You will follow the same steps under the How to collect payment + interest example but you instead will receive both Dai and wETH (collateral) in this case. Please read the difference in the collection as mentioned below.
Taking xRULER Pair (xRULER, Dai, 05/31/2021, 250) as an example.
1 xRULER deposited for the pair, 250 rTokens minted
Only half of the rrRulerDegen are paid back at the due date(a default rate of 50%)
The pair now has 0.5 xRuler + 125 Dai in the contract.
Each rcToken will be eligible to receive:
This equates to 0.732 cents per rcToken upon collection. You would have a loss of 26.8% on a 50% default rate assuming the current market price of xRULER is at $116.