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 which 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 proceeds from the sale of any of the Collateral, Borrower shall deliver such proceeds to Agent for the benefit of Lenders in their original form and, pending delivery to Agent, Borrower will hold such proceeds as agent for Agent and for the benefit of and in trust for Lenders.
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 s receipt thereof and ------------------ upon request by FBS Ag Credit, Borrower shall (except as provided for in Section ------- 5.3 with regard to warehouse receipts) deliver or cause to be delivered to FBS --- Ag Credit, with such endorsements and assignments as are necessary to vest title and possession in FBS Ag Credit, all chattel paper, instruments and Documents which Borrower now owns or which Borrower may at any time acquire. Borrower shall promptly xxxx all copies of such chattel paper, instruments and Documents to show that they are subject to FBS Ag Credit's security interest.
Immediately upon Borrower s receipt of any Special Collateral, Borrower will deliver the original thereof to Lender, together with appropriate endorsements or other specific evidence of assignment in the form and substance satisfactory to Lender.
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
(i) the business failure, insolvency or bankruptcy of Borrower;
(ii) any material labor dispute, any attempt by any labor union or organization representatives to organize or represent employees of Borrower, or any unfair labor practices or proceedings of the National Labor Relations Board with respect to Borrower; or any defaults or events of default under any material agreement of Borrower or any material violations of any laws, regulations, rules or ordinances of any governmental or regulatory body by Borrower or with respect to any of Borrower's Property.
