Common use of Termination of Pledgor’s Right to Receive Distributions Clause in Contracts

Termination of Pledgor’s Right to Receive Distributions. Upon the occurrence and continuance of any Event of Default, all rights of Pledgor to receive any cash distributions pursuant to Section 7.1 hereof shall cease, and all such rights shall thereupon become vested in the Agent, and the Agent shall have the sole and exclusive right to receive and retain the distributions which Pledgor would otherwise be authorized to receive and retain pursuant to Section 7.1 hereof. In such event, Pledgor shall pay over to the Agent any distributions received by it with respect to the Pledged Collateral and any and all money and other property paid over to or received by the Agent pursuant to the provisions of this Section 7.3 shall be retained by the Agent as Pledged Collateral hereunder and/or shall be applied to the repayment of the Obligations in accordance with the provisions of the Loan Agreement.

Termination of Pledgor’s Right to Receive Distributions. Upon During the occurrence and continuance existence of any Event of Default, all rights of Pledgor Pledgors to receive any cash distributions pursuant to Section 7.1 hereof shall cease, and all such rights shall thereupon become vested in the Agent, and the Agent shall have the sole and exclusive right to receive and retain the distributions which Pledgor Pledgors would otherwise be authorized to receive and retain pursuant to Section 7.1 hereof. In such event, each Pledgor shall pay over to the Agent any distributions received by it with respect to the Pledged Collateral and any and all money and other property paid over to or received by the Agent pursuant to the provisions of this Section 7.3 shall be retained by the Agent as Pledged Collateral hereunder and/or shall be applied to the repayment of the Obligations in accordance with the provisions of the Loan Agreementhereof.

Termination of Pledgor’s Right to Receive Distributions. Upon During the occurrence and continuance existence of any Event of Default, all rights of Pledgor to receive any cash distributions pursuant to Section 7.1 hereof shall cease, and all such rights shall thereupon become vested in the Agent, and the Agent shall have the sole and exclusive right right, on behalf of and for the benefit of the Lenders, to receive and retain the distributions which Pledgor would otherwise be authorized to receive and retain pursuant to Section 7.1 hereof. In such event, Pledgor shall pay over to the Agent any distributions received by it with respect to the Pledged Collateral and any and all money and other property paid over to or received by the Agent pursuant to the provisions of this Section 7.3 shall be retained by the Agent as Pledged Collateral hereunder and/or shall be applied to the repayment of the Obligations in accordance with the provisions of the Loan Agreementhereof.

Termination of Pledgor’s Right to Receive Distributions. Upon and after the occurrence and continuance of any Event of DefaultDefault and during the continuation thereof, all rights of Pledgor to receive any cash distributions pursuant to Section 7.1 5(a) hereof shall cease, and all such rights shall thereupon become vested in the Agent, Lender and the Agent Lender shall have the sole and exclusive right to receive and retain the distributions which Pledgor would otherwise be authorized to receive and retain pursuant to Section 7.1 5(a) hereof. In such event, Pledgor shall pay over to the Agent Lender any distributions received by it with respect to the Pledged Collateral and any and all money and other property paid over to or received by the Agent Lender pursuant to the provisions of this Section 7.3 5(c) shall be retained by the Agent Lender as Pledged Collateral hereunder and/or shall be applied to the repayment of the Obligations in accordance with the provisions of the Loan Agreementhereof.