Common use of PAYMENT IN GROSS Clause in Contracts

PAYMENT IN GROSS. (a) All monies received from or on account of the Borrower and/or the Assignor, from any other persons or estate, from the realisation of this Assignment or any security, or otherwise for the purpose of being applied in the reduction of the Borrower‟s and/or the Assignor‟s account or of the monies covenanted to be paid under this Assignment, will be treated for all purposes as payments in gross, and not as appropriated or attributable to any specific part or item of the said monies covenanted to be paid, even if appropriated as such by the Bank.

PAYMENT IN GROSS. (a) All monies received from or on account of the Borrower Customer and/or the Assignor, from any other persons or estate, from the realisation of this Assignment or any security, or otherwise for the purpose of being applied in the reduction of the Borrower‟s Customer’s and/or the Assignor‟s Assignor’s account or of the monies covenanted to be paid under this Assignment, will be treated for all purposes as payments in gross, and not as appropriated or attributable to any specific part or item of the said monies covenanted to be paid, even if appropriated as such by the Bank.

PAYMENT IN GROSS. (a) All monies received from or on account of the Borrower and/or the Assignor, from any other persons or estate, from the realisation of this Assignment or any security, or otherwise for the purpose of being applied in the reduction of the Borrower‟s Borrower’s and/or the Assignor‟s Assignor’s account or of the monies covenanted to be paid under this Assignment, will be treated for all purposes as payments in gross, and not as appropriated or attributable to any specific part or item of the said monies covenanted to be paid, even if appropriated as such by the Bank.