Dividends on Pledged Shares. In the event that any Dividend is to be paid on any Pledged Share at a time when no Default has occurred and is continuing, such Dividend may be paid directly to the Pledgor. If any such Default has occurred and is continuing then any such Dividend shall be paid directly to the Lender.
Appears in 8 contracts
Samples: Pledge Agreement (Future Petroleum Corp/Ut/), Pledge Agreement (Future Petroleum Corp/Ut/), Pledge Agreement (Encap Equity 1994 Limited Partnership)
Dividends on Pledged Shares. In the event that any Dividend is to be paid on any Pledged Share at a time when no Event of Default has occurred and is continuing, such Dividend may shall be paid directly to the Pledgor. If any such Event of Default has occurred and is continuing continuing, then any such Dividend shall be paid directly to the LenderSecured Party.
Appears in 2 contracts
Samples: Pledge Agreement (Celtic Investment Inc), Pledge Agreement (Celtic Investment Inc)
Dividends on Pledged Shares. In the event that any Dividend is to be paid on any Pledged Share at a time when no Event of Default has occurred and is continuing, such Dividend may be paid directly to the Pledgor. If any such Default or Event of Default has occurred and is continuing continuing, then any such Dividend shall be paid directly to the LenderAdministrative Agent.
Appears in 2 contracts
Samples: Sterling Chemical Inc, Sterling Chemical Inc
