Common use of Rights to Dividends and Distributions Clause in Contracts

Rights to Dividends and Distributions. With respect to any certificates constituting a part of the Collateral, Secured Party shall have authority if an Event of Default exists and is continuing, but subject to Section 2.6, either to have the same registered in Secured Party’s name or in the name of a nominee, and, with or without such registration, to demand of the issuer thereof, and to receive and receipt for, any and all dividends and distributions (including any stock or similar dividend or distribution) payable in respect thereof, whether they be ordinary or extraordinary. Secured Party shall endeavor to provide each Pledgor with notice of any such action by Secured Party pursuant to the preceding sentence; provided, any failure to provide any such notice shall not impair any right or action of Secured Party or any Creditor. If a Pledgor shall become entitled to receive or shall receive any interest in or certificate (including, without limitation, any interest in or certificate representing a dividend or a distribution in connection with any reclassification, increase, or reduction of capital, or issued in connection with any reorganization), or any option or rights evidencing any of the Collateral, whether as an addition to, in substitution of, as a conversion of, or in exchange for any of the Collateral, or otherwise, such Pledgor agrees to accept the same as Secured Party’s agent and to hold the same in trust on behalf of and for the benefit of Secured Party, and to deliver the same immediately to Secured Party in the exact form received, with appropriate undated stock or similar powers, duly executed in blank, to be held by Secured Party, subject to the terms hereof, as Collateral. Unless an Event of Default exists and is continuing and Secured Party has commenced enforcement hereof, but subject to Section 2.6, or will result therefrom and subject to the other Loan Documents, each Pledgor shall be entitled to receive all cash dividends and distributions not representing a return of capital or liquidating dividend paid or distributed with respect to the Pledged Equity Interests, other than dividends or distributions or interests payable in Equity Interests of the issuer of such Pledged Equity Interest (which, if evidenced by certificated securities, shall be delivered to Secured Party as set forth in the immediately preceding sentence, whether or not an Event of Default exists and is continuing). Secured Party shall be entitled to all dividends and distributions, and to any sums paid upon or in respect of any Collateral, upon the liquidation or dissolution of the issuer thereof which shall be paid to Secured Party to be held by it as additional collateral security for and application to the Obligations as provided in the other Loan Documents. All dividends, distributions and Proceeds paid or distributed in respect of the Collateral which are received by any Pledgor in violation of this Agreement shall, until paid or delivered to Secured Party, be held by such Pledgor in trust as additional Collateral for the Obligations.

Rights to Dividends and Distributions. With respect to any certificates Securities constituting a part of the Collateral, the Secured Party shall have authority if an Event of Default exists and is continuing, but subject to Section 2.6, either to have the same registered in the Secured Party’s 's name or in the name of a nominee, and, with or without such registration, to demand of the issuer thereof, and to receive and receipt for, any and all dividends and distributions (including any stock or similar dividend or distribution) payable in respect thereof, whether they be ordinary or extraordinary. The Secured Party shall endeavor send to provide each Pledgor with the Debtor notice of the Secured Party's election to take any such action by Secured Party pursuant to described in the preceding sentence; provided, provided any failure of the Debtor to provide receive any such notice shall not impair invalidate any right or action of taken by the Secured Party or impair any Creditorof its rights. If a Pledgor the Debtor shall become entitled to receive or shall receive any interest in or certificate (including, without limitation, any interest in or certificate representing a dividend or a distribution in connection with any reclassification, increase, or reduction of capital, or issued in connection with any reorganization), or any option or rights evidencing arising from or relating to any of the Collateral, whether as an addition to, in substitution of, as a conversion of, or in exchange for any of the Collateral, or otherwise, such Pledgor the Debtor agrees to accept the same as the Secured Party’s 's agent and to hold the same in trust on behalf of and for the benefit of the Secured Party, and to deliver the same immediately to the Secured Party in the exact form received, with appropriate undated stock or similar powers, duly executed in blank, to be held by the Secured Party, subject to the terms hereof, as Collateral. Unless an Event of Default exists and is continuing and Secured Party has commenced enforcement hereofexists, but subject to Section 2.6, or will result therefrom and subject to the other Loan Documents, each Pledgor Debtor shall be entitled to receive all cash dividends and distributions not representing a return paid in respect of capital or liquidating dividend paid or distributed with respect any of the Collateral (subject to the Pledged Equity Interests, restrictions of any other than dividends or distributions or interests payable in Equity Interests of the issuer of such Pledged Equity Interest (which, if evidenced by certificated securities, shall be delivered to Secured Party as set forth in the immediately preceding sentence, whether or not an Event of Default exists and is continuingLoan Document). The Secured Party shall be entitled to all dividends and distributions, and to any sums paid upon or in respect of any Collateral, upon the liquidation liquidation, dissolution, or dissolution reorganization of the issuer thereof which shall be paid to the Secured Party to be held by it as additional collateral security for and application to the Secured Obligations as provided in at the other Loan Documentsdiscretion of the Secured Party. All dividends, distributions and Proceeds dividends paid or distributed in respect of the Collateral which are received by any Pledgor the Debtor in violation of this Agreement shall, until paid or delivered to the Secured Party, be held by such Pledgor the Debtor in trust as additional Collateral for the Secured Obligations.

