Common use of Rights Following Default Clause in Contracts

Rights Following Default. If any Event of Default shall have occurred, then so long as such Event of Default shall continue, and whether or not the Collateral Trustee or any Sharing Secured Party exercises any available right to declare any Sharing Obligation due and payable or seeks or pursues any other relief or remedy available to it under applicable law or under or in respect of this Agreement, the Sharing Intercreditor Agreement, the Solutia Credit Agreement, the Astaris Guaranty Agreement, the Co-gen Participation Agreement, the Co-gen Guaranty Agreement, the Co-gen Lease, the Designated Letters of Credit, the Senior Notes Documents or any other agreement relating to such Sharing Obligation, all dividends and other distributions on the Stock Collateral shall be paid directly to the Collateral Trustee and retained by it in the Shared Collateral Account as part of the Stock Collateral, subject to the terms of this Agreement, and, if the Collateral Trustee shall so request in writing, the Grantors jointly and severally agree to execute and deliver to the Collateral Trustee appropriate additional dividend, distribution and other orders and documents to that end, PROVIDED that if such Event of Default is cured, any such dividend or distribution theretofore paid to the Collateral Trustee shall, upon the request of the Grantors (except to the extent theretofore applied to the Sharing Obligations), be returned by the Collateral Trustee to the Grantors.

Rights Following Default. If any Event of Default shall have occurredoccurred and the Collateral Trustee shall have made a request therefor to the Borrower, then so long as such Event of Default shall continue, and whether or not the Collateral Trustee or any Sharing Secured Party exercises any available right to declare any Sharing Secured Obligation due and payable or seeks or pursues any other relief or remedy available to it under applicable law or under or in respect of this Agreement, the Sharing Intercreditor Agreement, the Solutia Credit Agreement, the Astaris Guaranty Agreement, the Co-gen Participation Agreement, the Co-gen Guaranty Agreement, the Co-gen Lease, the Designated Letters of Credit, the Senior Notes Documents any Debt Instrument or any other agreement relating to such Sharing Secured Obligation, all dividends and other distributions on the Stock Equity Collateral shall be paid directly to the Collateral Trustee and retained by it in the Shared Collateral Account as part of the Stock Equity Collateral, subject to the terms of this Agreement, and, if the Collateral Trustee shall so request in writing, the Grantors Obligors jointly and severally agree to execute and deliver to the Collateral Trustee appropriate additional dividend, distribution and other orders and documents to that end, PROVIDED provided that if such Event of Default is cured, any such dividend or distribution theretofore paid to the Collateral Trustee shall, upon the request of the Grantors Obligors (except to the extent theretofore applied to the Sharing Secured Obligations), be returned by the Collateral Trustee to the GrantorsObligors.

Rights Following Default. If any Event of Default shall have occurred, then so long as such Event of Default shall continue, and whether or not the Collateral Trustee Agent or any Sharing other Secured Party exercises any available right to declare any Sharing Secured Obligation due and payable or seeks or pursues any other relief or remedy available to it under applicable law or under or in respect of this Agreement, the Non-Sharing Intercreditor Agreement, the Solutia Credit Agreement, the Astaris Guaranty Agreement, the Co-gen Participation Agreement, the Co-gen Guaranty Agreement, the Co-gen Lease, the Designated Letters of Credit, the Senior Notes Documents or Credit or any other agreement relating to such Sharing Secured Obligation, all dividends and other distributions on the Stock Collateral shall be paid directly to the Collateral Trustee Agent and retained by it in the Shared Collateral Account as part of the Stock Collateral, subject to the terms of this Agreement, and, if the Collateral Trustee Agent shall so request in writing, the Grantors Securing Parties jointly and severally agree to execute and deliver to the Collateral Trustee Agent appropriate additional dividend, distribution and other orders and documents to that end, PROVIDED that if such Event of Default is cured, any such dividend or distribution theretofore paid to the Collateral Trustee Agent shall, upon the request of the Grantors Securing Parties (except to the extent theretofore applied to the Sharing Secured Obligations), be returned by the Collateral Trustee Agent to the GrantorsSecuring Parties.

Rights Following Default. If any Event of Default shall have occurred, then so long as such Event of Default shall continue, and whether or not the Collateral Trustee or any Sharing other Junior Secured Party exercises any available right to declare any Sharing Junior Secured Obligation due and payable or seeks or pursues any other relief or remedy available to it under applicable law or under or in respect of this Agreement, Agreement or the Sharing Intercreditor Agreement, the Solutia Credit Agreement, the Astaris Guaranty Agreement, the Co-gen Participation Agreement, the Co-gen Guaranty Agreement, the Co-gen Lease, the Designated Letters of Credit, the Senior 2009 Notes Documents or any other agreement relating to such Sharing ObligationIndenture, all dividends and other distributions on the Stock Collateral shall be paid directly to the Collateral Trustee Applicable Secured Party and retained by it in the Shared Collateral Account as part of the Stock Collateral, subject to the terms of this Agreement, and, if the Collateral Agent pursuant to the Senior Non-Sharing Security and Guarantee Agreement (at all times prior to the Senior Payment Date) or the Trustee (at any time on or after the Senior Payment Date) shall so request in writing, the Grantors Securing Parties jointly and severally agree to execute and deliver to the Collateral Trustee Applicable Secured Party appropriate additional dividend, distribution and other orders and documents to that end, PROVIDED that if such Event of Default is cured, any such dividend or distribution theretofore paid to the Collateral Trustee shall, upon the request of the Grantors Securing Parties (except to the extent theretofore applied to the Sharing Junior Secured Obligations), be returned by the Collateral Trustee to the GrantorsSecuring Parties.