Right and Remedies Generally. Prior to the occurrence of a breach or default of any of the agreements, covenants and obligations of Assignor under the Guaranty (a "DEFAULT"), Assignor will enforce all of its Rights and Remedies diligently and in good faith. Effective from and after the occurrence of a Default, Assignor hereby irrevocably authorizes and empowers Bank, in Bank's own discretion, to assert as Bank may deem proper, either directly or on behalf of Assignor, any of the Rights and Remedies which Assignor may from time to time have under the Transaction Documents, and to receive and collect all damages, awards and other monies resulting therefrom and to apply the same on account of any of the Guaranteed Obligations.
Appears in 4 contracts
Samples: Collateral Assignment of Transaction Documents (Prospect Medical Holdings Inc), Collateral Assignment of Transaction Documents (Prospect Medical Holdings Inc), Collateral Assignment of Transaction Documents (Prospect Medical Holdings Inc)
Right and Remedies Generally. Prior to the occurrence of a breach or default of any of the agreements, covenants and obligations of Assignor under the Guaranty (a "DEFAULT"“Default”), Assignor will enforce all of its Rights and Remedies diligently and in good faith. Effective from and after the occurrence of a Default, Assignor hereby irrevocably authorizes and empowers Bank, in Bank's ’s own discretion, to assert as Bank may deem proper, either directly or on behalf of Assignor, any of the Rights and Remedies which Assignor may from time to time have under the Transaction Documents, and to receive and collect all damages, awards and other monies resulting therefrom and to apply the same on account of any of the Guaranteed Obligations.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Prospect Medical Holdings Inc), Collateral Assignment of Transaction Documents (Prospect Medical Holdings Inc)