Common use of Rights on Default Clause in Contracts

Rights on Default. Each Obligor authorises the Lender to, following the occurrence of any Event of Default (and without prior notice or Demand), transfer any money held in any account of an Obligor with the Lender, or any money owing by the Lender to an Obligor, to an account in the Lender’s name by way of security for the performance of the Secured Obligations.

Rights on Default. Each Obligor authorises the Lender to, following the occurrence of any Event of Default (and without prior notice or Demand), transfer any money held in any account of an Obligor with the Lender, or any money owing by the Lender to an Obligor, to an account in the Lender’s name by way of security for the performance of the Secured Obligations.owing

Rights on Default. Each Obligor authorises the Lender to, following the occurrence of any Event of Default (and without prior notice or Demand), transfer any money held in any account of an Obligor with the Lender, or any money owing by the Lender to an Obligor, to an account in the Lender’s name by way of wayof security for the performance of the Secured Obligations.