Common use of Power of Collection Clause in Contracts

Power of Collection. Upon the happening of an Event of Default hereunder, the Debtor shall: (a) Endorse any and all documents evidencing any Collateral to the Secured Party and notify any payor that said documents have been so endorsed and that all sums due and owing pursuant to them should be paid directly to the Secured Party; (b) Turn over to the Secured Party all documents evidencing any right to collection of any sums due the Debtor arising from or in connection with any of the Collateral; (c) Xxxx or stamp each of its accounting records pertaining to any of its accounts, relating howsoever to this Agreement or the Convertible Debentures, with a legend indicating that the Collateral has been assigned to the Secured Party and keep all of its books, records, documents and instruments relating to the Collateral in such manner as the Secured Party may require; (d) Xxxx or stamp all invoices with a similar legend satisfactory to the Secured Party so as to indicate that the same must be know paid directly to the Secured Party; (e) Take any action reasonably required by the Secured Party with reference to the Federal Assignment of Claims Act; and (f) Assign to Secured Party any or all of Debtor’s copyrights and patents as demanded by Secured Party. The Secured Party shall also have the right, at any time, upon the happening of any Event of Default hereunder or as defined in the Convertible Debentures, directly to notify any debtor or debtors of the Debtor to make payments of any and all amounts directly to the Secured Party, and the Secured Party shall have the further right to notify the U.S. postal authorities to change the address for delivery of mail of the Debtor to an address designated by the Secured Party and to receive, open and dispose of all mail addressed to the Debtor.

Power of Collection. Upon the happening of an Event of Default hereunderand subject to any prior rights of the holders of the Senior Debt, the Debtor shall: (a) Endorse any and all documents evidencing any Collateral to the Secured Party and notify any payor that said documents have been so endorsed and that all sums due and owing pursuant to them should be paid directly to the Secured Party; (b) Turn over to the Secured Party all documents evidencing any right to collection of any sums due the Debtor arising from or in connection with any of the Collateral; (c) Xxxx or stamp each of its accounting records pertaining to any of its accounts, relating howsoever to this Agreement or the Convertible Debentures, with a the legend indicating that the Collateral has been "assigned to Halifax Fund, L.P.," as agent for the Secured Party Party, and keep all of its books, records, documents and instruments relating to the Collateral in such manner as the Secured Party may require; (d) Xxxx or stamp all invoices with a similar legend as described in Section 5.1(c) above satisfactory to the Secured Party so as to indicate that the same must be know paid directly to the Secured Party; (e) Take any action reasonably required by the Secured Party with reference to the Federal Assignment of Claims Act; and (f) Assign to Secured Party any or all of Debtor’s 's copyrights and patents as demanded by Secured Party. The Secured Party shall also have the right, at any time, upon the happening of any Event of Default hereunder or as defined in the Convertible Debentures, directly to notify any debtor or debtors obligors of the Debtor to make payments of any and all amounts directly to the Secured Party, and the Secured Party shall have the further right to notify the U.S. postal authorities to change the address for delivery of mail of the Debtor to an address designated by the Secured Party and to receive, open and dispose of all mail addressed to the Debtor.

Power of Collection. Upon the happening of an Event of Default hereunderhereunder and subject to any prior rights of the holders of the Senior Debt, the Debtor shall: (a) Endorse any and all documents evidencing any Collateral to the Secured Party and notify any payor that said documents have been so endorsed and that all sums due and owing pursuant to them should be paid directly to the Secured Party; (b) Turn over to the Secured Party all documents evidencing any right to collection of any sums due the Debtor arising from or in connection with any of the Collateral; (c) Xxxx or stamp each of its accounting records pertaining to any of its accounts, relating howsoever to this Agreement or the Convertible Debentures, with a the legend indicating that the Collateral has been "assigned to the Secured Party BH Capital Investments, L.P." and keep all of its books, records, documents and instruments relating to the Collateral in such manner as the Secured Party may require; (d) Xxxx or stamp all invoices with a similar legend satisfactory to the Secured Party so as to indicate that the same must be know paid directly to the Secured Party; (e) Take any action reasonably required by the Secured Party with reference to the Federal Assignment of Claims Act; and (f) Assign to Secured Party any or all of Debtor’s 's copyrights and patents as demanded by Secured Party. The Secured Party shall also have the right, at any time, upon the happening of any Event of Default hereunder or as defined in the Convertible Debentures, directly to notify any debtor or debtors of the Debtor to make payments of any and all amounts directly to the Secured Party, and the Secured Party shall have the further right to notify the U.S. postal authorities to change the address for delivery of mail of the Debtor to an address designated by the Secured Party and to receive, open and dispose of all mail addressed to the Debtor.

