Common use of COLLECTION OF DEBTS Clause in Contracts

COLLECTION OF DEBTS. 17. After default under this Security Agreement, the Secured Party may notify all or any Account Debtors of the Security Interest and may also direct such Account Debtors to make all payments on Collateral to the Secured Party. The Debtor acknowledges that any payments on or other proceeds of Collateral received by the Debtor from Account Debtors, whether before or after notification of this Security Interest to Account Debtors and whether before or after default under this Security Agreement, shall be received and held by the Debtor in trust for the Secured Party and shall, on default by Debtor and on demand by the Secured Party, be forthwith turned over to the Secured Party.

COLLECTION OF DEBTS. 17. After default under this General Security Agreement, the Secured Party may notify all or any Account Debtors of the Security Interest and may also direct such Account Debtors to make all payments on the Collateral to the Secured Party. The Debtor acknowledges that any payments on or other proceeds of the Collateral received by the Debtor from Account Debtors, whether before or after notification of this Security Interest to Account Debtors and whether before or after default under this the General Security Agreement, Agreement shall be received and held by the Debtor in trust for the Secured Party and shall, on default by Debtor and on demand by the Secured Party, shall be forthwith turned over to the Secured PartyParty upon request.

COLLECTION OF DEBTS. 17. After default under Notwithstanding any one provision of this Security Agreement, upon default, the Secured Party may notify all or any Account Debtors account debtors of the Debtor of the Security Interest and may also direct such Account Debtors account debtors to make all payments on Collateral to the Secured Party. The Debtor acknowledges that any payments on or other proceeds of Collateral received by the Debtor from Account Debtorsaccount debtors, whether before or after notification of this Security Interest to Account Debtors account debtors and whether before or after default under this Security Agreement, Agreement shall be received and held by the Debtor in trust for the Secured Party and shall, on default by Debtor and on demand by the Secured Party, shall be forthwith turned over to the Secured PartyParty upon request.