Common use of Items Held in Trust Clause in Contracts

Items Held in Trust. Upon the occurrence and during the continuance of an Event of Default, Borrower agrees that all monies, checks, notes, instruments, drafts or other payments relating to or constituting proceeds of any accounts receivable or other Collateral of Borrower which comes into the possession or under the control of Borrower or of any employees, agents or other persons acting for or in concert with Borrower, shall be received and held in trust for Bank subject at all times to Bank’s security interest. Upon the occurrence and during the continuance of an Event of Default, at the request by Bank, immediately upon receipt thereof, Borrower and such other persons shall remit the same or cause the same to be remitted, in kind, to Bank. Borrower shall deliver or cause to be delivered to Bank, with the appropriate endorsement and assignment to Bank with full recourse to Borrower, all instruments, notes and chattel paper constituting an account receivable or proceeds thereof or other Collateral. Bank is granted a power of attorney by Borrower with full power of substitution upon the occurrence and during the continuance of an Event of Default to execute on behalf of Borrower and in Borrower’s name to endorse Borrower’s name on any check, draft, instrument, note or other item of payment or to take any other action or sign any document in order to effectuate the foregoing. Such power of attorney being coupled with an interest is irrevocable.

Items Held in Trust. Upon the occurrence and during the continuance of an Event of Default, Borrower Each Obligor agrees that all monies, checks, notes, instruments, drafts or other payments relating to or constituting proceeds of any accounts receivable or other Collateral of Borrower which comes come into the possession or under the control of Borrower an Obligor or of any employees, agents or other persons acting for or in concert with Borrowerany Obligor, shall be received and held in trust for Bank subject at all times to and such items shall be the sole and exclusive property of Bank’s security interest. Upon the occurrence and during the continuance of an Event of Default, at the request by Bank, immediately upon receipt thereof, Borrower Obligors and such other persons shall remit the same or cause the same to be remitted, in kind, to Bank. Borrower Each Obligor shall deliver or cause to be delivered to Bank, with the appropriate endorsement and assignment to Bank with full recourse to BorrowerObligors, all instruments, notes and chattel paper constituting an account receivable or proceeds thereof or other Collateral. Bank is granted a power of attorney by Borrower Obligors with full power of substitution upon the occurrence and during the continuance of an Event of Default to execute on behalf of Borrower any Obligor and in Borrowersuch Obligor’s name or to endorse Borrowerany Obligor’s name on any check, draft, instrument, note or other item of payment or to take any other action or sign any document in order to effectuate the foregoing. Such power of attorney being coupled with an interest is irrevocable.

Items Held in Trust. Upon the occurrence and during the continuance of an Event of Default, Borrower agrees Borrowers agree that all monies, checks, notes, instruments, drafts or other payments relating to or constituting proceeds of any accounts receivable or other Collateral of Borrower Borrowers which comes come into the possession or under the control of Borrower or Borrowers of any employees, agents or other persons acting for or in concert with BorrowerBorrowers, shall be received and held in trust for Bank subject at all times to and such items shall be the sole and exclusive property of Bank’s security interest. Upon the occurrence and during the continuance of an Event of Default, at the request by Bank, immediately upon receipt thereof, Borrower Borrowers and such other persons shall remit the same or cause the same to be remitted, in kind, to Bank. Borrower Borrowers shall deliver or cause to be delivered to Bank, with the appropriate endorsement and assignment to Bank with full recourse to BorrowerBorrowers, all instruments, notes and chattel paper constituting an account receivable or proceeds thereof or other Collateral. Bank is granted a power of attorney by Borrower Borrowers with full power of substitution upon the occurrence and during the continuance of an Event of Default to execute on behalf of any Borrower and in such Borrower’s 's name or to endorse such Borrower’s 's name on any check, draft, instrument, note or other item of payment or to take any other action or sign any document in order to effectuate the foregoing. Such power of attorney being coupled with an interest is irrevocable.