Cash Proceeds. In addition to the rights of the Collateral Agent specified in Section 4.3 with respect to payments of Receivables, from and after the receipt of an Activation Notice from the Collateral Agent in accordance with the Credit Agreement, all proceeds of any Collateral received by any Grantor consisting of cash, checks and other non-cash items (collectively, “Cash Proceeds”) in the Concentration Account shall be forwarded daily to the Collection Account, which shall be under the exclusive dominion and control of the Collateral Agent, and shall, forthwith upon receipt by such Grantor, unless otherwise provided pursuant to Section 4.4.1(a)(ii), be forwarded to the Collection Account in the exact form received by such Grantor (duly indorsed by such Grantor to the Collateral Agent, if required). Any Cash Proceeds received by the Collateral Agent (whether from a Grantor or otherwise) shall be applied as set forth in Section 9.1 of the Credit Agreement.
Appears in 4 contracts
Samples: Revolving Credit Pledge and Security Agreement, Revolving Credit Pledge and Security Agreement (NewPage CORP), Revolving Credit Pledge and Security Agreement (NewPage Energy Services LLC)
