Common use of Notification to Account Debtors Clause in Contracts

Notification to Account Debtors. The Secured Party shall have the right, following the occurrence and during the continuation of an event of default, at any time to notify any Account Debtor of the Secured Party’s security interest in the Receivables and to require payments to be made directly to the Secured Party. To facilitate direct collection, the Debtor hereby appoints the Secured Party and any officer or employee of the Secured Party, as the Secured Party may from time to time designate, as attorney-in-fact for the Debtor to (a) receive, open and dispose of all mail addressed to the Debtor and take therefrom any payments on or proceeds of Receivables; (b) take over the Debtor’s post office boxes or make such other arrangements, in which the Debtor shall cooperate, to receive the Debtor’s mail, including notifying the post office authorities to change the address for delivery of mail addressed to the Debtor to such address as the Secured Party shall designate; (c) endorse the name of the Debtor in favor of the Secured Party upon any and all checks, drafts, money orders, notes, acceptances or other evidences of payment or Collateral that may come into the Secured Party’s possession; (d) sign and endorse the name of the Debtor on any invoice or xxxx of lading relating to any of the Receivables, on verifications of Receivables sent to any Account Debtor, to drafts against any Account Debtor, to assignments of Receivables, and to notices to any Account Debtor; and (e) do all acts and things necessary to carry out this Agreement and the transactions contemplated hereby, including signing the name of the Debtor on any instruments required by law in connection with the transactions contemplated hereby and on financing statements as permitted by the Virginia Uniform Commercial Code. The Debtor hereby ratifies and approves all acts of such attorneys-in-fact, and neither the Secured Party nor any other such attorney-in-fact shall be liable for any acts of commission or omission, or for any error of judgment or mistake of fact or law of any such attorney-in-fact. This power, being coupled with an interest, is irrevocable so long as the Indebtedness remains unsatisfied, or any Debt Document remains effective, as solely determined by the Secured Party.

Notification to Account Debtors. The Secured Party Upon an Event of Default, Lender shall have the right, following the occurrence and during the continuation of an event of default, right at any time to notify any Account Debtor Debtors of the Secured Party’s its security interest in the Receivables Accounts and to require payments Payments to be made directly to Lender or to the Secured PartyLockbox. To facilitate direct collectioncollection and upon an Event of Default, the Debtor SouthPeak hereby appoints the Secured Party Lender and any officer or employee of the Secured PartyLender, as the Secured Party Lender may from time to time designate, as attorney-in-fact for the Debtor SouthPeak to (a) receive, open and dispose of all mail addressed to the Debtor SouthPeak and take therefrom any payments on Payments or proceeds of ReceivablesAccounts; (b) take over the DebtorSouthPeak’s post office boxes or make such other arrangements, in which the Debtor SouthPeak shall cooperate, to receive the DebtorSouthPeak’s mail, including notifying the post office authorities to change the address for delivery of mail addressed to the Debtor SouthPeak to such address as the Secured Party Lender shall designate; (c) endorse the name of the Debtor SouthPeak in favor of the Secured Party Lender upon any and all checks, drafts, money orders, notes, acceptances or other evidences of payment or Collateral Payments that may come into the Secured PartyLender’s possession; (d) sign and endorse the name of the Debtor SouthPeak on any invoice or xxxx of lading relating to any of the ReceivablesAccount, on verifications of Receivables Accounts sent to any Account Debtor, to drafts against any Account DebtorDebtors, to assignments of Receivables, Accounts and to notices to any Account DebtorDebtors; and (e) do all acts and things necessary to carry out this Agreement and the transactions contemplated herebyAgreement, including signing the name of the Debtor SouthPeak on any instruments required by law in connection with the transactions contemplated hereby and on financing statements as permitted by the Virginia Uniform Commercial CodeUCC. The Debtor SouthPeak hereby ratifies and approves all acts of such attorneysattorney-in-fact, fact and neither the Secured Party Lender nor any other such attorney-in-fact shall be liable for any acts of commission or omission, or for any error of judgment or mistake of fact or law of any unless occasioned by Lender’s or such attorney-in-fact’s gross negligence. This power, being coupled with an interest, is irrevocable so long as any of the Indebtedness remains Obligations remain unsatisfied, or any Debt Document remains effective, as solely determined by the Secured Party.

