Rights With Respect to Distributions. So long as no default shall have occurred and be continuing under this Note, Borrower shall be entitled to receive any and all dividends and distributions made with respect to the Pledged Securities and any other Collateral. However, upon the occurrence and during the continuance of any default, Lender shall have the sole right (unless otherwise agreed by Lender) to receive and retain dividends and distributions and apply them to the outstanding balance of this Note or hold them as Collateral, at Lender’s election.
Rights With Respect to Distributions. Unless an Event of Default shall have occurred and be continuing, each Pledgor shall be entitled to collect and receive for such Pledgor’s own use, and shall not be required to deliver to Bank any dividends, cash, securities, instruments and other distributions paid in respect of the Shares, except such dividends, cash, securities, instruments and other distributions as are prohibited under this Agreement or any other Loan Document; provided, however, that until actually paid, all rights to any such permitted dividends, cash, securities, instruments and other distributions shall remain subject to the Lien created by this Agreement. During the continuance of an Event of Default, all rights of Pledgors to receive dividends, cash, securities, instruments and other distributions shall cease and all rights to dividends, cash, securities and other distributions shall thereupon be vested in Bank; Bank shall thereupon have the sole right to receive and hold as Pledged Collateral such dividends, cash, securities, instruments and other distributions. All dividends, cash, securities, instruments and other distributions which any Pledgor receives in violation of the provisions of this section shall be received in trust for Bank’s benefit, be segregated from the property or funds of such Pledgor, and shall be forthwith delivered to Bank as Pledged Collateral in the same form as so received (with any necessary endorsement).
Rights With Respect to Distributions. Until the occurrence of an Acceleration Event under any given Promissory Note, Grantor shall be entitled to receive any and all dividends and distributions made with respect to the Pledged Securities and any other Collateral. However, upon the occurrence of any such Acceleration Event, Secured Party shall have the sole right (unless otherwise expressly agreed by Secured Party in writing) to receive and retain dividends and distributions and apply them to the outstanding balance of the Promissory Note under which such Acceleration Event has occurred or hold them as Promissory Note Collateral, at Secured Party’s election.
Rights With Respect to Distributions. So long as no Default (as defined in Section 9 below) shall have occurred and be continuing under any given Note, Borrower shall be entitled to receive any and all dividends and distributions made with respect to the Pledged Securities and any other Note Collateral. However, upon the occurrence and during the continuance of any such Default, Lender shall have the sole right (unless otherwise agreed by Lender) to receive and retain dividends and distributions and apply them to the outstanding balance of the Note under which the Default has occurred or hold them as Note Collateral, at Lender’s election.
Rights With Respect to Distributions. During the continuance of an Event of Default (as defined in the Note), all rights of Pledgor to receive dividends, cash, securities, instruments and other distributions shall cease and all rights to dividends, cash, securities and other distributions shall thereupon be vested in the Secured Party; the Secured Party shall thereupon have the sole right to receive and hold as Pledged Collateral such dividends, cash, securities, instruments and other distributions. All dividends, cash, securities, instruments and other distributions which Pledgor receives in violation of the provisions of this Section shall be received in trust for the Secured Party’s benefit and shall be forthwith delivered to the Secured Party as Pledged Collateral in the same form as so received (with any necessary endorsement).
Rights With Respect to Distributions. So long as no Default (as defined below) shall have occurred and be continuing, subject to any other applicable provision of this Agreement, Saint Andrews shall be entitled to recxxxx xxyment in respect of obligations of the Company owed to Saint Andrews or to receive dividends, xxxxxxawals, or other distributions in respect of the Collateral. Upon the occurrence and during the continuation of any Default, all rights of Saint Andrews to receive payments in rxxxxxx of obligations of the Company owed to Saint Andrews or to receive dividends, xxxxxxawals or other distributions in respect of the Collateral that Saint Andrews would otherwise be entitxxx xx receive hereunder shall cease (unless otherwise agreed by Callaway Golf) and all such rights shall thereupon become automatically vested in Callaway Golf, which shall have the sole right to receive such cash or properties and apply them to payment of the Secured Obligations or to hold them as Collateral, as it may elect. All cash or other property received by Saint Andrews contrary to the provisioxx xx xhis Section 4 shall be received in trust for the benefit of Callaway Golf, shall be segregated from other property or funds of Saint Andrews and shall be forthwith dxxxxxxxd to Callaway Golf as Collateral in the same form as so received (with any necessary endorsement). Notwithstanding the foregoing provisions of this Section 4, no distributions of any kind shall be made to Saint Andrews unless made in accordancx xxxx the provisions of the Operating Agreement.
Rights With Respect to Distributions. So long as no Default will have occurred and be continuing under this Note, Borrower will be entitled to receive any and all dividends and distributions made with respect to the Pledged Securities and any other Collateral. However, upon the occurrence and during the continuance of any Default, Lxxxxx will have the sole right (unless otherwise agreed in writing by Lender in its sole discretion) to receive and retain dividends and distributions and apply them to the outstanding balance of this Note or hold them as Collateral, at Lxxxxx’s election.
Rights With Respect to Distributions. While Pledgee is the holder of the Collateral, it shall receive and apply against the principal and interest owing under the Note any dividends or other cash distributions made with respect to the Collateral; PROVIDED, HOWEVER, that until the occurrence of a default in the performance of any of the Obligations, Pledgor shall be entitled to receive cash dividends with respect to the Collateral.
