Common use of Deposit of Proceeds by the Debtor Clause in Contracts

Deposit of Proceeds by the Debtor. Upon notice by the Agent to the Debtor that the Cash Collateral Account has been opened, the Debtor shall cause all cash Proceeds collected by it to be delivered to the Agent forthwith upon receipt, in the original form in which received (with such endorsements or assignments as may be necessary to permit collection thereof by the Agent), and for such purpose the Debtor hereby irrevocably authorizes and empowers the Agent, its officers, employees and authorized agents to endorse and sign the name of the Debtor on all checks, drafts, money orders or other media of payment so delivered, and such endorsements or assignments shall, for all purposes, be deemed to have been made by the Debtor prior to any endorsement or assignment thereof by the Agent. The Agent may use any convenient or customary means for the purpose of collecting such checks, drafts, money orders or other media of payment.