Common use of Dividend Rights and Interest Payments Clause in Contracts

Dividend Rights and Interest Payments. During the continuance of an Event of Default: (i) all rights of Pledgor to receive and retain the dividends and interest payments which it would otherwise be authorized to receive and retain pursuant to Section 3 shall automatically cease, and all such rights shall thereupon become vested with Bank which shall thereafter have the sole right to receive, hold and apply as Collateral such dividends and interest payments; and (ii) all dividend and interest payments which are received by Pledgor contrary to the provisions of clause (i) of this Subsection shall be received in trust for the benefit of Bank, shall be segregated from other funds of Pledgor, and shall be forthwith paid over to Bank in the exact form received (properly endorsed or assigned if requested by Bank), to be held by Bank as Collateral.

Dividend Rights and Interest Payments. During Upon the continuance occurrence of an Event of Default: (i) all rights of Pledgor to receive and retain the dividends and interest payments which it would otherwise be authorized to receive and retain pursuant to Section 3 shall automatically cease, and all such rights shall thereupon become vested with Bank Lender which shall thereafter have the sole right to receive, hold and apply as Collateral such dividends and interest payments; and (ii) all dividend and interest payments which are received by Pledgor contrary to the provisions of clause (i) of this Subsection shall be received in trust for the benefit of BankLender, shall be segregated from other funds of Pledgor, and shall be forthwith paid over to Bank Lender in the exact form received (properly endorsed or assigned if requested by BankLender), to be held by Bank Lender as Collateral.

Dividend Rights and Interest Payments. During Upon the continuance occurrence of an Event of Default: (i) all rights of Pledgor to receive and retain the dividends and interest payments which it would otherwise be authorized to receive and retain pursuant to Section 3 shall automatically cease, and all such rights shall thereupon become vested with Bank Company which shall thereafter have the sole right to receive, hold and apply as Collateral such dividends and interest payments; and (ii) all dividend and interest payments which are received by Pledgor contrary to the provisions of clause (i) of this Subsection shall be received in trust for the benefit of BankCompany, shall be segregated from other funds of Pledgor, and shall be forthwith paid over to Bank Company in the exact form received (properly endorsed or assigned if requested by BankCompany), to be held by Bank Company as Collateral.

Dividend Rights and Interest Payments. During Upon the continuance occurrence of an Event of Default: (i) all rights of Pledgor Borrower to receive and retain the dividends and interest payments which it would otherwise be authorized to receive and retain pursuant to Section 3 4 shall automatically cease, and all such rights shall thereupon become vested with Bank which shall thereafter have the sole right to receive, hold and apply as Collateral such dividends and interest payments; and (ii) all dividend and interest payments which are received by Pledgor Borrower contrary to the provisions of clause (i) of this Subsection shall be received in trust for the benefit of Bank, shall be segregated from other funds of PledgorBorrower, and shall be forthwith paid over to Bank in the exact form received (properly endorsed or assigned if requested by Bank), to be held by Bank as Collateral.