Notification to Account Debtors. The Secured Party Lender shall have the right, following right at any time after the occurrence and during the continuation of an event Event of default, at any time Default to notify any Account Debtor of the Secured PartyLender’s security interest in the Receivables and to require payments to be made directly to the Secured PartyLender. To facilitate direct collection, the Debtor Borrower hereby appoints the Secured Party Lender and any officer or employee of the Secured PartyLender, as the Secured Party Lender may from time to time designate, after the occurrence and during the continuation of an Event of Default as attorney-in-fact for the Debtor Borrower to (a) receive, open and dispose of all mail addressed to the Debtor Borrower and take therefrom any payments on or proceeds of Receivables; (b) take over the DebtorBorrower’s post office boxes or make such other arrangements, in which the Debtor Borrower shall cooperate, to receive the DebtorBorrower’s mail, including notifying the post office authorities to change the address for delivery of mail addressed to the Debtor Borrower to such address as the Secured Party Lender shall designate; (c) endorse the name of the Debtor Borrower in favor of the Secured Party Lender upon any and all checks, drafts, money orders, notes, acceptances or other evidences of payment or Collateral that may come into the Secured PartyLender’s possession; (d) sign and endorse the name of the Debtor Borrower on any invoice or xxxx of lading relating to any of the Receivables, on verifications of Receivables sent to any Account Debtor, to drafts against any Account Debtor, to assignments of Receivables, and to notices to any Account Debtor; and (e) do all acts and things necessary to carry out this Agreement and the transactions contemplated hereby, including signing the name of the Debtor Borrower on any instruments required by law in connection with the transactions contemplated hereby and on financing statements as permitted by the Virginia Uniform Commercial Code. The Debtor Borrower hereby ratifies and approves all acts of such attorneys-in-fact, and neither the Secured Party Lender nor any other such attorney-in-fact shall be liable for any acts of commission or omission, or for any error of judgment or mistake of fact or law of any such attorney-in-fact, in each case, except to the extent resulting from the gross negligence or willful misconduct of Lender or such other attorney-in-fact. This power, being coupled with an interest, is irrevocable so long as the Indebtedness (other than any unasserted claims for indemnification or expense reimbursement) remains unsatisfied, or any Debt Loan Document remains effective, as solely determined by the Secured PartyLender.

Notification to Account Debtors. The Secured Party shall have the right, following Upon the occurrence and during the continuation of an event Event of defaultDefault, the Secured Party shall have the right at any time to notify any Account Debtor of the Secured Party’s security interest in the Receivables and to require payments to be made directly to the Secured Party. To Furthermore, in the event the Debtor’s Receivables have exceeded One Million Dollars ($1,000,000) at the end of each month for the preceding three (3) months, to facilitate direct collection, the Debtor hereby appoints the Secured Party and any officer or employee of the Secured Party, as the Secured Party may from time to time designate, as attorneyattomey-in-fact for the Debtor to to, while an Event of Default continues (a) receive, open and dispose of all mail addressed to if the Debtor and take therefrom any payments on or proceeds of Receivables; (b) take over the Debtor’s maintains post office boxes for the sole purpose of collecting Receivables, take over those post office boxes, or make such other arrangements, in which the Debtor shall cooperate, to receive the Debtor’s mailmail addressed to those post office boxes, including notifying the post office authorities to change the address for delivery of mail addressed to those post office boxes of the Debtor to such address as the Secured Party shall designate; (b) receive, open and dispose of any mail addressed to the Debtor and sent to such post office boxes and take therefrom any payments on or proceeds of Receivables (c) endorse the name of the Debtor in favor of the Secured Party upon any and all checks, drafts, money orders, notes, acceptances or other evidences of payment or Collateral that may come into the Secured Party’s possession; (d) sign and endorse the name of the Debtor on any invoice or xxxx of lading relating to any of the Receivables, on verifications of Receivables sent to any Account Debtor, to drafts against any Account Debtor, to assignments of Receivables, and to notices to any Account Debtor; and (e) do all acts and things necessary to carry out this Agreement and the transactions contemplated hereby, including signing the name of the Debtor on any instruments required by law in connection with the transactions contemplated hereby and on financing statements as permitted by the Virginia Uniform Commercial Code. The Debtor hereby ratifies and approves all acts of such attorneys-in-fact, and neither the Secured Party nor any other such attorney-in-fact shall be liable for any acts of commission or omission, or for any error of judgment or mistake of fact or law of any such attorney-in-fact. This power, being coupled with an interest, is irrevocable so long as the Indebtedness Loan remains unsatisfied, or any Debt Loan Document remains effective, as solely determined by the Secured Party.

