Common use of No Right to Receive Distributions Clause in Contracts

No Right to Receive Distributions. If an Event of Default exists, all payments and distributions made to Pledgor upon or with respect to the Collateral shall be paid or delivered to Secured Party, and Pledgor agrees to take all such action as Secured Party may reasonably deem necessary or appropriate to cause all such payments and distributions to be made to Secured Party. Further, Secured Party shall have the right, at any time after the occurrence of an Event of Default, to notify and direct the Company to thereafter make all payments, dividends, and any other distributions payable in respect thereof directly to Secured Party. The Company shall be fully protected in relying on the written statement of Secured Party that it then holds a security interest which entitles it to receive such payments and distributions. Any and all money and other property paid over to or received by Secured Party pursuant to this SECTION 5.2 shall be retained by Secured Party as additional collateral hereunder and may be applied (and upon Pledgor's written request all cash shall promptly be applied) in accordance with SECTION 5.6 hereof.

No Right to Receive Distributions. If an Event of Default exists, all payments and distributions made to Pledgor upon or with respect to the Collateral shall be paid or delivered to Secured Party, and Pledgor agrees to take all such action as Secured Party may reasonably deem necessary or appropriate to cause all such payments and distributions to be made to Secured Party. Further, Secured Party shall have the right, at any time after the occurrence of during which an Event of DefaultDefault exists, to notify and direct the Company to thereafter make all payments, dividends, and any other distributions payable in respect thereof directly to Secured PartyParty until such time as such Event of Default ceases to exist. The Company shall be fully protected in relying on the written statement of Secured Party that it then holds a security interest which entitles it to receive such payments and distributions. Any and all money and other property paid over to or received by Secured Party pursuant to this SECTION 5.2 Section 5.1 shall be retained by Secured Party as additional collateral hereunder and may be applied (and upon Pledgor's ’s written request all cash shall promptly be applied) in accordance with SECTION 5.6 Section 5.5 hereof.

No Right to Receive Distributions. If an a Default or Event of Default exists, all payments and distributions made to Pledgor upon or with respect to the Collateral shall be paid or delivered to Secured Party, and each Pledgor agrees to take all such action as Secured Party may reasonably deem necessary or appropriate to cause all such payments and distributions to be made to Secured Party. Further, Secured Party shall have the right, at any time after the occurrence of an during which a Default or Event of DefaultDefault exists, to notify and direct the Company Companies to thereafter make all payments, dividends, and any other distributions payable in respect thereof directly to Secured PartyParty until such time as such Default or Event of Default ceases to exist. The Company shall be fully protected in relying on the written statement of Secured Party that it then holds a security interest which entitles it to receive such payments and distributions. Any and all money and other property paid over to or received by Secured Party pursuant to this SECTION 5.2 Section 5.1 shall be retained by Secured Party as additional collateral hereunder and may be applied (and upon any Pledgor's ’s written request all cash shall promptly be applied) in accordance with SECTION 5.6 Section 5.5 hereof.