Collection of Collateral. Lender, at Lender's option may, but need not, collect directly from the Obligors on any of the Collateral all Income and Proceeds or other sums of money and other property due and to become due under the Collateral, and Grantor authorizes and directs the Obligors, if Lender exercises such option, to pay and deliver to Lender all Income and Proceeds and other sums of money and other property payable by the terms of the Collateral and to accept Lender's receipt for the payments.
Appears in 4 contracts
Sources: Pledge Agreement (Granite Falls Energy, LLC), Commercial Pledge Agreement (Training Devices International Inc), Commercial Pledge and Security Agreement (Success Bancshares Inc)
Collection of Collateral. Lender, at Lender▇▇▇▇▇▇'s option may, but need not, collect directly from the Obligors on any of the Collateral all Income and Proceeds or other sums of money and other property due and to become due under the Collateral, and Grantor authorizes and directs the Obligors, if Lender exercises such option, to pay and deliver to Lender all Income and Proceeds and other sums of money and other property payable by the terms of the Collateral and to accept Lender▇▇▇▇▇▇'s receipt for the payments.
Appears in 1 contract
Sources: Commercial Pledge and Security Agreement (Penn Octane Corp)
Collection of Collateral. Lender, at Lender's Len▇▇▇'▇ option may, but need not, collect directly from the Obligors on any of the Collateral all Income and Proceeds or other sums of money and other property due and to become due under the Collateral, and Grantor authorizes and directs the Obligors, if Lender exercises such option, to pay and deliver to Lender all Income and Proceeds and other sums of money and other property payable by the terms of the Collateral and to accept Lender's Len▇▇▇'▇ receipt for the payments.
Appears in 1 contract
Sources: Business Loan Agreement (California Beach Restaurants Inc)
Collection of Collateral. Lender, at Lender's option may, but need not, collect directly from the Obligors on any of the Collateral all Income income and Proceeds or other sums of money and other property due and to become due under the Collateral, and Grantor authorizes and directs the Obligors, if Lender exercises such option, to pay and deliver to Lender all Income and Proceeds and other sums of money and other property payable by the terms of the Collateral and to accept Lender's receipt for the payments.
Appears in 1 contract
Sources: Loan Agreement (Patterson Eddy L)