Common use of Pledgor’s Obligations Upon Event of Default Clause in Contracts

Pledgor’s Obligations Upon Event of Default. If an Event of Default under the Trinidad Project Loan Agreement or the Trinidad Guarantee shall occur and be continuing (a) all payments received by the Pledgor under or in connection with any of the Collateral shall be held by the Pledgor in trust for the Collateral Agent, shall be segregated from other funds of the Pledgor and shall, forthwith upon receipt by the Pledgor, be turned over to the Collateral Agent or its designee in the same form as received by the Pledgor (duly endorsed by the Pledgor to the Collateral Agent, if requested), and (b) any and all such payments so received by the Collateral Agent or its designee (whether from the Pledgor or otherwise) may, in the sole discretion of the Collateral Agent or its designee, be held by the Collateral Agent or such designee as collateral security for, and/or then or at any time thereafter be applied, subject only to the relevant provisions of the Intercreditor Agreement and the Trinidad Depositary Agreement or as otherwise may be required by Applicable Law, in whole or in part by the Collateral Agent or its designee in the manner specified in SECTION 8.

Pledgor’s Obligations Upon Event of Default. If an Event of Default ------------------------------------------- under the Trinidad Project Loan Agreement or the Trinidad Guarantee Indenture shall occur and be continuing (ai) all payments received by the such Pledgor under or in connection with any of the Collateral shall be held by the each Pledgor in trust for the Collateral Agent, shall be segregated from other funds of the Pledgor and shall, forthwith upon receipt by the such Pledgor, be turned over to the Collateral Agent or its designee in the same form as received by the Pledgor (duly endorsed by the Pledgor to the Collateral Agent, if requested), and (bii) any and all such payments so received by the Collateral Agent or its designee (whether from the Pledgor or otherwise) may, in the sole discretion of the Collateral Agent or its designee, be held by the Collateral Agent or such designee as collateral security for, and/or then or at any time thereafter be applied, subject only to the relevant provisions of the Intercreditor Agreement and the Trinidad Depositary Agreement or as otherwise may be required by Applicable Lawapplicable law, in whole or in part by the Collateral Agent or its designee in the manner specified in SECTION 8Section 7 hereof.