Common use of Rights Following an Event of Default Clause in Contracts

Rights Following an Event of Default. Upon the occurrence and during the continuance of an Event of Default: (i) All rights of Debtor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Section 7(a)(i) and to receive the dividends and interest payments which it would otherwise be authorized to receive and retain pursuant to Section 7(a)(ii) shall cease and all such rights shall thereupon become vested in Secured Party which shall thereupon have the sole right, but not the obligation, to exercise such voting and other consensual rights and to receive and hold as Pledged Collateral such dividends and interest payments. (ii) All dividends and interest payments which are received by Debtor contrary to the provisions of subparagraph (i) of this Section 7(b) shall be received in trust for the benefit of Secured Party, shall be segregated from other funds of Debtor and shall be forthwith delivered to Secured Party as Pledged Collateral in the same form as so received (with any necessary endorsement).

Rights Following an Event of Default. Upon the occurrence and during the continuance of an Event of Default: (i) All rights of Debtor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Section 7(a)(i) and to receive the dividends and interest payments which it would otherwise be authorized to receive and retain pursuant to Section 7(a)(ii) shall cease and all such rights shall thereupon become vested in the Secured Party Party, which shall thereupon have the sole right, but not the obligation, to exercise such voting and other consensual rights and to receive and hold as Pledged Collateral such dividends and interest payments. (ii) All dividends and interest payments which are received by Debtor contrary to the provisions of subparagraph (i) of this Section 7(b) shall be received in trust for the benefit of Secured PartyParties, shall be segregated from other funds of Debtor and shall be forthwith delivered to the Secured Party as Pledged Collateral in the same form as so received (with any necessary endorsement).

Rights Following an Event of Default. Upon the occurrence and during the continuance of an Event of Default: (i) All rights of Debtor Pledgor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Section 7(a)(i) and to receive the dividends and interest payments which it would otherwise be authorized to receive and retain pursuant to Section 7(a)(ii) shall cease and all such rights shall thereupon become vested in Secured Party which shall thereupon have the sole right, but not the obligation, to exercise such voting and other consensual rights and to receive and hold as Pledged Collateral such Collateral.such dividends and interest payments. (ii) All dividends and interest payments which are received by Debtor Pledgor contrary to the provisions of subparagraph (i) of this Section 7(b) shall be received in trust for the benefit of Secured Party, shall be segregated from other funds of Debtor Pledgor and shall be forthwith delivered to Secured Party as Pledged Collateral in the same form as so received (with any necessary endorsement).

Rights Following an Event of Default. Upon the occurrence and during the continuance of an Event of Default: (i) All rights of Debtor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Section 7(a)(i) and to receive the dividends and interest payments which it would otherwise be authorized to receive and retain pursuant to Section 7(a)(ii) shall cease and all such rights shall thereupon become vested in Secured Party Collateral Agent which shall thereupon have the sole right, but not the obligation, to exercise such voting and other consensual rights and to receive and hold as Pledged Collateral such dividends and interest payments. (ii) All dividends and interest payments which are received by Debtor contrary to the provisions of subparagraph (i) of this Section 7(b) shall be received in trust for the benefit of Secured PartyCollateral Agent, shall be segregated from other funds of Debtor and shall be forthwith delivered to Secured Party Collateral Agent as Pledged Collateral in the same form as so received (with any necessary endorsement).

Rights Following an Event of Default. Upon Following the occurrence and during the continuance acceleration of an Event of DefaultDefault after giving effect to any applicable grace periods: (i) All rights of Debtor Pledgor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to this Section 7(a)(i) and to receive the dividends and interest payments which that it would otherwise be authorized to receive and retain pursuant to Section 7(a)(ii) shall cease and all such rights shall thereupon become vested in Secured Party Party, which shall thereupon have the sole right, but not the obligation, to exercise such voting and other consensual rights and to receive and hold as Pledged Collateral such dividends and interest payments. (ii) All dividends and interest payments which that are received by Debtor Pledgor contrary to the provisions of subparagraph (i) of this Section 7(b) shall be received in trust for the benefit of Secured Party, shall be segregated from other funds of Debtor Pledgor and shall be forthwith delivered to Secured Party as Pledged Collateral in the same form as so received (with any necessary endorsement).

Rights Following an Event of Default. Upon the occurrence and during the continuance of an Event of Default: (i) All rights of Debtor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Section 7(a)(i5(a)(i) and to receive the dividends and interest payments which it would otherwise be authorized to receive and retain pursuant to Section 7(a)(ii5(a)(ii) shall cease and all such rights shall thereupon become vested in Secured Party which shall thereupon have the sole right, but not the obligation, to exercise such voting and other consensual rights and to receive and hold as Pledged Collateral such dividends and interest payments. (ii) All dividends and interest payments which are received by Debtor contrary to the provisions of subparagraph (i) of this Section 7(b5(b) shall be received in trust for the benefit of Secured Party, shall be segregated from other funds of Debtor and shall be forthwith delivered to Secured Party as Pledged Collateral in the same form as so received (with any necessary endorsement).

Rights Following an Event of Default. Upon the occurrence and during the continuance of an Event of Default: (i) All all rights of Debtor Pledgor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Section SECTION 7(a)(i) and to receive the dividends and interest payments which it would otherwise be authorized to receive and retain pursuant to Section SECTION 7(a)(ii) shall cease and all such rights shall thereupon become vested in Secured Party Collateral Agent which shall thereupon have the sole right, but not the obligation, to exercise such voting and other consensual rights and to receive and hold as Pledged Collateral such dividends and interest payments.; and (ii) All all dividends and interest payments which are received by Debtor Pledgor contrary to the provisions of subparagraph (i) of this Section 7(bSECTION 7(b)(i) shall be received in trust for the benefit of Secured PartyCollateral Agent and Lenders, shall be segregated from other funds of Debtor Pledgor and shall be forthwith delivered to Secured Party Collateral Agent as Pledged Collateral in the same form as so received (with any necessary endorsement).

Rights Following an Event of Default. Upon the occurrence and during the continuance of an Event of Default: (i) All rights of Debtor Employee to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Section 7(a)(i) and to receive the dividends and interest payments which it would otherwise be authorized to receive and retain pursuant to Section 7(a)(ii) shall cease and all such rights shall thereupon become vested in Secured Party the Company which shall thereupon have the sole right, but not the obligation, to exercise such voting and other consensual rights and to receive and hold as Pledged Collateral such dividends and interest payments. (ii) All dividends and interest payments which are received by Debtor Employee contrary to the provisions of subparagraph (i) of this Section 7(b) shall be received in trust for the benefit of Secured Partythe Company, shall be segregated from other funds of Debtor Employee and shall be forthwith delivered to Secured Party the Company as Pledged Collateral in the same form as so received (with any necessary endorsement).