Rights to Dividends and Distributions. With respect to any certificates certificates, bonds, or other instruments or securities (including but not limited to any certificate or participation issued in any proceeding under any Debtor Relief Law constituting a part of the Collateral, Secured Party shall have authority if after the occurrence of an Event of Default exists and is continuingDefault, but subject without notice to Section 2.6Debtor, either to have the same registered in Secured Party’s 's name or in the name of a nominee, and, with or without such registration, to demand of the issuer thereof, and to receive and receipt for, any and all dividends and distributions Distributions (including any stock or similar dividend or distribution) payable in respect thereof, whether they be ordinary or extraordinary. Secured Party shall endeavor to provide each Pledgor with notice of any such action by Secured Party pursuant to the preceding sentence; provided, any failure to provide any such notice shall not impair any right or action of Secured Party or any Creditor. If a Pledgor Debtor shall become entitled to receive or shall receive any interest in or certificate (including, without limitation, any interest in or certificate representing a dividend Distribution or a distribution in connection with any reclassification, increase, or reduction of capital, or issued in connection with any reorganization), or any option or rights evidencing arising from or relating to any of the Collateral, whether as an addition to, in substitution of, as a conversion of, or in exchange for any of the Collateral, or otherwise, such Pledgor Debtor agrees to accept the same as Secured Party’s 's agent and to hold the same in trust on behalf of and for the benefit of Secured Party, and to deliver the same immediately to Secured Party in the exact form received, with appropriate undated stock or similar powers, duly executed in blank, to be held by Secured Party, subject to the terms hereof, as Collateral. Unless an Event After the occurrence of Default exists and is continuing and Secured Party has commenced enforcement hereofa Default, but subject to Section 2.6, or will result therefrom and subject to the other Loan Documents, each Pledgor shall be entitled to receive all cash dividends and distributions not representing a return of capital or liquidating dividend paid or distributed with respect to the Pledged Equity Interests, other than dividends or distributions or interests payable in Equity Interests of the issuer of such Pledged Equity Interest (which, if evidenced by certificated securities, shall be delivered to Secured Party as set forth in the immediately preceding sentence, whether or not an Event of Default exists and is continuing). Secured Party shall be entitled to all dividends and distributionsDistributions, and to any sums paid upon or in respect of any Collateral, upon the liquidation liquidation, dissolution, or dissolution reorganization of the issuer thereof which shall be paid to Secured Party to be held by it as additional collateral security for the Obligations and application to the Obligations as provided in at the other Loan Documentsdiscretion of Secured Party. All dividends, distributions and Proceeds Distributions paid or distributed in respect of the Collateral which are received by any Pledgor Debtor in violation of this Security Agreement shall, until paid or delivered to Secured Party, be held by such Pledgor Debtor in trust as additional Collateral for the Obligations.

