Common use of Control of Accounts Clause in Contracts

Control of Accounts. Upon the occurrence of an Event of Default: (i) the Lenders shall have the right at any time and from time to time, without notice, to notify account debtors of the Borrower to make payments to the Lenders; to endorse all items of payment which may come into its hands payable to the Borrower; to take control of any cash or non-cash proceeds of accounts and of any returned or repossessed goods; to compromise, extend or renew any account or deal with it as it may deem advisable; to make exchanges, substitutions or surrenders of Collateral and to notify the postal authorities, after an Event of Default, to deliver all mail, correspondence or parcels addressed to the Borrower to the Lenders at such address as the Lenders may choose; and