Common use of Remedies as to Certain Rights to Payment Clause in Contracts

Remedies as to Certain Rights to Payment. Upon the occurrence of an Event of Default and at any time thereafter the Security Trustee may notify any Account Debtor or other Person obligated on any Accounts or other Collateral that the same have been assigned or transferred to the Security Trustee and that the same should be performed as requested by, or paid directly to, the Security Trustee, as the case may be. The Grantor shall join in giving such notice, if the Security Trustee so requests. The Security Trustee may, in the Security Trustee’s name or in the Grantor’s name, demand, sux xor, collect or receive any money or property at any time payable or receivable on account of, or securing, any such Collateral or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligation of any such Account Debtor or other Person. If any payments on any such Collateral are received by the Grantor after an Event of Default has occurred, such payments shall be held in trust by the Grantor as the property of the Security Trustee and shall not be commingled with any funds or property of the Grantor and shall be forthwith remitted to the Security Trustee for application on the Obligations.

Remedies as to Certain Rights to Payment. Upon the occurrence of an Event of Default and at any time thereafter the Security Trustee may notify any Account Debtor or other Person obligated on any Accounts or other Collateral that the same have been assigned or transferred to the Security Trustee and that the same should be performed as requested by, or paid directly to, the Security Trustee, as the case may be. The Grantor shall join in giving such notice, if the Security Trustee so requests. The Security Trustee may, in the Security Trustee’s name or in the Grantor’s name, demand, sux xorxxx for, collect or receive any money or property at any time payable or receivable on account of, or securing, any such Collateral or grant any extension to, make any compromise or settlement with or otherwise agree to waive, modify, amend or change the obligation of any such Account Debtor or other Person. If any payments on any such Collateral are received by the Grantor after an Event of Default has occurred, such payments shall be held in trust by the Grantor as the property of the Security Trustee and shall not be commingled with any funds or property of the Grantor and shall be forthwith remitted to the Security Trustee for application on the Obligations.