Power of Collection. Upon the happening of an Event of Default hereunder, the Debtor shall: (a) Endorse any and all documents evidencing any Collateral to the Secured Party and notify any payor that said documents have been so endorsed and that all sums due and owing pursuant to them should be paid directly to the Secured Party; (b) Turn over to the Secured Party all documents evidencing any right to collection of any sums due the Debtor arising from or in connection with any of the Collateral; (c) Xxxx or stamp each of its accounting records pertaining to any of its accounts, relating howsoever to this Agreement or the Convertible DebenturesNotes, with a the legend indicating that the Collateral has been "assigned to [ ]" as agent for the Secured Party Party, and keep all of its books, records, documents and instruments relating to the Collateral in such manner as the Secured Party may require; (d) Xxxx or stamp all invoices with a similar legend as described in Section 5.1(c) above satisfactory to the Secured Party so as to indicate that the same must be know paid directly to the Secured Party; (e) Take any action reasonably required by the Secured Party with reference to the Federal Assignment of Claims Act; and (f) Assign to Secured Party any or all of Debtor’s 's copyrights and patents as demanded by Secured Party. The Secured Party shall also have the right, at any time, upon the happening of any Event of Default hereunder or as defined in the Convertible DebenturesNotes, directly to notify any debtor or debtors obligors of the Debtor to make payments of any and all amounts directly to the Secured Party, and the Secured Party shall have the further right to notify the U.S. postal authorities to change the address for delivery of mail of the Debtor to an address designated by the Secured Party and to receive, open and dispose of all mail addressed to the Debtor.

Power of Collection. Upon the happening of an Event of Default hereunder, the Debtor shall: (a) Endorse any and all documents evidencing any Collateral to the Secured Party and notify any payor that said documents have been so endorsed and that all sums due and owing pursuant to them should be paid directly to the Secured Party; (b) Turn over to the Secured Party all documents evidencing any right to collection of any sums due the Debtor arising from or in connection with any of the Collateral; (c) Xxxx or stamp each of its accounting records pertaining to any of its accounts, relating howsoever to this Agreement or the Convertible DebenturesNotes, with a the legend indicating that the Collateral has been "assigned to Palladin Opportunity Fund, LLC," as agent for the Secured Party Party, and keep all of its books, records, documents and instruments relating to the Collateral in such manner as the Secured Party may require; (d) Xxxx or stamp all invoices with a similar legend as described in Section 5.1(c) above satisfactory to the Secured Party so as to indicate that the same must be know paid directly to the Secured Party; (e) Take any action reasonably required by the Secured Party with reference to the Federal Assignment of Claims Act; and (f) Assign to Secured Party any or all of Debtor’s 's copyrights and patents as demanded by Secured Party. The Secured Party shall also have the right, at any time, upon the happening of any Event of Default hereunder or as defined in the Convertible DebenturesNotes, directly to notify any debtor or debtors obligors of the Debtor to make payments of any and all amounts directly to the Secured Party, and the Secured Party shall have the further right to notify the U.S. postal authorities to change the address for delivery of mail of the Debtor to an address designated by the Secured Party and to receive, open and dispose of all mail addressed to the Debtor.. REPRESENTATIONS AND WARRANTIES