Common use of Proceeds to be Turned Over To Agent Clause in Contracts

Proceeds to be Turned Over To Agent. In addition to the rights of the Agent specified in Section 6.01 with respect to payments of Receivables, if an Event of Default shall occur and be continuing, all Proceeds received by any Grantor consisting of cash, checks and other near-cash items shall be held by such Grantor in trust for the Agent, segregated from other funds of such Grantor, and shall, immediately upon receipt by such Grantor, be turned over to the Agent in the exact form received by such Grantor (duly indorsed by such Grantor to the Agent, if required). All Proceeds received by the Agent hereunder shall be held by the Agent in a Collateral Account and shall not constitute payment thereof until applied as provided in Section 6.05.

Proceeds to be Turned Over To Agent. In addition to the rights of the Agent specified in Section 6.01 with With respect to payments of Receivables, if an Event of Default shall occur and be continuing, all Proceeds of Collateral received by any Grantor consisting of cash, checks and other near-cash equivalent items shall be held by such Grantor in trust for Agent and the AgentLenders, segregated from other funds of such Grantor, and shall, immediately forthwith upon receipt by such Grantor, be turned over to the Agent in the exact form received by such Grantor (duly indorsed by such Grantor to the Agent, if required). All Proceeds received by the Agent hereunder shall be held by applied to the Agent in a Collateral Account and shall not constitute payment thereof until applied Secured Obligations as provided in Section 6.056.5.