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

Proceeds to be Turned Over To Collateral Trustee. In addition to the rights of the Collateral Trustee and the Secured Parties specified in Section 5.1 with respect to payments of Accounts, if an Event of Default shall occur and be continuing and the Collateral Trustee so requires by notice in writing to the relevant Grantor (it being understood that the exercise of remedies by the Term Secured Parties in connection with an Event of Default under Section 11.05 of the Credit Agreement shall be deemed to constitute a request by the Collateral Trustee for the purposes of this sentence and in such circumstances, no such written notice shall be required), 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 Collateral Trustee and the Secured Parties, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to the Collateral Trustee in the exact form received by such Grantor (duly endorsed by such Grantor to the Collateral Trustee, if required). All Proceeds received by the Collateral Trustee hereunder shall be held by the Collateral Trustee in a Collateral Account maintained under its dominion and control and on terms and conditions reasonably satisfactory to the Collateral Trustee. All Proceeds while held by the Collateral Trustee in a Collateral Account (or by such Grantor in trust for the Collateral Trustee and the Secured Parties) shall continue to be held as collateral security for all the Secured Obligations and shall not constitute payment thereof until applied as provided in Section 5.4.

Proceeds to be Turned Over To Collateral Trustee. In addition to the rights of the Collateral Trustee and the other Secured Parties specified in Section 5.1 6.1 with respect to payments of Accounts, if an a Triggering Event of Default shall occur and be continuing and the Collateral Trustee or the Administrative Agent so requires by notice in writing to the relevant Grantor (it being understood that the exercise of remedies by the Term Secured Parties in connection with an a Triggering Event of Default under Section 11.05 12.5 of the Credit Agreement or a similar Triggering Event provision of any Additional First Lien Agreement shall be deemed to constitute a request by the Collateral Trustee for the purposes of this sentence and in such circumstances, no such written notice shall be required), 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 Collateral Trustee and the Secured Parties, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to the Collateral Trustee in the exact form received by such Grantor (duly endorsed by such Grantor to the Collateral Trustee, if required). All Proceeds received by the Collateral Trustee hereunder shall be held by the Collateral Trustee in a Collateral Account maintained under its dominion and control and on terms and conditions reasonably satisfactory to the Collateral TrusteeTrustee and the Administrative Agent. All Proceeds while held by the Collateral Trustee in a Collateral Account (or by such Grantor in trust for the Collateral Trustee and the Secured Parties) shall continue to be held as collateral security for all the Secured Obligations and shall not constitute payment thereof until applied as provided in Section 5.46.4.

Proceeds to be Turned Over To Collateral Trustee. In addition to the rights of the Collateral Trustee and the Secured Parties specified in Section 5.1 6.1 with respect to payments of AccountsReceivables, if an Event of Default shall occur and be continuing and no First Lien Obligation Period then exists, upon the Collateral Trustee so requires by notice in writing to the relevant Grantor (it being understood that the exercise of remedies by the Term Secured Parties in connection with an Event of Default under Section 11.05 of the Credit Agreement shall be deemed to constitute a request by the Collateral Trustee for the purposes of this sentence and in such circumstances, no such written notice shall be required)Trustee's request, all Proceeds received by any Grantor Pledgor consisting of cash, checks and other near-cash items shall be held by such Grantor Pledgor in trust for the Collateral Trustee and for the benefit of the other Secured Parties, segregated from other funds of such GrantorPledgor, and shall, forthwith promptly upon receipt by such GrantorPledgor, be turned over to the Collateral Trustee in substantially the exact same form received by such Grantor Pledgor (duly endorsed indorsed by such Grantor Pledgor to the Collateral Trustee, Trustee if required). All such Proceeds received by the Collateral Trustee hereunder shall be held by the Collateral Trustee in a Collateral Account maintained under its sole dominion and control and on terms and conditions reasonably satisfactory to the Collateral Trusteecontrol. All Proceeds while held by the Collateral Trustee in a Collateral Account (or by such Grantor Pledgor in trust for the Collateral Trustee and for the benefit of the other Secured Parties) shall continue to be held as collateral security for all the Secured Securities Obligations and shall not constitute payment thereof until applied as provided in Section 5.46.5 hereof. If all Events of Default cease to exist, any amounts then held in the Collateral Account by the Collateral Trustee shall be promptly distributed by the Collateral Trustee to the Company.