Common use of Rights of the Pledgor in the Stock Collateral Clause in Contracts

Rights of the Pledgor in the Stock Collateral. Until an Event of Default (as that term is defined in ARTICLE IV (Default and Rights and Remedies)) occurs, the Pledgor shall be entitled (a) to vote all ownership or equity interests, (b) to give consents, waivers and ratification to any and all actions of the Corporation requiring member approval, and (c) to receive all cash and non-cash distributions which may be paid on the Stock Collateral and which are not otherwise prohibited by the Financing Documents. Any cash dividend or distribution payable in respect of the Stock Collateral which represents, in whole or in part, a return of capital or a violation of this Agreement or the other Financing Documents shall be received by the Pledgor in trust for the Lender, shall be paid immediately to the Lender and shall be retained by the Lender as part of the Stock Collateral.

Rights of the Pledgor in the Stock Collateral. Until an Event of Default (as that term is defined in ARTICLE IV 0 (Default and Rights and Remedies)) occurs, the Pledgor shall be entitled (a) to vote all ownership or equity interests, (b) to give consents, waivers and ratification to any and all actions of the Corporation requiring member approval, and (c) to receive all cash and non-cash distributions which may be paid on the Stock Collateral and which are not otherwise prohibited by the Financing Documents. Any cash dividend or distribution payable in respect of the Stock Collateral which represents, in whole or in part, a return of capital or a violation of this Agreement or the other Financing Documents shall be received by the Pledgor in trust for the Lender, shall be paid immediately to the Lender and shall be retained by the Lender as part of the Stock Collateral.