Common use of Payments on Default Clause in Contracts

Payments on Default. So long as no Default or Event of Default shall have occurred and be continuing, each Company shall have the right to receive and retain all cash distributions and payments made in respect of the Pledged Collateral relating to such Company to the extent such payments (1) may be legally declared and paid under applicable law and (2) are not prohibited by the applicable provisions hereof and of the Credit Agreement; provided, however, that, on and after the Grant Date, following payment in full of the Revolving Obligations and subject to the terms of the Intercreditor Agreement, any and all

Payments on Default. So long as no Default or Event of Default shall have occurred and be continuing, each Company shall have the right to receive and retain all cash distributions and payments made in respect of the Pledged Collateral relating to such Company to the extent such payments (1) may be legally declared and paid under applicable law and (2) are not prohibited by the applicable provisions hereof and of the Senior Note Agreements, the Revolving Credit Agreement or the Senior Subordinated Note Agreement; provided, however, that, on and after the Grant Date, following payment in full of the Revolving Obligations and subject to the terms of the Intercreditor Agreement, that any and all

Payments on Default. So long as no Default or Event of Default shall have occurred and be continuing, each Company shall have the right to receive and retain all cash distributions and payments made in respect of the Pledged Collateral relating to such Company to the extent such payments (1i) may be legally declared and paid under applicable law and (2ii) are not prohibited by the applicable provisions hereof and of the Credit Agreement; provided, however, that, on and after the Grant Date, following payment in full of the Revolving Obligations and subject to the terms of the Intercreditor Agreement, that any and all

Payments on Default. So long as no Default or Event of Default shall have occurred and be continuing, each Company shall have the right to receive and retain all cash distributions and payments made in respect of the Pledged Collateral relating to such Company to the extent such payments (1) may be legally declared and paid under applicable law and (2) are not prohibited by the applicable provisions hereof and of the Credit Agreement; provided, however, that, on and after the Grant Date, following payment in full of the Revolving Obligations and subject to the terms of the Intercreditor Agreement, that any and all

Payments on Default. So long as no Default or Event of Default shall have occurred and be continuing, each the Company shall have the right to receive and retain all cash distributions and payments made in respect of the Pledged Collateral relating to such Company to the extent such payments (1) may be legally declared and paid under applicable law and (2) are not prohibited by the applicable provisions hereof and of the Senior Note Agreements, the Revolving Credit Agreement or the Senior Subordinated Note Agreement; provided, however, that, on and after the Grant Date, following payment in full of the Revolving Obligations and subject to the terms of the Intercreditor Agreement, that any and all