Common use of ASSIGNEE DEPOSIT ACCOUNT Clause in Contracts

ASSIGNEE DEPOSIT ACCOUNT. Upon demand by U. S. Bank, Private Eyes 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 Private Eyes at any time. All items or amounts that are delivered by Private Eyes 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 Private Eyes with U. S. Bank, as security for the payment of the Secured Obligations. Private Eyes 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 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. Bank may determine; and U. S. Bank may, from time to time in its discretion, release all or any of such balance to Private Eyes.

ASSIGNEE DEPOSIT ACCOUNT. Upon demand by U. S. Bank, Private Eyes Sungold 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 12 Property (properly endorsed, where required, so that the items may be collected by U. S. Bank) that may be received by Private Eyes Sungold at any time. All items or amounts that are delivered by Private Eyes Sungold 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 Private Eyes Sungold with U. S. Bank, as security for the payment of the Secured Obligations. Private Eyes Sungold 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 Private Eyes Sungold 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 Private EyesSungold.

ASSIGNEE DEPOSIT ACCOUNT. Upon demand by U. S. Bank, Private Eyes after an occurrence of any 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, money including Investment Property (properly endorsed, where required, so that the items may be collected by U. S. Bank) that may be received by Private Eyes Borrower at any timetime to the extent required by the Credit Agreement. All items or amounts that are delivered by Private Eyes 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 Private Eyes Borrower with U. S. Bank, as security for the payment of the Secured Obligations. Private Eyes 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 discretiondiscretion after an occurrence of any Event of Default, and shall, upon the request of Private Eyes 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 Private EyesBorrower.

ASSIGNEE DEPOSIT ACCOUNT. Upon demand by U. S. BankBank after the occurrence and during the continuation of an Event of Default, Private Eyes 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, money including Investment Property (properly endorsed, where required, so that the items may be collected by U. S. Bank) that may be received by Private Eyes Borrower at any time. All items or amounts that are delivered by Private Eyes 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 Private Eyes Borrower with U. S. Bank, as security for the payment of the Secured Obligations. Private Eyes 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 Private Eyes 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 Private EyesBorrower.