Common use of Transmittal of Items to the Agent Clause in Contracts

Transmittal of Items to the Agent. The Company will, upon request of the Agent following an Event of Default, upon receipt, transmit and deliver to the Agent, in the form received, all cash, checks, drafts, and any other form of payment (properly endorsed, where required, so that such items may be collected by the Agent) received as proceeds of any of the Collateral. The Agent is authorized to endorse, in the name of the Company, any item received by the Agent constituting a proceed of any of the Collateral. After such request by the Agent, any such items received by the Company will not be commingled with any other of its funds or property, but will be held separate and apart from its own funds or property and upon express trust for the Agent until delivered to the Agent.

Transmittal of Items to the Agent. The Company Borrower will, upon request of the Agent following an Event of Default, upon receipt, transmit and deliver to the Agent, in the form received, all cash, checks, drafts, and any other form of payment (properly endorsed, where required, so that such items may be collected by the Agent) received as proceeds of any of the Collateral. The Agent is authorized to endorse, in the name of the CompanyBorrower, any item received by the Agent constituting a proceed of any of the Collateral. After such request by the Agent, any such items received by the Company Borrower will not be commingled with any other of its funds or property, but will be held separate and apart from its own funds or property and upon express trust for the Agent until delivered to the Agent.