Common use of Collection by Pledgor Clause in Contracts

Collection by Pledgor. The Pledgee hereby authorises each Pledgor to collect, subject to the restrictions on profits and other forms of distributions and other payments in respect of the Collateral under the terms of the Credit Agreement, all profits and other forms of distributions and other payments on the Collateral of that Pledgor and during such period while the Pledgor is so authorised, the Pledgee agrees not to exercise such rights. The Pledgee may revoke this authorisation of any Pledgor upon the occurrence of an Event of Default which is continuing and notice to each Pledgor. Upon such revocation the relevant Pledgor cannot derive any further rights from section 3:246(4) NCC and the Pledgee may inform the Cooperative of that revocation and that further payments must be made into a bank account designated by the Pledgee.

Collection by Pledgor. The Further to Clause 6.1 above, the Pledgee hereby authorises each the Pledgor to collectcollect the Collateral and to enter into compromises, subject to the restrictions on profits settlements and other forms of distributions and other payments agreements with any Debtor, to grant discharge in respect of its Collateral and to exercise all other rights of the Pledgor in connection with the Collateral under the terms of the Credit Agreement, all profits and other forms of distributions and other payments on the Collateral of that Pledgor (including calling in its Collateral) and during such period while the Pledgor is so authorised, the Pledgee agrees not to exercise such rights. The Pledgee may revoke this authorisation of any Pledgor upon the occurrence of an Event of Default which is continuing and notice to each the Pledgor. Upon such revocation the relevant Pledgor cannot derive any further rights from section 3:246(4) NCC and the Pledgee may inform the Cooperative Debtors of that revocation and that further payments must be made into a bank account designated by the Pledgee.

Collection by Pledgor. The Pledgee hereby authorises each the Pledgor to collectcollect the Collateral and to enter into compromises, subject to the restrictions on profits settlements and other forms of distributions and other payments agreements with any Bank, to grant discharge in respect of its Collateral and to exercise all other rights of the Pledgor in connection with the Collateral under (including calling in its Collateral), in each case to the terms extent these rights are exercised in the ordinary course of the Credit Agreement, all profits and other forms of distributions and other payments on the Collateral of that Pledgor and during such period while the Pledgor is so authorised, the Pledgee agrees not to exercise such rightsbusiness. The Pledgee may revoke this authorisation of any Pledgor upon the occurrence of an Event of Default which is continuing and by notice to each the Pledgor. Upon such revocation the relevant Pledgor cannot derive any further rights from section 3:246(4) NCC and the Pledgee may inform the Cooperative Banks of that revocation and that further payments must be made into a bank account designated by the Pledgee.