Common use of Collection of Proceeds Clause in Contracts

Collection of Proceeds. 3.1 Debtor agrees to collect and enforce payment of all Collateral until Secured Party shall direct Debtor to the contrary. Immediately upon notice to Debtor by Secured Party and at all times after that, Debtor agrees to fully and promptly cooperate and assist Secured Party in the collection and enforcement of all Collateral and to hold in trust for Secured Party all payments received in connection with Collateral and from the sale, lease or other disposition of any Collateral, all rights by way of suretyship or guaranty and all rights in the nature of a lien or security interest which Debtor now or later has regarding Collateral. Immediately upon and after such notice, Debtor agrees to (a) endorse to Secured Party and immediately deliver to Secured Party all payments received on Collateral or from the sale, lease or other disposition of any Collateral or arising from any other rights or interests of Debtor in the Collateral, in the form received by Debtor without commingling with any other funds, and (b) immediately deliver to Secured Party all property in Debtor’s possession or later coming into Debtor’s possession through enforcement of Debtor’s rights or interests in the Collateral, Debtor irrevocably authorizes Secured Party or any Secured Party employee or agent to endorse the name of Debtor upon any checks or other items which are received in payment for any Collateral, and to do any and all things necessary in order to reduce these items to money. Secured Party shall have no duty as to the collection or protection of Collateral or the proceeds of it, nor as to the preservation of any related rights, beyond the use of reasonable care in the custody and preservation of Collateral in the possession of Secured Party. Debtor agrees to take all steps necessary to preserve rights against prior parties with respect to the Collateral. Nothing in this Section 3.1 shall be deemed a consent by Secured Party to any sale, lease or other disposition of any Collateral.

Collection of Proceeds. 3.1 (a) Debtor agrees to collect and enforce payment of all Collateral until the Secured Party shall direct Debtor to the contrary. Immediately upon notice to Debtor by the Secured Party and at all times after that, Debtor agrees to fully and promptly cooperate and assist the Secured Party in the collection and enforcement of all Collateral and to hold in trust for the Secured Party all payments received in connection with Collateral and from the sale, lease or other disposition of any Collateral, all rights by way of suretyship or guaranty and all rights in the nature of a lien or security interest which Debtor now or later has regarding Collateral. Immediately upon and after such notice, Debtor agrees to (ai) endorse to the Secured Party and immediately deliver to the Secured Party all payments received on Collateral or from the sale, lease or other disposition of any Collateral or arising from any other rights or interests of Debtor in the Collateral, in the form received by Debtor without commingling with any other funds, and (bii) immediately deliver to the Secured Party all property in Debtor’s possession or later coming into Debtor’s possession through enforcement of Debtor’s rights or interests in the Collateral, . Debtor irrevocably authorizes the Secured Party or any Secured Party employee or agent of the Secured Party to endorse the name of Debtor upon any checks or other items which are received in payment for any Collateral, and to do any and all things necessary in order to reduce these items to money. The Secured Party shall have no duty as to the collection or protection of Collateral or the proceeds of it, nor as to the preservation of any related rights, beyond the use of reasonable care in the custody and preservation of Collateral in the possession of the Secured Party. Debtor agrees to take all steps necessary to preserve rights against prior parties with respect to the Collateral. Nothing in this Section 3.1 4(a) shall be deemed a consent by the Secured Party to any sale, lease or other disposition of any Collateral.

Collection of Proceeds. 3.1 Debtor agrees to collect and enforce payment of all Collateral until Secured Party shall direct Debtor to the contrary. Immediately upon notice to Debtor by Secured Party and at all times after thatUpon an Event of Default, Debtor agrees to fully and promptly cooperate and assist Secured Party in the collection and enforcement of all Collateral and to hold in trust for Secured Party all payments received in connection with Collateral and from the sale, lease or other disposition of any Collateral, all rights by way of suretyship or guaranty and all rights in the nature of a lien or security interest which Debtor now or later has regarding Collateral. Immediately upon and after such notice, Debtor agrees to (a) endorse to Secured Party and immediately deliver to Secured Party all payments received on Collateral or from the sale, lease or other disposition of any Collateral or arising from any other rights or interests of Debtor in the Collateral, in the form received by Debtor without commingling with any other funds, and (b) immediately deliver to Secured Party all property in Debtor’s 's possession or later coming into Debtor’s 's possession through enforcement of Debtor’s 's rights or interests in the Collateral, . Debtor irrevocably authorizes Secured Party or any Secured Party employee or agent to endorse the name of Debtor upon any checks or other items which are received in payment for any Collateral, and to do any and all things necessary in order to reduce these items to money. Secured Party shall have no duty as to the collection or protection of Collateral or the proceeds of it, nor as to the preservation of any related rights, beyond the use of reasonable care in the custody and preservation of Collateral in the possession of Secured Party. Debtor agrees to take all steps necessary to preserve rights against prior parties with respect to the Collateral. Nothing in this Section 3.1 shall be deemed a consent by Secured Party to any sale, lease or other disposition of any Collateral.