Common use of Assigned Accounts Clause in Contracts

Assigned Accounts. The following provisions shall apply to all debts, accounts, claims, moneys, receivables and other similar items of personal property assigned and transferred to the Holder as part of the Mortgaged Property (in this Section called the “assigned accounts”): (a) collection: following the occurrence and during the continuance of an Event of Default, the Holder may collect, realize, sell or otherwise deal with the assigned accounts or any part thereof in such manner, upon such terms and conditions and at such time or times as may seem to it advisable and without notice to the Corporation (except as otherwise required by Applicable Law); (b) not bound to collect: the Holder shall not be liable or accountable for any failure to collect, realize, sell or otherwise deal with or obtain payment of the assigned accounts or any part thereof and shall not be bound to institute proceedings for the purpose of collecting, realizing, selling or otherwise dealing with or obtaining payment of the same or for the purpose of preserving any rights of the Holder, the Corporation or any other person in respect of the same; (c) application: all moneys collected or received by the Holder in respect of the assigned accounts shall be applied on account of such parts of the Obligations as the Holder in its discretion determines; (d) trustee: following the occurrence and during the continuance of an Event of Default, all moneys collected or received by the Corporation in respect of the assigned accounts shall be held in trust by the Corporation for the benefit of the Holder, and paid over to the Holder forthwith on demand;

Assigned Accounts. The following provisions shall apply to all debts, accounts, claims, moneys, receivables and other similar items of personal property assigned and transferred to the Holder as part of the Mortgaged Property hereunder (in this Section called the “"assigned accounts”"): (a) collection: following the occurrence and during the continuance existence of an Event of Default, Default the Holder may collect, realize, sell or otherwise deal with the assigned accounts or any part thereof in such manner, upon such terms and conditions and at such time or times as may seem to it advisable and without notice to the Corporation Debtor (except as otherwise required by Applicable Law); (b) not bound to collect: the Holder shall not be liable or accountable for any failure to collect, realize, sell or otherwise deal with or obtain payment of the assigned accounts or any part thereof and shall not be bound to institute proceedings for the purpose of collecting, realizing, selling or otherwise dealing with or obtaining payment of the same or for the purpose of preserving any rights of the Holder, the Corporation Debtor or any other person Person in respect of the same; (c) application: all moneys collected or received by the Holder during the existence of an Event of Default in respect of the assigned accounts shall may be applied on account of such parts of the Obligations as the Holder in its discretion determinesdetermines or, in the discretion of the Holder, may be held in a separate collateral account for such time as the Holder sees fit, or released to the Debtor; (d) trustee: following the occurrence and during the continuance existence of an Event of Default, all moneys collected or received by the Corporation Debtor in respect of the assigned accounts shall be held in trust by the Corporation Debtor for the benefit of the Holder, and paid over to the Holder forthwith on demand; (e) information: the Debtor shall from time to time forthwith on request of the Holder furnish to the Holder any information relating to the assigned accounts, and the Holder shall be entitled from time to time to inspect any documents pertaining thereto and take temporary custody thereof;

Assigned Accounts. The following provisions shall apply to all debts, accounts, claims, moneys, receivables and other similar items of personal property assigned and transferred to the Holder as part of the Mortgaged Property hereunder (in this Section called the “assigned accounts”): (a) collection: following the occurrence and during the continuance existence of an Event of Default, Default the Holder may collect, realize, sell or otherwise deal with the assigned accounts or any part thereof in such manner, upon such terms and conditions and at such time or times as may seem to it advisable and without notice to the Corporation Debtor (except as otherwise required by Applicable applicable Law); (b) not bound to collect: the Holder shall not be liable or accountable for any failure to collect, realize, sell or otherwise deal with or obtain payment of the assigned accounts or any part thereof and shall not be bound to institute proceedings for the purpose of collecting, realizing, selling or otherwise dealing with or obtaining payment of the same or for the purpose of preserving any rights of the Holder, the Corporation Debtor or any other person Person in respect of the same; (c) application: all moneys collected or received by the Holder in respect of the assigned accounts shall may be applied on account of such parts of the Obligations as the Holder in its discretion determinesdetermines or, in the discretion of the Holder, may be held in a separate collateral account for such time as the Holder sees fit, or released to the Debtor; (d) trustee: following the occurrence and during the continuance existence of an Event of Default, all moneys collected or received by the Corporation Debtor in respect of the assigned accounts shall be held in trust by the Corporation Debtor for the benefit of the Holder, and paid over to the Holder forthwith on demand;