Common use of Collection of Collateral Clause in Contracts

Collection of Collateral. Grantor agrees that Lender may, at any time and for any reason, whether or not Grantor is then in default under any indebtedness, collect the Income and Proceeds directly from the Obligors. Grantor authorizes and directs the Obligors, if Lender decides to collect the Income and Proceeds, to pay and deliver to Lender all Income and Proceeds from the Collateral and to accept Lender's receipt for the payments.

Collection of Collateral. Grantor agrees that Lender may, at any time and for any reason, whether or not Grantor is then in default under any indebtedness, collect the Income and Proceeds directly from the Obligors. Grantor authorizes and directs the Obligors, Obligors if Lender decides to collect the Income and Proceeds, Proceeds to pay and deliver to Lender all Income and Proceeds from the Collateral and to accept Lender's receipt for the payments.