Notification and Payments. Before or after the occurrence of any one or more of the Events of Default as hereinafter defined, the Secured Party may notify all or any Account Debtors or other parties obligated to make payments on and from the Collateral of the Security Interest and may also direct such Account Debtors or other parties to make all payments on the Collateral to the Secured Party. All payments on and from the Collateral received by the Secured Party directly or from the Debtor shall be applied to the Obligations in such order and manner and at such time as the Secured Party shall, in its sole discretion, determine. The Secured Party may demand of the Debtor in writing, before or after notification to such Account Debtors or other parties and without waiving in any manner the Security Interest, that any payments on and from the Collateral received by the Debtor: (a) shall be held by the Debtor in trust for the Secured Party in the same medium in which received; (b) shall not be commingled with any assets of the Debtor; and (c) shall be delivered to the Secured Party in the form received, properly endorsed to permit collection, or, at the option of the Secured Party, shall be deposited in a separate bank account designated by, and under the sole control of, the Secured Party, not later than the next business day following the day of their receipt; and the Debtor shall comply with such demand. The Debtor shall also promptly notify the Secured Party of the return or repossession by the Debtor of Goods underlying any Collateral, and the Debtor shall hold the same in trust for the Secured Party and shall dispose of the same as the Secured Party directs.
Notification and Payments. After the occurrence of an Event of Default, American Collateral Agent may (i) notify all or any Account Debtors of the Security Interest and may also direct such Account Debtors to make all payments on Collateral to American Collateral Agent; and (ii) enforce obligations of an Account Debtor or other person obligated on Collateral and exercise the rights of the Debtor with respect to the obligation of the Account Debtor, and with respect to property that secures the obligation of an Account Debtor or other persons obligated on the Collateral. All payments on and from Collateral received by American Collateral Agent directly or from Debtor shall be applied to the Indebtedness in such order and manner as specified in the Credit Agreement or as American Collateral Agent may otherwise determine. Any payments on and from the Collateral received by Debtor: (i) shall be held by Debtor in trust for American Collateral Agent in the same medium in which received; (ii) shall not be commingled with any assets of Debtor; and (iii) shall be delivered to American Collateral Agent in the form received, properly indorsed to permit collection, not later than the next business day following the day of their receipt; and Debtor shall comply with such demand. Debtor shall also promptly notify American Collateral Agent of the return to or repossession by Debtor of Goods underlying any Collateral, and Debtor shall hold the same in trust for American Collateral Agent and shall dispose of the same as American Collateral Agent directs.
Notification and Payments. You must notify us immediately via your CIFS Link on becoming aware of an event as described below in respect of any of your Insured Customers that has an outstanding balance greater than the Notification Level set out on the Schedule: an Insured Customer is giving you cause for concern, legal proceedings for collection have started, an event has occurred that is likely to give rise to a loss, an event has occurred on which you believe a claim is likely, if you have approved an extension to a due date using your Maximum Extension Period you must tell us within 30 days of the extended due date if the debt remains unpaid. We reserve the right to ask you from time to time to report all overdue accounts. Once you have notified your Insured Customer to us you must advise us of any payments you receive from them. Until such time as a loss may occur you must set such payments against outstanding invoices with the earliest original due date. Any sums received after the loss is incurred will be treated as salvage. (For Salvage see Section 3.6.7)
Notification and Payments. Before or after the occurrence of an event of default, 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 Secured Party. All payments on and from Collateral received by Secured Party directly or from Debtor shall be applied to the Indebtedness in such order and manner and at such time as Secured Party shall, it its sole discretion, determine. Secured Party may demand of Debtor in writing, before or after notification to Account Debtors and without waiving in any manner the Security Interest, that any payments on and from the Collateral received by Debtor: (a) shall be held by Debtor in trust for Secured Party in the same medium in which received; (b) shall not be commingled with any assets of Debtor; and (c) shall be delivered to Secured Party in the form received, properly endorsed to permit collection, not later than the next business day following the day of their receipt; and Debtor shall comply with such demand. Debtor shall also promptly notify Secured Party of the return to or repossession by Debtor of Goods underlying any Collateral, and Debtor shall hold the same in trust for Secured Party and shall dispose of the same as Secured Party directs.
