Common use of Rights Following Default Clause in Contracts

Rights Following Default. If any Event of Default shall have occurred 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 Secured Party exercises any available right to declare any Secured Obligation due and payable or seeks or pursues any other relief or remedy available to it under applicable law or under any Debt Instrument or any other agreement relating to such Secured Obligation, all dividends and other distributions on the Equity Collateral shall be paid directly to the Collateral Trustee and retained by it in the Shared Collateral Account as part of the Equity Collateral, subject to the terms of this Agreement, and, if the Collateral Trustee shall so request in writing, the 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 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 Obligors (except to the extent theretofore applied to the Secured Obligations), be returned by the Collateral Trustee to the Obligors.

Rights Following Default. If any Event of Default shall have occurred and the Collateral Trustee shall have made a request therefor to the Borroweroccurred, 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 Secured Sharing Obligation due and payable or seeks or pursues any other relief or remedy available to it under applicable law or under any Debt Instrument 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 Secured Sharing Obligation, all dividends and other distributions on the Equity Stock Collateral shall be paid directly to the Collateral Trustee and retained by it in the Shared Collateral Account as part of the Equity Stock Collateral, subject to the terms of this Agreement, and, if the Collateral Trustee shall so request in writing, the Obligors 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 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 Obligors Grantors (except to the extent theretofore applied to the Secured Sharing Obligations), be returned by the Collateral Trustee to the ObligorsGrantors.