Common use of Revocation of Permission Clause in Contracts

Revocation of Permission. The Pledgee is entitled to revoke the permission set forth in Clause 3.3 (Permission to collect) upon the occurrence of an Event of Default which is continuing, by giving notice of such revocation to the Pledgor and the relevant Account Bank or Intercompany Debtor, and this permission shall cease automatically upon the occurrence of an Enforcement Event. As of that moment, only the Pledgee, with the exclusion of the Pledgor, shall be entitled to collect and receive payments of the Bank Account Receivables and the Intercompany Receivables subject to the First Ranking Right of Pledge.

Revocation of Permission. The Pledgee is entitled to revoke the permission set forth in Clause 3.3 (Permission to collect) upon the occurrence of an Event of Default which is continuing, by giving notice of such revocation to the Pledgor and the relevant Account Bank or Intercompany Debtor, and this permission shall cease automatically upon the occurrence of an Enforcement Event. As of that moment, only the Pledgee, with the exclusion of the Pledgor, shall be entitled to collect and receive payments of the Bank Account Receivables and the Intercompany Receivables subject to the First Senior Ranking Right Rights of Pledge.

Revocation of Permission. The Pledgee is entitled to revoke the permission set forth in Clause 3.3 (Permission to collect) upon the occurrence of an Event of Default which is continuing, by giving notice of such revocation to the Pledgor and the relevant Account Bank or Intercompany Debtor, and this permission shall cease automatically upon the occurrence of an Enforcement Event. As of that moment, only the Pledgee, with the exclusion of the Pledgor, shall be entitled to collect and receive payments of the Bank Account Receivables and the Intercompany Receivables subject to the First Ranking Right of PledgeReceivables.