Common use of Commissions as Collateral Clause in Contracts

Commissions as Collateral. As collateral security for the prompt payment in full of amounts due from Independent Contractor to AGI Financial or its agents in this Agreement (including without limitation the guarantee of down- line agents' debts set forth above), Independent Contractor pledges and grants to AGI Financial a lien on and security interest in and to and against any and all of Independent Contractor's right, title and interest in all of the Independent Contractor's commissions obtained or to be received by the Independent Contractor (or in which Independent Contractor has any interest) and Independent Contractor's accounts receivable, whether now owed to Independent Contractor or hereafter earned from the sale of insurance or from the renewal of any existing insurance policy whether now existing or hereafter coming into existence and wherever located (all being collectively referred to in this Agreement as "Collateral", including, without limitation, all proceeds, tort claims, products, accessions, rents, profits, income, benefits, substitutions, additions and replacements of and to any of the Collateral).