Common use of COLLECTIONS ON RECEIVABLES AND CONTRACTS Clause in Contracts

COLLECTIONS ON RECEIVABLES AND CONTRACTS. The Collateral Trustee hereby authorizes each Grantor that has granted a Security Interest in Receivables and Contracts pursuant to Section 2.1 to collect such Receivables and Contracts and, at any time after an Event of Default has occurred and is continuing, the Collateral Trustee may curtail or terminate said authority and by itself or by its agents, collect all Receivables and amounts owing under the Contracts. After an Event of Default has occurred and is continuing, if required by the Collateral Trustee, any payments of such Receivables and Contracts, when collected by a Grantor, shall be forthwith (and, in any event, within two (2) Business Days) delivered by such Grantor to the Collateral Trustee in the exact form received, duly indorsed to the Collateral Trustee if required, for deposit into the Collateral Account, and until so turned over, shall be held by such Grantor in trust for the Collateral Trustee, segregated from other funds of such Grantor. All Proceeds, while held by the Collateral Trustee (or by a Grantor in trust for the Collateral Trustee) shall continue to be Collateral securing all of the Secured Obligations and shall not constitute payment thereof until applied as hereinafter provided.

COLLECTIONS ON RECEIVABLES AND CONTRACTS. The Collateral Trustee Administrative Agent on behalf of the Secured Parties hereby authorizes each Grantor that has granted a Security Interest in to collect the Receivables and Contracts pursuant to Section 2.1 to collect such Receivables and Contracts Contracts, and, at any time after an Event of Default has occurred and is continuing, the Collateral Trustee Administrative Agent may curtail or terminate said authority and by itself itself, or by its agents, collect all Receivables and amounts amount owing under the Contracts. After an Event of Default has occurred and is continuing, if required by the Collateral TrusteeAdministrative Agent, any payments of such Receivables and Contracts, when collected by a Grantor, shall be forthwith (and, in any event, within two (2) Business Days) delivered by such Grantor to the Collateral Trustee Administrative Agent in the exact form received, duly indorsed to the Collateral Trustee Administrative Agent if required, for deposit into the Collateral Account, and until so turned over, shall be held by such Grantor in trust for the Collateral TrusteeAdministrative Agent for the benefit of the Secured Parties, segregated from other funds of such Grantor. All Proceeds, while held by the Collateral Trustee Administrative Agent for the benefit of the Secured Parties (or by a such Grantor in trust for the Collateral TrusteeAdministrative Agent for the benefit of the Secured Parties) shall continue to be Collateral securing all of the Secured Obligations and shall not constitute payment thereof until applied as hereinafter provided.