Common use of Collections on Receivables Clause in Contracts

Collections on Receivables. 1. The Pledgor shall collect the Accounts in the ordinary course of its business, except that, if required by the Administrative Agent, at any time after the occurrence and during the continuance of an Event of Default, any payments of Receivables, when collected by such Pledgor, (a) shall be forthwith (and, in any event, within two Business Days) deposited by such Pledgor in the exact form received, duly indorsed by such Pledgor to the Administrative Agent if required, in a Collateral Account maintained under the sole dominion and control of the Administrative Agent, subject to withdrawal by the Administrative Agent for the account of the Lenders only as provided in subsection , and (b) until so turned over, shall be held by such Pledgor in trust for the Administrative Agent and the Secured Parties, segregated from other funds of such Pledgor. 2. Each such deposit of Proceeds of Receivables shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit. 3. At the Administrative Agent's request, such Pledgor shall deliver to the Administrative Agent all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to the Receivables, including, without limitation, all original orders, invoices and shipping receipts.