Common use of ASSIGNEE DEPOSIT ACCOUNT Clause in Contracts

ASSIGNEE DEPOSIT ACCOUNT. Upon demand by U.S. Bank, during the existence of an Event of Default, Borrower will transmit and deliver to U.S. Bank, in the form received, immediately after receipt, all cash, checks, drafts, Chattel Paper, Instruments, or other writings for the payment of money including Investment Property (properly endorsed, where required, so that the items may be collected by U.S. Bank) that may be received by Borrower at any time. All items or amounts that are delivered by Borrower to U.S. Bank, or collected by U.S. Bank from the Account Debtors, shall be deposited to the credit of a Deposit Account ("Assignee Deposit Account") of Borrower with U.S. Bank, as security for the payment of the Secured Obligations. Borrower shall have no right to withdraw any funds deposited in the Assignee Deposit Account. U.S. Bank may, from time to time in its discretion, and shall, upon the request of Borrower made not more than twice in any week, apply all or any of the balance, representing collected funds, in the Assignee Deposit Account, to payment of the Secured Obligations, whether or not then due, in such order of application, not inconsistent with the terms of the Credit Agreement and this Agreement, as U.S. Bank may determine; and U.S. Bank may, from time to time in its discretion, release all or any of such balance to Borrower.

ASSIGNEE DEPOSIT ACCOUNT. Upon demand by U.S. U. S. Bank, during the existence of an Event of Default, Borrower Private Eyes will transmit and deliver to U.S. U. S. Bank, in the form received, immediately after receipt, all cash, checks, drafts, Chattel Paper, Instruments, or other writings for the payment of money money, including Investment Property (properly endorsed, where required, so that the items may be collected by U.S. U. S. Bank) that may be received by Borrower Private Eyes at any time. All items or amounts that are delivered by Borrower Private Eyes to U.S. U. S. Bank, or collected by U.S. U. S. Bank from the Account Debtors, shall be deposited to the credit of a Deposit Account ("Assignee Deposit Account") of Borrower Private Eyes with U.S. U. S. Bank, as security for the payment of the Secured Obligations. Borrower Private Eyes shall have no right to withdraw any funds deposited in the Assignee Deposit Account. U.S. U. S. Bank may, from time to time in its discretion, and shall, upon the request of Borrower Private Eyes made not more than twice in any week, apply all or any of the balance, representing collected funds, in the Assignee Deposit Account, to payment of the Secured Obligations, whether or not then due, in such order of application, not inconsistent with the terms of the Credit Agreement and this Agreement, as U.S. U. S. Bank may determine; and U.S. U. S. Bank may, from time to time in its discretion, release all or any of such balance to BorrowerPrivate Eyes.