Common use of COLLECTION OF RECEIVABLES AND OTHER PROCEEDS Clause in Contracts

COLLECTION OF RECEIVABLES AND OTHER PROCEEDS. If an Event of Default shall occur and be continuing, in addition to the rights of the Collateral Trustee specified in Section 5.3 with respect to the collection of Receivables and Contracts, all Proceeds received by a Grantor consisting of cash, checks and other near-cash items shall be held by such Grantor in trust for the Collateral Trustee, segregated from other funds of such Grantor and shall forthwith upon receipt by such Grantor, be turned over to the Collateral Trustee, in the same form received by such Grantor (appropriately indorsed or assigned by such Grantor to the order of the Collateral Trustee or in such other manner as shall be satisfactory to the Collateral Trustee) for deposit into the Collateral Account.