Common use of Dividends and Interest Payments Clause in Contracts

Dividends and Interest Payments. (1) Subject to the provisions of Section 4.03(2), the relevant Pledgor is entitled to receive all dividend payments or other distributions or interest payments in respect of the Collateral. If the Collateral has been registered in the name of the Collateral Agent or its nominee, the Collateral Agent will execute and deliver (or cause to be executed and delivered) to the relevant Pledgor all directions and other instruments as such Pledgor may request for the purpose of enabling such Pledgor to receive the dividends or other payments that such Pledgor is authorized to receive pursuant to this Section 4.03(1). (2) At any time when an Event of Default has occurred and is continuing and upon the exercise by the Collateral Agent of any of its rights and remedies under Section 5.01, all rights of the Pledgors pursuant to Section 4.03(1) will cease, and all such rights will thereupon become vested in the Collateral Agent, and the Collateral Agent will have the sole and exclusive right and authority to receive and retain all payments that any Pledgor would otherwise be authorized to retain pursuant to Section 4.03(1). All money and other property received by the Collateral Agent pursuant to the provisions of this Section 4.03(2) will be applied in accordance with Section 6(g) of the Note. All payments which are received by any Pledgor contrary to the provisions of this Section 4.03(2) will be held by such Pledgor in trust for the benefit of the Collateral Agent, will be segregated from other property or funds of such Pledgor and will be forthwith Delivered to the Collateral Agent or its nominee to hold as Collateral.

Dividends and Interest Payments. (1) Subject to the provisions of Section 4.03(2), the relevant Pledgor is entitled to receive all dividend payments or other distributions or interest payments in respect of the Collateral. If the Collateral has been registered in the name of the Collateral Agent Secured Party or its nominee, the Collateral Agent Secured Party will execute and deliver (or cause to be executed and delivered) to the relevant Pledgor all directions and other instruments as such the Pledgor may request for the purpose of enabling such the Pledgor to receive the dividends payments or other distributions or interest payments that such the Pledgor is authorized to receive pursuant to this Section 4.03(1). (2) At any time when Upon the occurrence and during the continuance of an Event of Default has occurred and is continuing and upon the exercise by the Collateral Agent of any of its rights and remedies under Section 5.01Default, all rights of the Pledgors Pledgor pursuant to Section 4.03(1) will cease, and all such rights will thereupon become vested in the Collateral AgentSecured Party, and the Collateral Agent Secured Party will have the sole and exclusive right and authority to receive and retain all payments that any the Pledgor would otherwise be authorized to retain pursuant to Section 4.03(1). All money and other property received by the Collateral Agent Secured Party pursuant to the provisions of this Section 4.03(2) will may be applied on account of the Obligations or may be retained by the Secured Party as additional Collateral hereunder and be applied in accordance with Section 6(g) the provisions of the Notethis Agreement. All payments which are received by any the Pledgor contrary to the provisions of this Section 4.03(2) will be held by such the Pledgor in trust for the benefit of the Collateral AgentSecured Party and the other Beneficiaries, will be segregated from other property or funds of such the Pledgor and will be forthwith Delivered to the Collateral Agent Secured Party or its nominee to be applied on account of the Obligations or to hold as Collateral, as the Secured Party may see fit.

Dividends and Interest Payments. (1) Subject to the provisions of Section 4.03(2), the relevant Pledgor is entitled to receive all dividend payments or other distributions or interest payments in respect of the Collateral. If the Collateral has been registered in the name of the Collateral Agent Noteholder or its nominee, the Collateral Agent Noteholder will execute and deliver (or cause to be executed and delivered) to the relevant Pledgor all directions and other instruments as such Pledgor may request for the purpose of enabling such Pledgor to receive the dividends or other payments that such Pledgor is authorized to receive pursuant to this Section 4.03(1). (2) At any time when an Event of Default has occurred and is continuing and upon the exercise by the Collateral Agent Noteholder of any of its rights and remedies under Section 5.01, all rights of the Pledgors pursuant to Section 4.03(1) will cease, and all such rights will thereupon become vested in the Collateral AgentNoteholder, and the Collateral Agent Noteholder will have the sole and exclusive right and authority to receive and retain all payments that any Pledgor would otherwise be authorized to retain pursuant to Section 4.03(1). All money and other property received by the Collateral Agent Noteholder pursuant to the provisions of this Section 4.03(2) will be applied in accordance with Section 6(g9(h) of the NoteNote Purchase Agreement. All payments which are received by any Pledgor contrary to the provisions of this Section 4.03(2) will be held by such Pledgor in trust for the benefit of the Collateral AgentNoteholder, will be segregated from other property or funds of such Pledgor and will be forthwith Delivered to the Collateral Agent Noteholder or its nominee to hold as Collateral.