Common use of Rights After a Default Clause in Contracts

Rights After a Default. Upon the occurrence and during the continuation of an Event of Default and as more fully set forth in Section 10 below: (a) Subject to Section 11 below, (i) upon notice to a Pledgor by the Agent, all rights of such Pledgor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to subsection 5.1 above and (ii) all rights of such Pledgor to receive the dividends, interest and other payments which it would otherwise be authorized to receive and retain pursuant to subsection 5.1 above shall cease, and all such rights shall thereupon become vested in the Agent who shall have the sole right to exercise such voting and other consensual rights and to receive and hold as Collateral such dividends, interest and other payments. (b) All dividends, interest and other payments which are received by a Pledgor contrary to the provisions of paragraph (a) of this subsection 5.3 shall be received in trust for the benefit of the Agent, shall be segregated from other funds of such Pledgor and shall forthwith be paid over to the Agent as Collateral in the same form as so received (with any Necessary Endorsement).

Rights After a Default. Upon the occurrence and during the continuation of an Event of Default and as more fully set forth in Section 10 11 below:, (ai) Subject to Section 11 12 below, (i) upon notice to a Pledgor by the Agent, all rights of such the Pledgor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to subsection 5.1 6.1 above and (ii) all rights of such Pledgor to receive the dividends, interest dividends and other payments which it would otherwise be authorized to receive and retain pursuant to subsection 5.1 6.1 above shall cease, and all such rights shall thereupon become vested in the Agent who shall have the sole right to exercise such voting and other consensual rights and to receive and hold as Collateral such dividends, interest dividends and other payments. (bii) All dividends, interest dividends and other payments which are received by a the Pledgor contrary to the provisions of paragraph (ai) of this subsection 5.3 6.2 shall be received in trust for the benefit of the Agent, shall be segregated from other funds of such the Pledgor and shall forthwith be paid over to the Agent as Collateral in the same form as so received (with any Necessary Endorsement).

Rights After a Default. Upon the occurrence and during the continuation of an Event of Default and as more fully set forth in Section 10 below:, (ai) Subject to Section 11 below, (i) upon notice to a Pledgor by the Agent, all rights of such the Pledgor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to subsection 5.1 above and (ii) all rights of such Pledgor to receive the dividends, interest and other payments which it would otherwise be authorized to receive and retain pursuant to subsection 5.1 above shall cease, and all such rights shall thereupon become vested in the Agent who shall have the sole right to exercise such voting and other consensual rights and to receive and hold as Collateral such dividends, interest and other payments. (bii) All dividends, interest and other payments which are received by a the Pledgor contrary to the provisions of paragraph (ai) of this subsection 5.3 5.2 shall be received in trust for the benefit of the Agent, shall be segregated from other funds of such the Pledgor and shall forthwith be paid over to the Agent as Collateral in the same form as so received (with any Necessary Endorsement).

Rights After a Default. Upon the occurrence and during the continuation of an Event of Default and as more fully set forth in Section 10 11 below:, (ai) Subject to Section 11 12 below, (i) upon notice to a Pledgor by the Agent, all rights of such each Pledgor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to subsection 5.1 6.1 above and (ii) all rights of such Pledgor to receive the dividends, interest dividends and other payments which it would otherwise be authorized to receive and retain pursuant to subsection 5.1 6.1 above shall cease, and all such rights shall thereupon become vested in the Agent who shall have the sole right to exercise such voting and other consensual rights and to receive and hold as Collateral such dividends, interest dividends and other payments. (bii) All dividends, interest dividends and other payments which are received by a Pledgor contrary to the provisions of paragraph (ai) of this subsection 5.3 6.2 shall be received in trust for the benefit of the Agent, shall be segregated from other funds of such Pledgor and shall forthwith be paid over to the Agent as Collateral in the same form as so received (with any Necessary Endorsement).

Rights After a Default. Upon the occurrence and during the continuation of an Event of Default and as more fully set forth in Section 10 11 below:, (ai) Subject to Section 11 12 below, (i) upon notice to a Pledgor by the Agent, all rights of such the Pledgor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to subsection 5.1 6. 1 above and (ii) all rights of such Pledgor to receive the dividends, interest dividends and other payments which it would otherwise be authorized to receive and retain pursuant to subsection 5.1 6.1 above shall cease, and all such rights shall thereupon become vested in the Agent who shall have the sole right to exercise such voting and other consensual rights and to receive and hold as Collateral such dividends, interest dividends and other payments. (bii) All dividends, interest dividends and other payments which are received by a the Pledgor contrary to the provisions of paragraph (ai) of this subsection 5.3 6.2 shall be received in trust for the benefit of the Agent, shall be segregated from other funds of such the Pledgor and shall forthwith be paid over to the Agent as Collateral in the same form as so received (with any Necessary Endorsement).