Common use of Ruling off of Accounts Clause in Contracts

Ruling off of Accounts. On receiving notice that the Chargor has encumbered or disposed of any of the Charged Property, Agent may rule off such Chargor's account or accounts and open a new account or accounts in the name of the Chargor.

Ruling off of Accounts. On receiving notice that the Chargor has encumbered or disposed of any of the Charged Property, the Security Agent may rule off such Chargor's account or accounts and open a new account or accounts in the name of the Chargor.

Ruling off of Accounts. On receiving notice that the Chargor has encumbered or disposed of any of the Charged Property, Agent the Lender may rule off such Chargor's account or accounts and open a new account or accounts in the name of the Chargor.