Common use of Dividends and Interest Payments Clause in Contracts

Dividends and Interest Payments. 3.3.1 Unless the Pledgor has been notified by the Agent that an Event of Default has occurred and is continuing, the Pledgor is entitled to receive all dividend or interest payments in respect of the Collateral. 3.3.2 Upon the Agent giving to the Pledgor notice that an Event of Default has occurred and is continuing, all rights of the Pledgor pursuant to Section 3.3.1 will cease and the Pledgees will have the sole and exclusive right and authority to receive and retain all payments that the Pledgor would otherwise be authorized to retain pursuant to Section 3.3.1.

Dividends and Interest Payments. 3.3.1 Unless the Pledgor has been notified by the Agent Lender that an Event of Default has occurred and is continuing, the Pledgor is entitled to receive all dividend or interest payments in respect of the Collateral. 3.3.2 Upon the Agent Lender giving to the Pledgor notice that an Event of Default has occurred and is continuing, all rights of the Pledgor pursuant to Section 3.3.1 will cease and the Pledgees Lender will have the sole and exclusive right and authority to receive and retain all payments that the Pledgor would otherwise be authorized to retain pursuant to Section 3.3.1.