Common use of Verification of Receivables Clause in Contracts

Verification of Receivables. If an Event of Default exists, the Lender may confirm and verify all Accounts in any reasonable manner. In such circumstance, the Borrower shall assist the Lender in confirmation and verification of the Accounts. If no Event of Default exists, the Lender and the Borrower shall in good faith coordinate the verification of all Accounts. The Lender may at any time after an Event of Default exists, notify or require the Borrower to notify, all of the Borrower's Account Debtors or any of them to make payment directly to the Lender to the extent not already provided by the Lock Box. The Lender may enforce collection of, settle, compromise, extend or renew the indebtedness of any or all of the Borrower's Account Debtors after an Event of Default exists.

Verification of Receivables. If an Event of Default exists, the Lender may confirm and verify all Accounts in any reasonable manner. In such circumstance, the Borrower shall assist the Lender in confirmation and verification of the Accounts. If no Event of Default exists, the Lender and the Borrower shall in good faith coordinate the verification of all Accounts. The Lender may at any time after an Event of Default exists, notify or require the Borrower to notify, all of the Borrower's Account Debtors or any of them to make payment directly to the Lender to the extent not already provided by the Lock Box. The Lender may enforce collection of, settle, compromise, extend or renew the indebtedness of any or all of the Borrower's Account Debtors after an Event of Default exists.of