Common use of Right to Control Proceeds Clause in Contracts

Right to Control Proceeds. The Secured Party may, at its option, take control of any and all proceeds from such Direct Collection and apply all "Net Proceeds" to any outstanding obligations of Debtors hereunder or under the Promissory Note. "Net Proceeds" shall mean all proceeds collected and received from any account debtor of the Debtors or any obligors on any obligations payable to the Debtors, after deduction of all reasonable expenses incurred in collection of such accounts including, without limitation, all attorneys' fees and costs incurred by Secured Party or on its behalf.

Right to Control Proceeds. The Secured Party may, at its option, take control of any and all proceeds from such Direct Collection direct collection and apply all "Net Proceeds" to any outstanding obligations of Debtors hereunder or under the Promissory Note. "Net Proceeds" shall mean all proceeds collected and received from any account debtor debtors of the Debtors or any obligors on any obligations payable to the Debtors, after deduction of all reasonable expenses incurred in collection of such accounts including, without limitation, all attorneys' fees and costs incurred by Secured Party or on its behalf.