Common use of VERIFICATION AND COLLECTION OF ACCOUNTS Clause in Contracts

VERIFICATION AND COLLECTION OF ACCOUNTS. Fremont or Fremont's designee may, at any time, with or without notice to Borrower, (a) notify Account Debtors of Borrower that the Accounts have been assigned to Fremont and that Fremont has a security interest in the Accounts; (b) contact Account Debtors of Borrower, either in writing or by telephone, for the purpose of verifying the validity, amount or any other matter relating to any Accounts; and (c) collect the Accounts directly and charge the collection costs and expenses to Borrower's loan account. Unless and until Fremont begins direct collection of the Accounts or gives Borrower other written instructions, Borrower shall collect all Accounts and the proceeds of other Collateral for the benefit of Fremont, receive in trust all payments thereon as Fremont's trustee and immediately deliver said payments to Fremont in their original form as received by Borrower (subject to the terms of any lockbox, blocked account or similar agreement entered into for the purpose of collection of the Accounts).

VERIFICATION AND COLLECTION OF ACCOUNTS. Fremont or Fremont's designee may, at any time, with or without notice to Borrower, (a) notify Account Debtors customers or account debtors of Borrower that the Accounts have been assigned to Fremont and that Fremont has a security interest in the Accounts; them, (b) contact Account Debtors account debtors of Borrower, either in writing or by telephone, for the purpose of verifying the validity, validity amount or any other matter relating to any Accounts; Accounts and (c) collect the Accounts directly and charge add the collection costs and expenses to Borrower's loan account. Unless and until Fremont begins direct collection of the Accounts or gives Borrower other written instructionsinstructions and subject to the terms of any lockbox, blocked account or other similar agreement entered into for the purpose of collection of the Accounts, Borrower shall collect all Accounts and the proceeds of other Collateral for the benefit of Fremont, receive in trust all payments thereon as Fremont's trustee and immediately deliver said payments to Fremont in their original form as received by Borrower (subject to the terms of any lockbox, blocked account or similar agreement entered into for the purpose of collection of the Accounts)Borrower.