Rights to Dividends and Distributions. With respect to any certificates certificates, bonds, or other Instruments or Securities constituting a part of the Collateral, Secured Party shall have authority if an Event of Default exists and is continuingexists, but subject without notice to Section 2.6any Debtor, either to have the same registered in Secured Party’s name or in the name of a nominee, and, with or without such registration, to demand of the issuer thereof, and to receive and receipt for, any and all dividends and distributions (including any stock or similar dividend or distribution) payable in respect thereof, whether they be ordinary or extraordinary. Secured Party shall endeavor to provide each Pledgor such Debtor with notice of any such action by Secured Party pursuant to the preceding sentence; provided, any failure to provide any such notice shall not impair any right or action of Secured Party or any Creditor. If a Pledgor any Debtor shall become entitled to receive receive, or shall receive receive, any interest in or certificate (including, without limitation, any interest in in, or certificate representing representing, a dividend or a distribution in connection with any reclassification, increase, or reduction of capital, or issued in connection with any reorganization), or any option or rights evidencing arising from or relating to any of the Collateral, whether as an addition to, in substitution of, as a conversion of, or in exchange for for, any of the Collateral, or otherwise, such Pledgor Debtor agrees to accept the same as Secured Party’s agent and to hold the same in trust on behalf of and for the benefit of Secured Party, and and, except as otherwise specified in this Agreement, to deliver the same immediately promptly to Secured Party in the exact form received, with appropriate undated stock or similar powers, duly executed in blank, to be held by Secured Party, subject to the terms hereof, as Collateral. Unless an Event of Default exists and is continuing or will result therefrom and Secured Party has commenced enforcement hereofgiven Borrower notice of its intent to exercise its rights under this Section, but subject to Section 2.6, or will result therefrom and subject to the other Loan Documents, each Pledgor such Debtor shall be entitled to receive all cash dividends and distributions not representing a return of capital or liquidating dividend paid or distributed with respect to the Pledged Equity InterestsInterests and Securities, other than dividends or distributions or interests payable in Equity Interests Securities of the issuer of such Pledged Equity Interest Securities (which, if evidenced by certificated securities, shall be delivered to Secured Party as set forth in the immediately preceding sentence, whether or not an Event of Default exists and is continuingexists). Subject to the terms of the Credit Agreement, if an Event of Default exists, Secured Party shall be entitled to all dividends and distributions, and to any sums paid upon upon, or in respect of of, any Collateral, upon the liquidation liquidation, dissolution, or dissolution reorganization of the issuer thereof which during the continuance of an Event of Default shall be paid to Secured Party to be held by it as additional collateral security for for, and application to to, the Secured Obligations as provided in the other Loan Documents. All dividends, distributions and Proceeds paid or distributed in respect of the Collateral which are received by any Pledgor Debtor in violation of this Agreement shall, until paid or delivered to Secured Party, be held by such Pledgor Debtor in trust as additional Collateral of the applicable Debtor for the Secured Obligations.

Rights to Dividends and Distributions. With respect to any certificates certificates, bonds, or other instruments or securities (including but not limited to any certificate or participation issued in any proceeding under any bankruptcy) constituting a part of the Collateral, Secured Party shall have authority if after the occurrence of an Event of Default exists and is continuingDefault, but subject without notice to Section 2.6Debtor, either to have the same registered in Secured Party’s name or in the name of a nominee, and, with or without such registration, to demand of the issuer thereof, and to receive and receipt forreceive, any and all dividends and distributions Distributions (including any stock or similar dividend or distribution) payable in respect thereof, whether they be ordinary or extraordinary. Secured Party shall endeavor to provide each Pledgor with notice of any such action by Secured Party pursuant to the preceding sentence; provided, any failure to provide any such notice shall not impair any right or action of Secured Party or any Creditor. If a Pledgor Debtor shall become entitled to receive or shall receive any interest in or certificate (including, without limitation, any interest in or certificate representing a dividend Distribution or a distribution in connection with any reclassification, increase, or reduction of capital, or issued in connection with any reorganization), or any option or rights evidencing arising from or relating to any of the Collateral, whether as an addition to, in substitution of, as a conversion of, or in exchange for any of the Collateral, or otherwise, such Pledgor Debtor agrees to accept the same as Secured Party’s agent and to hold the same in trust on behalf of and for the benefit of Secured Party, and to deliver the same immediately to Secured Party in the exact form received, with appropriate undated stock or similar powers, duly executed in blank, to be held by Secured Party, subject to the terms hereof, as Collateral. Unless an Event of Default exists and is continuing and Secured Party has commenced enforcement hereof, but subject to Section 2.6, or will result therefrom and subject to the other Loan Documents, each Pledgor shall be entitled to receive all cash dividends and distributions not representing a return of capital or liquidating dividend paid or distributed with respect to the Pledged Equity Interests, other than dividends or distributions or interests payable in Equity Interests of the issuer of such Pledged Equity Interest (which, if evidenced by certificated securities, shall be delivered to Secured Party as set forth in the immediately preceding sentence, whether or not an Event of Default exists and is continuing). Secured Party shall be entitled to all dividends and distributionsDistributions, and to any sums paid upon or in respect of any Collateral, upon the liquidation liquidation, dissolution, or dissolution reorganization of the issuer thereof which shall be paid to Secured Party to be held by it as additional collateral security for the Obligations and application to the Obligations as provided in at the other Loan Documentsdiscretion of Secured Party. All dividends, distributions and Proceeds Distributions paid or distributed in respect of the Collateral which are received by any Pledgor Debtor in violation of this Security Agreement shall, until paid or delivered to Secured Party, be held by such Pledgor Debtor in trust as additional Collateral for the Obligations.