Common use of Inventory Collateral Clause in Contracts

Inventory Collateral. If any Proceeds or payment in respect of the Inventory Collateral is received by Inventory Lender after the Inventory Lender Payoff, Inventory Lender shall receive and hold the same for the benefit of Receivable Lender and shall forthwith deliver the same to Receivable Lender in precisely the form received (except for the endorsement or assignment of Inventory Lender, without recourse, where necessary), for application on the Receivable Obligations, due or not due, and, until so delivered, the same shall be held by Inventory Lender as the property of Receivable Lender. In event of the failure of Inventory Lender to make any such endorsement or assignment to Receivable Lender, Receivable Lender, or any of its officers or employees, is hereby irrevocably authorized to make the same.

Inventory Collateral. If any Proceeds or payment in respect of the Inventory Collateral is are received by Inventory Receivable Lender after prior to its receipt of notice of the Inventory Lender Payoff, Inventory Receivable Lender shall receive and hold the same for the benefit of Receivable Inventory Lender and shall forthwith deliver the same to Receivable Inventory Lender in precisely the form received (except for the endorsement or assignment of Inventory Receivable Lender, without recourse, where necessary), for application on the Receivable ObligationsInventory Lender Debt, due or not due, and, until so delivered, the same shall be held by Inventory Receivable Lender as the property of Receivable Inventory Lender. In the event of the failure of Inventory Receivable Lender to make any such endorsement or assignment to Receivable Inventory Lender, Receivable Inventory Lender, or any of its officers or employees, is hereby irrevocably authorized to make the same.