Common use of Collection of Income and Proceeds Clause in Contracts

Collection of Income and Proceeds. Take all reasonable steps to collect and receive all income, principal, dividends and other payments and distributions due to the Trust Fund, promptly credit all such receipts received by it to the Trust Fund and sign on behalf of the Trust Fund any declarations, affidavits, certificates of ownership and other documents required to collect income and principal payments, including but not limited to, tax reclamations, rebates and other withheld amounts and collect proceeds from any Property, which may mature, provided that whenever any Property offers the Trustee the option of receiving dividends in shares or cash, the Trustee is authorized to select the cash option, provided that the Trustee shall not be responsible for the failure to receive payment of (or late payment of) distributions with respect to the Property held in the Trust Fund.