Immediately upon Borrower s receipt of any portion of the Collateral evidenced by an agreement, Instrument or Document including, without limitation, any Chattel Paper, Borrower shall deliver the original thereof to LaSalle together with an appropriate endorsement or other specific evidence of assignment thereof to LaSalle (in form and substance acceptable to LaSalle). If an endorsement or assignment of any such items shall not be made for any reason, LaSalle is hereby irrevocably authorized, as Borrower's attorney and agent-in-fact, to endorse or assign the same on Borrower's behalf.
Immediately upon Borrower s receipt of proceeds from the sale of any of the Collateral, Borrower shall deliver such proceeds to Lender in their original form and, pending delivery to Lender, Borrower will hold such proceeds as agent for Lender and in trust for Lender.
Immediately upon Borrower s receipt of any Collateral that is evidenced or secured by an agreement, chattel paper, letter of credit, instrument or document, including, without limitation, promissory notes, documents of title and warehouse receipts (the "Special Collateral"), Borrower shall deliver the original thereof to Lender or to such agent of Lender as Lender shall designate, together with appropriate endorsements, the documents required to draw thereunder (as may be relevant to letters of credit) or other specific evidence (in form and substance acceptable to Lender) of assignment thereof to Lender.
Immediately upon Borrower s receipt of such fully executed assignment and acceptance agreement, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the rights and duties of Lender arising therefrom.
Immediately upon Borrower s receipt of that portion of the Collateral evidenced by an agreement, instrument and/or document ("Special Collateral"), Borrower shall xxxx the same to show that such Special Collateral is subject to a security interest in favor of Bank and shall deliver the original thereof to Bank, together with appropriate endorsement and/or specific evidence of assignment (in form and substance acceptable to Bank) thereof to Bank.
Immediately upon Borrower s receipt of any portion of the Collateral evidenced by an agreement, Instrument or Document, including, without limitation, any Chattel Paper, Borrower shall deliver the original thereof to Bank together with an appropriate endorsement or other specific evidence of assignment thereof to Bank (in form and substance acceptable to Bank). If an endorsement or assignment of any such items shall not be made for any reason, Bank is hereby irrevocably authorized, as Borrower's attorney and agent-in-fact, to endorse or assign the same on Borrower's behalf.
Immediately upon Borrower receiving notice thereof, Borrower shall give prompt written notice to Lender of any litigation or governmental proceedings pending or threatened in writing against Borrower or against or affecting any Mortgaged Property which, if determined adversely to Borrower or such Mortgaged Property, might reasonably be expected to materially adversely affect Borrower's condition (financial or otherwise) or business or the operation or value of such Mortgaged Property.
Immediately upon Borrower s first becoming aware of any of the following occurrences, Borrower will furnish or cause to be furnished to National City written notice with full particulars of
Immediately upon Borrower s receipt of any Collateral which constitutes or is evidenced by instruments or chattel paper ("SPECIAL COLLATERAL"), Borrower shall deliver the original thereof to Lender with appropriate endorsements or other specific evidence (in form and substance acceptable to Lender) of assignment thereof to Lender as security and shall take such actions as Lender may require to perfect Lender's security interest in such Special Collateral; PROVIDED, HOWEVER, that notwithstanding the foregoing, so long as no Event of Default has occurred and is continuing, Borrower shall not be required to deliver to Lender any Special Collateral (or take any of the foregoing actions with respect to Special Collateral) relating to obligations to Borrower of less than $500,000 individually or $3,000,000 in the aggregate, EXCEPT THAT, provided no Event of Default has occurred and is continuing, Borrower shall not be required to deliver to Lender any Special Collateral (or take any of the foregoing actions with respect to Special Collateral) if the Borrower has Excess Availability of greater than $25,000,000.
Immediately upon Borrower s receipt thereof and upon request by the Agent, Borrower shall (except as provided for in Section 5.3 with regard to warehouse receipts) deliver or cause to be delivered to the Agent, with such endorsements and assignments as are necessary to vest title and possession in the Agent, all Chattel Paper, Instruments and Documents which Borrower now owns or which Borrower may at any time acquire. Borrower shall promptly mxxx all copies of such Chattel Paper, Instruments and Documents to show that they are subject to the Agent’s security interest.
