Common use of Assigned Payments Clause in Contracts

Assigned Payments. In connection with any amounts due to any Loan Party which are assigned to Agent (for the benefit of the Banks) pursuant to the Mortgage, the Security Agreement and/or any other Loan Document, upon notice to the payor thereof by Agent, such payments shall be made directly by the payor thereof to Agent. Agent is, and/or its duly authorized agents are, hereby authorized by the Borrower to endorse for and on the Borrower's behalf and deposit all drafts and checks payable to the Borrower, and such authority shall continue while any Indebtedness is outstanding. In the event that any such assigned amounts paid to Agent consist of amounts belonging in whole or in part to any person, corporation or entity other than a Loan Party, the Agent shall promptly deliver such amounts or parts thereof to such persons, corporations or entities, or at the option of Agent to the Borrower, upon being furnished with evidence satisfactory to the Agent of such amounts or parts thereof and the identity of such persons, corporations or other entities.

Assigned Payments. In connection with any amounts due to any Loan Party which are assigned to Agent (for the benefit of the Banks) pursuant to the Mortgage, the Security Agreement and/or any other Loan Document, upon notice to the payor thereof by Agent, such payments shall be made directly by the payor thereof to Agent. Agent is, and/or its duly authorized agents are, hereby authorized by the each Borrower to endorse for and on the such Borrower's behalf and deposit all drafts and checks payable to the such Borrower, and such authority shall continue while any Indebtedness is outstanding. In the event that any such assigned amounts paid to Agent consist of amounts belonging in whole or in part to any person, corporation or entity other than a Loan Party, the Agent shall promptly deliver such amounts or parts thereof to such persons, corporations or entities, or at the option of Agent to the BorrowerBorrowers, upon being furnished with evidence satisfactory to the Agent of such amounts or parts thereof and the identity of such persons, corporations or other entities.