Assignments of Payments Under Certain Governmental Contracts Sample Clauses

Assignments of Payments Under Certain Governmental Contracts. Upon entering into any Government Contract, execute and deliver to Administrative Agent specific assignments of payments due or to become due with respect to such Government Contract. Administrative Agent may, in its sole and absolute discretion, from time to time exclude from this requirement contracts that (a) provide for payments of less than $50,000, or (b) are less than six (6) months in duration; provided, however that any such exclusion, if granted, shall not release Borrowers from the obligation to provide such assignments in the future, at Administrative Agent’s discretion. Borrowers shall execute and deliver any and all documents and, take any and all steps necessary to provide Administrative Agent with an assignment. The separate assignment to Administrative Agent to a right of payment under specific Government Contracts, as contemplated under this Section, shall not be deemed to limit Administrative Agent’s security interest to payments under those particular Government Contracts, but rather Administrative Agent’s security interest, as stated above, shall extend to payments under any and all Government Contracts and the proceeds thereof, now or hereafter owned or acquired by the Loan Parties. Borrowers acknowledge that Administrative Agent will be irreparably harmed if Borrowers fail to assign payments due or to become due under any Government Contract when required by this Agreement, and that Administrative Agent shall have no adequate remedy at law. Therefore, Borrowers agree that Administrative Agent shall be entitled, in addition to all other remedies allowed by law or under this Agreement, to injunctive or other equitable relief to compel Borrowers’ compliance with the provisions of this Agreement requiring Borrowers to assign payments due or to become due under any Government Contract.
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