Notification and Payments. From time to time while the Lock Box Operating Agreement dated the date hereof between the Debtor and Manufacturers and Traders Trust Company is in force and effect, or any substitute arrangement, and in any event, after the occurrence of an Event of Default, (a) 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 Secured Party and (b) Secured Party may notify Debtor in writing, before or after notification to Account Debtors and without waiving in any manner the Security Interest, that any payment on and from the Collateral received by Debtor (i) shall be held by Debtor in trust for Secured Party in the medium in which received; (ii) shall not be commingled with any assets of Debtor; and (iii) shall be turned over to Secured Party not later than the next business day following the day of their
Notification and Payments. Secured Party may notify Debtor in writing, at any time after demand or the occurrence of an Event of Default, and without waiving in any manner the Security Interest, that any payments on account of and from the Collateral received by Debtor (a) shall be held by Debtor in trust for Secured Party in the same medium in which received, (b) shall not be commingled with any assets of Debtor and (c) shall be turned over to Secured Party not later than the next business day following the day of their receipt.
Notification and Payments. Upon the occurrence and continuation of an Event of Default, 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 Secured Party. All payments on and from Collateral received by Secured Party directly from account debtors or from the Debtor shall be applied to the Indebtedness in such order and manner and at such time as Secured Party shall, in its sole discretion, determine. Secured Party may demand of Debtor in writing, before or after notification to Account Debtors and without waiving in any manner the Security Interest, that any payments on and from the Collateral received by Debtor: (i) shall be held by Debtor in trust for Secured Party in the same medium in which received; (ii) shall not be commingled with any assets of Debtor; and (iii) shall be delivered to Secured Party in the form received, properly indorsed to permit collection, not later than the next business day following the day of their receipt; and Debtor shall comply with such demand.
Notification and Payments. After the occurrence of an Event of Default, Canadian Collateral Agent may (i) notify all or any Account Debtors of the Security Interest and may also direct such Account Debtors to make all payments on Collateral to Canadian Collateral Agent; and (ii) enforce obligations of an Account Debtor or other person obligated on Collateral and exercise the rights of the Debtor with respect to the obligation of the Account Debtor, and with respect to property that secures the obligation of an Account Debtor or other persons obligated on the Collateral. All payments on and from Collateral received by Canadian Collateral Agent directly or from Debtor shall be applied to the Indebtedness in such order and manner as specified in the Credit Agreement or as Canadian Collateral Agent may otherwise determine. Any payments on and from the Collateral received by Debtor:
Notification and Payments. On or after the occurrence of any Event of Default (as hereinafter defined), Secured Party or Beneficiary may notify all or any Account Debtors of the Security Interest and may also direct such Account Debtors to make all payments on or in respect to the Collateral to Secured Party for the benefit of Beneficiary. All payments on, and other proceeds from Collateral (including cash proceeds, insurance proceeds and proceeds of proceeds) received by Secured Party directly or from Grantor shall be applied as provided in the Charter and the Mortgages.
Notification and Payments. Debtor agrees to provide notice to the Time Charterer of the collateral assignment of the Time Charter and of Debtor’s rights thereunder by Debtor to Secured Party in the form attached hereto as Exhibit “B” and to obtain: (a) the agreement of the Time Charterer that, after receiving notice from Secured Party that an Event of Default has occurred and is continuing, it will pay over to Secured Party, when and as directed by Secured Party, all sums due and subsequently to become due from the Time Charterer under the terms of the Time Charter in good and indefeasible funds without defense or offset; (b) the acknowledgment of the Time Charterer that all of its right, title and interest in and to the Vessel arising under or in connection with the Time Charter is subject and subordinate to the rights of Secured Party under the Bareboat Charter; and (c) the agreement of the Time Charterer to forebear from the enforcement of any lien against the Vessel arising in favor of the Time Charterer pursuant to the Time Charter or by operation of law so long as the Bareboat Charter remains in effect and any Secured Obligations remain outstanding; provided that the foregoing is without prejudice to any rights which the Time Charterer may have under the Time Charter including but not limited to the right to make deductions from the payment of charter hire to the extent of claims which the Time Charterer may have against Debtor or the Vessel to the extent permitted pursuant to the terms of the Time Charter. Debtor acknowledges and agrees that, following the occurrence and during the continuance of an Event of Default, Secured Party may direct the Time Charterer or any other Account Debtors to make all payments on or in respect to the Assigned Property to Secured Party. All payments on, and other proceeds from Assigned Property (including cash proceeds, insurance proceeds and proceeds of proceeds) received by Secured Party directly or from Debtor shall be applied against the Secured Obligations in such order as may be provided in the Charter Documents.
