Default shall have occurred and be continuing, each of the Obligors shall, at the request and option of the Collateral Agent, notify its account debtors with respect to the Collateral and other persons Persons obligated on any of the Collateral of the security interest of the Collateral Agent in any account, chattel paper, general intangible, instrument or other Collateral 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 a Default or an Event of Default shall have occurred and be continuing, without notice to or demand upon the Obligorsany Obligor, so notify account debtors and other persons Persons obligated on Collateral. After the making of such a request or the giving of any such notification, each Obligor the Obligors shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by such any Obligor as trustee for the Collateral Agent Agent, for the benefit of the Secured Parties and the Collateral Agent, without commingling the same with other funds of such Obligor any one or more of the Obligors 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, instruments and other Collateral received by the Collateral Agent pursuant to the Secured Obligations as contemplated by the Intercreditor Agreement.

Notification to Account Debtors and Other Persons Obligated on Collateral. If a Default or an Event of Default shall have occurred and be continuing, each of the Obligors shall, at the request and option of the Collateral Agent, notify its account debtors with respect to the Collateral and other persons Persons obligated on any of the Collateral of the security interest of the Collateral Agent in any account, chattel paper, general intangible, instrument or other Collateral 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 ’s agent therefor, and the Collateral Agent may itself, if a Default or an Event of Default shall have occurred and be continuing, without notice to or demand upon the Obligorsany Obligor, so notify account debtors and other persons Persons obligated on Collateral. After the making of such a request or the giving of any such notification, each Obligor the Obligors shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by such any Obligor as trustee for the Collateral Agent Agent, for the benefit of the Secured Parties and the Collateral Agent, without commingling the same with other funds of such Obligor any one or more of the Obligors 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, instruments and other Collateral received by the Collateral Agent pursuant to the Secured Obligations as contemplated by the Intercreditor Agreement.

Notification to Account Debtors and Other Persons Obligated on Collateral. If a Default or an Event of Default shall have occurred and be continuing, each of the Obligors The Borrowers shall, at the request and option of the Collateral Agent, notify its account debtors and other persons obligated on any of the Collateral of the security interest of the Collateral Agent in any account, chattel paper, general intangible, instrument or other Collateral 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 ’s agent therefor, and the Collateral Agent may itself, if a Default or an Event of Default shall have occurred and be continuing, without notice to or demand upon the ObligorsBorrowers, so notify account debtors and other persons obligated on Collateral. After the making of such a request or the giving of any such notification, each Obligor the Borrowers shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments and other Collateral received by such Obligor the Borrowers as trustee for the Collateral Agent Agent, for the benefit of the Lenders and the Agent, without commingling the same with other funds of such Obligor the Borrowers 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, instruments and other Collateral received by the Collateral Agent pursuant to the Intercreditor AgreementObligations, 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 at any time a Default or an Cash Dominion Event of Default shall have has occurred and be is continuing, each of and a Cash Dominion Cure Event has not occurred, the Obligors Companies shall, at the request and option of the Collateral Agent, notify its account debtors and other persons obligated on any of the Collateral of the security interest of the Collateral Agent in any account, chattel paper, general intangible, instrument account or other Collateral 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 a Default or an Event of Default shall have occurred and be continuing, without notice to or demand upon the Obligorssuch 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, each Obligor such Company shall hold any proceeds of collection of accounts, chattel paper, general intangibles, instruments accounts and other Collateral received by such Obligor Company as trustee for the Collateral Agent Agent, for the benefit of the Secured Parties, without commingling the same with other funds of such Obligor Companies 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, instruments accounts and other Collateral received by the Collateral Agent pursuant to the Intercreditor Obligations in accordance with the requirements of the Collateral Agency Agreement, such proceeds to be immediately credited after final payment in cash or other immediately available funds of the items giving rise to them.