Items Held In Trust; Endorsements. Borrower agrees that all monies, checks, notes, instruments, drafts, chattel paper or other payments relating to or constituting proceeds of any Accounts or other Collateral of Borrower which come into the possession or under the control of Borrower or any employees, agents or other Persons acting for or in concert with Borrower shall be received and held in trust for Lender and such items shall be the sole and exclusive property of Lender. Immediately upon receipt of any such notes, instruments or chattel paper, Borrower and such other Persons shall remit the same or cause the same to be remitted, in kind, to Lender. Borrower shall deliver or cause to be delivered to Lender, with appropriate endorsement and assignment to Lender with full recourse to Borrower all instruments, notes and chattel paper constituting an Account or proceeds thereof or of other Collateral. Lender is hereby authorized, after the occurrence of an Event of Default, to open all mail addressed to Borrower and endorse all checks, drafts or other items for payment on behalf of Borrower. Lender (and Lender’s officers, employees and agents) is granted a power of attorney by Borrower with full power of substitution to execute, after the occurrence of an Event of Default, on behalf of Borrower and in its name or to endorse its name on any check, draft, instrument, note or other item of payment or to take any other action or sign any document in order to effectuate the foregoing
Items Held In Trust; Endorsements. Borrower agrees that all monies, checks, notes, instruments, drafts, chattel paper or other payments relating to or constituting proceeds of any accounts receivable or other Collateral of Borrower which come into the possession or under the control of Borrower or any employees, agents or other persons acting for or in concert with Borrower, shall be received and held in trust for Agent and such items shall be the sole and exclusive property of Agent. Immediately upon receipt of any such notes, instruments or chattel paper, Borrower and such other persons shall remit the same or cause the same to be remitted, in kind, to Agent. Borrower shall deliver or cause to be delivered to Agent, with appropriate endorsement and assignment to Agent with full recourse to Borrower, all instruments, notes and chattel paper constituting an account receivable or proceeds thereof or other Collateral. Agent is hereby authorized to open all mail addressed to Borrower and endorse all checks, drafts or other items for payment on behalf of Borrower. Agent (and Agent's officers, employees and agents) are granted a power of attorney by Borrower with full power of substitution to execute on behalf of Borrower and in Borrower's name or to endorse Borrower's name on any check, draft, instrument, note or other item of payment or to take any other action or sign any document in order to effectuate the foregoing. Such power of attorney being coupled with an interest is irrevocable.
