Common use of Book Debts Clause in Contracts

Book Debts. 4.1 Subject to the provisions of the Finance Documents, an Obligor shall be free to deal with book debts (that are not the subject of any other specific form of security under the Transaction Security Documents) (“General Book Debts”) in the ordinary course of its business (to the extent permitted under the Finance Documents) until the occurrence of an Enforcement Event, except that all book debts and moneys received shall be paid into one or more of the Charged Accounts (or, where any Finance Document requires such book debts and/or moneys to be paid into any specific Charged Account, into that Charged Account). 4.2 No notice of Transaction Security over General Book Debts shall be required to be served on the debtors owing such General Book Debts until the occurrence of an Enforcement Event. 4.3 If required under local law, Transaction Security over trade receivables will be registered subject to the general principles set out in these Security Principles.

Book Debts. 4.1 Subject to the provisions of the Finance Documents, an Obligor shall be free to deal with book debts (that are not the subject of any other specific form of security under the Transaction Security Documents) (“General Book Debts”) in the ordinary course of its business (to the extent permitted under the Finance Documents) until the occurrence of an Enforcement Event, except that all book debts and moneys received shall be paid into one or more of the Charged Accounts accounts that are subject to Transaction Security (or, where any Finance Document requires such book debts and/or moneys to be paid into any specific Charged Accountaccount that is subject to Transaction Security, into that Charged Accountaccount). 4.2 No notice of Transaction Security over General Book Debts shall be required to be served on the debtors owing such General Book Debts until the occurrence of an Enforcement Event. 4.3 If required under local law, Transaction Security over trade receivables will be registered subject to the general principles set out in these Security Principles.