Notification to Account Debtors. The Secured Party shall have the right, following the occurrence and during the continuation of an event of default, right at any time to notify any Account Debtor of the Secured Party’s security interest in the Receivables and to require payments to be made directly to the Secured Party. To facilitate direct collection, the Debtor hereby appoints the Secured Party and any officer or employee of the Secured Party, as the Secured Party may from time to time designate, as attorney-in-fact for the Debtor to (a) receive, open and dispose of all mail addressed to the Debtor and take therefrom any payments on or proceeds of Receivables; (b) take over the Debtor’s post office boxes or make such other arrangements, in which the Debtor shall cooperate, to receive the Debtor’s mail, including notifying the post office authorities to change the address for delivery of mail addressed to the Debtor to such address as the Secured Party shall designate; (c) endorse the name of the Debtor in favor of the Secured Party upon any and all checks, drafts, money orders, notes, acceptances or other evidences of payment or Master Security Agreement No. 5081087 Collateral that may come into the Secured Party’s possession; (d) sign and endorse the name of the Debtor on any invoice or xxxx bxxx of lading relating to any of the Receivables, on verifications of Receivables sent to any Account Debtor, to drafts against any Account Debtor, to assignments of Receivables, and to notices to any Account Debtor; and (e) do all acts and things necessary to carry out this Agreement and the transactions contemplated hereby, including signing the name of the Debtor on any instruments required by law in connection with the transactions contemplated hereby and on financing statements as permitted by the Virginia Uniform Commercial Code. The Debtor hereby ratifies and approves all acts of such attorneys-in-fact, and neither the Secured Party nor any other such attorney-in-fact shall be liable for any acts of commission or omission, or for any error of judgment or mistake of fact or law of any such attorney-in-fact. This power, being coupled with an interest, is irrevocable so long as the Indebtedness Loan remains unsatisfied, or any Debt Loan Document remains effective, as solely determined by the Secured Party.

Notification to Account Debtors. The Secured Party shall have the right, following right at any time after the occurrence and during the continuation of an event Event of default, at any time Default to notify any Account Debtor of the Secured Party’s security interest in the Receivables and to require payments to be made directly to the Secured Party. To facilitate direct collection, the Debtor hereby appoints the Secured Party and any officer or employee of the Secured PartyParty after the occurrence and during the continuation of an Event of Default, as the Secured Party may from time to time designate, as attorney-in-fact for the Debtor to (a) receive, open and dispose of all mail addressed to the Debtor and take therefrom any payments on or proceeds of Receivables; (b) take over the Debtor’s post office boxes or make such other arrangements, in which the Debtor shall cooperate, to receive the Debtor’s mail, including notifying the post office authorities to change the address for delivery of mail addressed to the Debtor to such address as the Secured Party shall designate; (c) endorse the name of the Debtor in favor of the Secured Party upon any and all checks, drafts, money orders, notes, acceptances or other evidences of payment or Collateral that may come into the Secured Party’s possession; (d) sign and endorse the name of the Debtor on any invoice or xxxx of lading relating to any of the Receivables, on verifications of Receivables sent to any Account Debtor, to drafts against any Account Debtor, to assignments of Receivables, and to notices to any Account Debtor; and (e) do all acts and things necessary to carry out this Agreement and the transactions contemplated hereby, including signing the name of the Debtor on any instruments required by law in connection with the transactions contemplated hereby and on financing statements as permitted by the Virginia California Uniform Commercial Code. The Debtor hereby ratifies and approves all acts of such attorneys-in-fact, and neither the Secured Party nor any other such attorney-in-fact shall be liable for any acts of commission or omission, or for any error of judgment or mistake of fact or law of any such attorney-in-fact. This power, being coupled with an interest, is irrevocable so long as the Indebtedness remains unsatisfied, or any Debt Loan Document remains effective, as solely determined by the Secured Party.