Common use of Full Enforcement Clause in Contracts

Full Enforcement. Upon the occurrence of a default of a payment or any other obligation of the Account Holder under the Imbalance Settlement Agreement, and for as long as the same is continuing, eSett may enforce the pledge and have the right to debit the balance on the Pledged Cash Account to cover any claims secured under Section 2.2. For this purpose eSett may instruct the Settlement Bank to transfer the funds, in whole or in part, from the Pledged Cash Account to any bank account designated by eSett and/or to apply any proceeds of such enforcement towards payment of the Secured Obligations in accordance with Section 2.4 (iii) (Application of funds). Prior consent of the Account Holder or any advance notice by eSett to the Account Holder is not needed, nor is it necessary for eSett to take any legal or other steps in order to verify or confirm eSett’s entitlements (including a judgment or a decision of a competent court) or in order for eSett to exercise any and all of its rights hereunder. For the purpose of enforcing the pledge created by this Pledged Cash Account Agreement, the Account Holder hereby irrevocably authorises eSett to act in the name of the Account Holder and on behalf of the Account Holder to take any necessary or appropriate steps in respect of the enforcement of rights of pledge granted hereunder. This power of attorney shall remain in full force and effect throughout the validity of this Pledged Cash Account Agreement.