Common use of RULING OFF Clause in Contracts

RULING OFF. In the event of the commencement of any form of bankruptcy or insolvency proceeding affecting the Debtor or of all or any part of this agreement ceasing for any reason to be binding on the Debtor or if the Secured Party receives notice (actual or otherwise) of any other or subsequent Encumbrance affecting the Collateral, the Secured Party may at any time rule off the Debtor's obligations and then subsisting account or accounts of the Debtor with the Secured Party and open a new account or accounts in the name of the Debtor . No monies paid into such new account or accounts shall thereby discharge or reduce the amount recoverable pursuant to this agreement. If the Secured Party in any of the above cases does not rule off the obligations of the Debtor or open any new account or accounts, it shall nevertheless be treated as if it had done so at the time when it first had notice (actual or otherwise) of the event in question and all payments made by or on behalf of the Debtor to the Secured Party shall be treated as having been credited to the new account or accounts and shall not operate to reduce the amount recoverable pursuant to this agreement.

RULING OFF. In the event of the commencement of any form of bankruptcy or insolvency proceeding affecting the Debtor Chargor or of all or any part of this agreement ceasing for any reason to be binding on the Debtor Chargor or if the Secured Party Interim Security Agent receives notice (actual or otherwise) of any other or subsequent Encumbrance affecting the Collateral, the Secured Party Interim Security Agent may at any time rule off the Debtor's obligations and then subsisting account or accounts of the Debtor Chargor with the Secured Party Interim Security Agent and open a new account or accounts in the name of the Debtor Chargor. No monies paid into such new account or accounts shall thereby discharge or reduce the amount recoverable pursuant to this agreement. If the Secured Party Interim Security Agent in any of the above cases does not rule off the obligations of the Debtor Chargor or open any new account or accounts, it shall nevertheless be treated as if it had done so at the time when it first had notice (actual or otherwise) of the event in question and all payments made by or on behalf of the Debtor Chargor to the Secured Party Interim Security Agent shall be treated as having been credited to the new account or accounts and shall not operate to reduce the amount recoverable pursuant to this agreement.

RULING OFF. In the event of the commencement of any form of bankruptcy or insolvency proceeding affecting the Debtor or of all or any part of this agreement ceasing for any reason to be binding on the Debtor or if the Secured Party receives notice (actual or otherwise) of any other or subsequent Encumbrance affecting the Collateral, the Secured Party may at any time rule off the Debtor's obligations and then subsisting account or accounts of the Debtor with the Secured Party and open a new account or accounts in the name of the Debtor Debtor. No monies paid into such new account or accounts shall thereby discharge or reduce the amount recoverable pursuant to this agreement. If the Secured Party in any of the above cases does not rule off the obligations of the Debtor or open any new account or accounts, it shall nevertheless be treated as if it had done so at the time when it first had notice (actual or otherwise) of the event in question and all payments made by or on behalf of the Debtor to the Secured Party shall be treated as having been credited to the new account or accounts and shall not operate to reduce the amount recoverable pursuant to this agreement.