Account Verification and Collection. During the continuation of an Event of Default, the Collateral Agent shall have the right (but not the obligation) at any time at the Grantors’ expense to (a) verify the validity, amount or any other material information relating to any Accounts, including verification with the relevant Account Debtors, and (b) enforce collection of any such Accounts and to adjust, settle or compromise the amount of payment thereof, in each case to the full extent permitted by applicable law.
Appears in 2 contracts
Samples: Second Lien Guaranty and Collateral Agreement (Ultra Petroleum Corp), Warrant Agreement (Ultra Petroleum Corp)
Account Verification and Collection. During the continuation of an Event of Default, subject to the Collateral Agency Agreement and the Intercreditor Agreement, the Collateral Agent shall have the right (but not the obligation) at any time at the Grantors’ expense to (a) verify the validity, amount or any other material information relating to any Accounts, including verification with the relevant Account Debtors, and (b) enforce collection of any such Accounts and to adjust, settle or compromise the amount of payment thereof, in each case to the full extent permitted by applicable law.
Appears in 1 contract
Samples: Second Lien Pledge and Security Agreement (Centennial Resource Development, Inc.)
Account Verification and Collection. During the continuation of an Event of Default, the Collateral Agent shall have the right (but not the obligation) at any time at the Grantors’ expense to (a) verify the validity, amount or any other material information relating to any Accounts, including verification with the relevant Account Debtors, and (b) enforce collection of any such Accounts and to adjust, settle or compromise the amount of payment thereof, in each case to the full extent permitted by applicable law.
Appears in 1 contract
Samples: Guaranty and Collateral Agreement (Ultra Petroleum Corp)
