Common use of Enforcement of Accounts Clause in Contracts

Enforcement of Accounts. Collateral Agent may, and upon the request of the Required Secured Parties shall, enforce payment of the Accounts by suit or otherwise, but Collateral Agent shall have no duty to institute any suit or to take any other action to enforce the Accounts (or any security therefor) or, having started any such suit or attempt, thereafter to continue the same. In each case Collateral Agent may proceed with counsel of Collateral Agent's choosing and Company agrees to reimburse Collateral Agent for Collateral Agent's out-of-pocket costs and expenses including, without limitation, attorney's fees, court costs and costs of sale.

Appears in 2 contracts

Sources: Collateral Agency and Security Agreement (Elcom International Inc), Collateral Agency and Security Agreement (Elcom International Inc)

Enforcement of Accounts. Collateral Agent may, and upon the request of the Required Secured Parties shall, enforce payment of the Accounts by suit or otherwise, but Collateral Agent shall have no duty to institute any suit or to take any other action to enforce the Accounts (or any security therefor) or, having started any such suit or attempt, thereafter to continue the same. In each case Collateral Agent may proceed with counsel of Collateral Agent's choosing and Company agrees to reimburse Collateral Agent for Collateral Agent's ’s out-of-pocket costs and expenses including, without limitation, attorney's fees, court costs and costs of sale.

Appears in 1 contract

Sources: Collateral Agency and Security Agreement (Elcom International Inc)

Enforcement of Accounts. Collateral Agent may, and upon the request of the Required Secured Parties shall, enforce payment of the Accounts by suit or otherwise, but Collateral Agent shall have no duty to institute any suit or to take any other action to enforce the Accounts (or any security therefor) or, having started any such suit or attempt, thereafter to continue the same. In each case Collateral Agent may proceed with counsel of Collateral Agent's ’s choosing and Company agrees to reimburse Collateral Agent for Collateral Agent's ’s out-of-pocket costs and expenses including, without limitation, attorney's ’s fees, court costs and costs of sale.

Appears in 1 contract

Sources: Collateral Agency and Security Agreement (Elcom International Inc)