Common use of Right to Proceeds Clause in Contracts

Right to Proceeds. After an Event of Default and provided that Corporation has not cured such Event of Default, Agent may demand, collect, and sue for all proceeds of the ▇▇▇lateral (either in Corporation's or Agent's name at the latter's option) with the right to enforce, compromise, settle, or satisfy any claim and, in connection therewith, Corporation hereby irrevocably appoints Agent as Corporation's attorney-in-fact to endorse, by writing or stamp, Corporation's name on all checks, commercial paper, and other instruments pertaining to the proceeds. Such appointment is binding and coupled with an interest. After an Event of Default and provided that Corporation has not cured such Event of Default, Corporation also authorizes Agent to collect and apply against the Indebtedness any refund of insurance premiums or any insurance proceeds payable on account of the loss of or damage to any of the Collateral and hereby irrevocably appoints Agent as Corporation's attorney-in-fact to endorse, by writing or stamp, any check or draft representing such proceeds or refund. Such appointment is binding and coupled with an interest. After an Event of Default and provided that Corporation has not cured such Event of Default, Agent may notify any party obligated to pay proceeds of the Collateral of the existence of the Security Interest and may also direct them to pay all such proceeds to Agent.

Right to Proceeds. After an Event of Default and provided that Corporation has not cured such Event of Default, Agent may demand, collect, and sue for all proceeds of the ▇▇▇lateral llateral (either in Corporation's or Agent's name at the latter's option) with the right to enforce, compromise, settle, or satisfy any claim and, in connection therewith, Corporation hereby irrevocably appoints Agent as Corporation's attorney-in-fact to endorse, by writing or stamp, Corporation's name on all checks, commercial paper, and other instruments pertaining to the proceeds. Such appointment is binding and coupled with an interest. After an Event of Default and provided that Corporation has not cured such Event of Default, Corporation also authorizes Agent to collect and apply against the Indebtedness any refund of insurance premiums or any insurance proceeds payable on account of the loss of or damage to any of the Collateral and hereby irrevocably appoints Agent as Corporation's attorney-in-fact to endorse, by writing or stamp, any check or draft representing such proceeds or refund. Such appointment is binding and coupled with an interest. After an Event of Default and provided that Corporation has not cured such Event of Default, Agent may notify any party obligated to pay proceeds of the Collateral of the existence of the Security Interest and may also direct them to pay all such proceeds to Agent.