Debtor's Account definition
Examples of Debtor's Account in a sentence
Secured Party shall from time to time render and send to Debtor a statement of Debtor's Account showing the outstanding aggregate principal balance of the Line of Credit Loans, together with interest and other appropriate debits and credits as of the date of the statement.
We may deal with any credit balance on a Debtor's Account in such manner as we consider appropriate, including paying such balance to the Debtor.
There shall also be recorded in Debtor's Account all payments made by Debtor on the Line of Credit Loans, proceeds of the Collateral received by Secured Party which are, in the exercise of Secured Party's sole discretion, applied by Secured Party to the Line of Credit Loans, interest and expenses and other appropriate debits and credits as herein provided.
There shall also be recorded in Debtor's Account all payments made by Debtor on the Loan, proceeds of the Collateral received by Secured Party which are, in the exercise of Secured Party's sole discretion, applied by Secured Party to the Loan, interest and expenses and other appropriate debits and credits as herein provided.
The Agent may, at any time, in the Debtor's name, the Agent's name, or in the name of a nominee of the Agent communicate with the Debtor's Account Debtors, parties to contracts, and obligors in respect of Instruments to verify with such Persons, to the Agent's satisfaction, the validity, existence, amount, terms, or any other matter relating to the Receivables, Inventory, or other Collateral, by mail, telephone, or otherwise.
The statement of Debtor's Account shall be considered correct in all respects and accepted by and be conclusively binding upon Debtor unless Debtor make specific written objections thereto within thirty (30) days after the date the statement of Debtor's Account is sent.
Secured Party or its designee may at any time, after the occurrence of a monetary Event of Default by Debtor hereunder, notify customers or Account Debtors that Accounts have been assigned to Secured Party or of Secured Party's security interest therein and, after the occurrence of a monetary Event of Default by Debtor hereunder, collect the same directly and charge all collection costs and expenses to Debtor's Account.
Secured Party or its designee may at any time, during the continuation of a nonmonetary Event of Default hereunder, notify customers or Account Debtors that Accounts have been assigned to Secured Party or of Secured Party's security interest therein and, during the continuation of a nonmonetary Event of Default hereunder, collect the same directly and charge all collection costs and expenses to Debtor's Account.
Secured Party shall from time to time render and send to Debtor a statement of Debtor's Account showing the outstanding aggregate principal balance of the Loan, together with interest and other appropriate debits and credits as of the date of the statement.
The Debtor hereby grants, bargains, conveys and sets over to the Bank a security interest in and lien upon the Lockbox, the Restricted Account, the Debtor's Account and any other account established by the Debtor with the Bank or any affiliate thereof, and all cash and any other assets at any time hereafter contained therein.