Common use of Collections on Receivables Clause in Contracts

Collections on Receivables. The Administrative Agent hereby authorizes each of the Subsidiary Grantors to collect the Receivables, subject to the Administrative Agent's direction and control, and the Administrative Agent may curtail or terminate said authority at any time after the occurrence and during the continuance of an Event of Default. 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 any of the Subsidiary Grantors, (a) shall be forthwith (and, in any event, within two Business Days) deposited by such Subsidiary Grantor in the exact form received, duly indorsed by such Subsidiary Grantor 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 Section 6.3, and (b) until so turned over, shall be held by such Subsidiary Grantor in trust for the Administrative Agent and the Lenders, segregated from other funds of such Subsidiary Grantor.

Collections on Receivables. The Administrative Agent hereby authorizes each of the Subsidiary Grantors Borrower to collect the Receivables, subject to the Administrative Agent's direction and control, and the Administrative Agent may curtail or terminate said authority at any time after the occurrence and during the continuance of an Event of Default. 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 any of the Subsidiary GrantorsBorrower, (a) shall be forthwith (and, in any event, within two Business Days) deposited by such Subsidiary Grantor the Borrower in the exact form received, duly indorsed by such Subsidiary Grantor the Borrower 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 Section 6.3, and (b) until so turned over, shall be held by such Subsidiary Grantor the Borrower in trust for the Administrative Agent and the Lenders, segregated from other funds of such Subsidiary Grantorthe Borrower.