Common use of Collateral Generally Clause in Contracts

Collateral Generally. (a) Lender may, at any time following the occurrence and during the continuance of any Event of Default, notify any parties obligated on any of the Collateral to make payment to Lender of any amounts due or to become due thereunder and enforce collection of any of the Collateral by suit or otherwise and surrender, release or exchange all or any part thereof, or compromise or extend or renew for any period (whether or not longer than the original period) any Indebtedness thereunder or evidenced thereby. Upon request of Lender after the occurrence and during the continuance of any Event of Default, each Grantor will, at its own expense, notify any parties obligated on any of the Collateral to make payment to Lender of any amounts due or to become due thereunder. (b) Upon the occurrence and during the continuance of an Event of Default, Lender is authorized to endorse, in the name of the applicable Grantor, any item, howsoever received by Lender, representing any payment on or other Proceeds of any of the Collateral.