Common use of Notification and Payments Clause in Contracts

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. Before or after After the occurrence of any one or more an Event of the Events of Default as hereinafter definedDefault, 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 After the occurrence of an Event of Default, all payments on and from the Collateral received by the Secured Party directly or from the Debtor shall be applied to the Obligations Indebtedness in such order and manner and at such time as the Secured Party shall, in its sole discretion, determine. The After the occurrence of an Event of Default, Secured Party may notify any or all Account Debtors, and other parties obligated to pay the Collateral, of the Security Interest granted hereby and may also direct any and all such parties to make all payments of the Collateral to Secured Party, and Debtor shall join in such direction, if requested by Secured Party, and 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: (ai) shall be held by the Debtor in trust for the Secured Party in the same medium in which received; (bii) shall not be commingled with any assets of the Debtor; and (ciii) shall be delivered to the Secured Party in the form received, properly endorsed indorsed 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 third 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 to 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. Before or after Following the occurrence of any one or more of the Events an Event of Default as hereinafter definedwhich has not been waived or cured and is continuing, the Secured Party may (i) 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; 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 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: (ai) shall be held by the Debtor in trust for the Secured Party in the same medium in which received; (bii) shall not be commingled with any assets of the Debtor; and (ciii) 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 to 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. Before or after After the occurrence and during the continuance 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. The rights of the Secured Party under this Section 6 are subject to the exercise of any similar rights by any secured party having a security interest in the Collateral which has priority under the UCC over the Security Interest. 7.