Common use of Dividend and Distribution Rights Clause in Contracts

Dividend and Distribution Rights. The Borrowers shall be entitled to receive and to retain and use any and all dividends or distributions paid in respect of the Pledged Equity; provided, however, that, following the occurrence and during the continuance of an Event of Default, any and all non-cash dividends or non-cash distributions in the form of certificated capital stock, certificated limited liability interests, instruments or other property received, receivable or otherwise distributed in respect of, or in exchange for, any Pledged Equity, shall forthwith be delivered to Agent to be held as Collateral or applied to the Obligations in accordance with this Agreement, as Agent shall elect; and, if received by any Borrower, shall be received in trust for the benefit of Agent, be segregated from the other property of Borrowers and forthwith be delivered to Agent in the same form as so received (with any necessary endorsements) to be held as Collateral or applied to the Obligations, in accordance with this Agreement, as Agent shall elect.

Dividend and Distribution Rights. The Borrowers Loan Parties shall be entitled to receive and to retain and use any and all dividends or distributions paid in respect of the Pledged Equity; provided, however, that, following the occurrence and during the continuance of an Event of Default, any and all non-cash dividends or non-cash distributions in the form of certificated capital stock, certificated limited liability interests, instruments or other property received, receivable or otherwise distributed in respect of, or in exchange for, any Pledged Equity, shall forthwith be delivered to Agent Bank to be held as Collateral or applied to the Obligations in accordance with this Agreement, as Agent Bank shall elect; and, if received by any BorrowerLoan Party, shall be received in trust for the benefit of AgentBank, be segregated from the other property of Borrowers the Loan Parties and forthwith be delivered to Agent Bank in the same form as so received (with any necessary endorsements) to be held as Collateral or applied to the Obligations, in accordance with this Agreement, as Agent Bank shall elect.

Dividend and Distribution Rights. The Borrowers Loan Parties shall be entitled to receive and to retain and use any and all dividends or distributions paid in respect of the Pledged Equity; provided, however, that, following the occurrence and during the continuance of an Event of Default, any and all non-cash dividends or non-cash distributions in the form of certificated capital stock, certificated limited liability interests, instruments or other property received, receivable or otherwise distributed in respect of, or in exchange for, any Pledged Equity, shall forthwith be delivered to Agent Bank to be held as Collateral or applied to the Obligations in accordance with this Agreement, as Agent Bank shall elect; and, if received by any BorrowerLoan Party, shall be received in trust for the benefit of AgentBank, be segregated from the other property of Borrowers the Loan Parties and forthwith be delivered to Agent Bank in the same form as so received (with any necessary endorsements) 56 to be held as Collateral or applied to the Obligations, in accordance with this Agreement, as Agent Bank shall elect.