Common use of Assignment of Policies Clause in Contracts

Assignment of Policies. To the extent such insurance insures the Collateral, Debtor hereby (a) assigns to Secured Party any monies which may become payable under any such policy of insurance and (b) irrevocably constitutes and appoints Secured Party as Debtor’s attorney in fact (i) to hold each original insurance policy, (ii) to make, settle and adjust claims under each policy of insurance, (iii) to make claims for any monies which may become payable under such insurance on the Collateral including returned or unearned premiums, and (iv) to endorse Debtor’s name on any check, draft or other instrument received in payment of claims and to apply the funds to the payment of the indebtedness owing to Secured Party; provided, however, Secured Party is under no obligation to do any of the foregoing.

Assignment of Policies. To the extent such insurance insures the Collateral, Debtor hereby (a) assigns to Secured Party any monies which may become payable under any such policy of insurance and (b) irrevocably constitutes and appoints Secured Party as Debtor’s 's attorney in fact (i) to hold each original insurance policy, (ii) to make, settle and adjust claims under each policy of insurance, (iii) to make claims for any monies which may become payable under such insurance on the Collateral including returned or unearned premiums, and (iv) to endorse Debtor’s 's name on any check, draft or other instrument received in payment of claims and to apply the funds to the payment of the indebtedness owing to Secured Party; provided, however, Secured Party is under no obligation to do any of the foregoing.