Common use of Rights Following Default Clause in Contracts

Rights Following Default. If any Event of Default shall have occurred, then so long as such Event of Default shall continue, and whether or not the Trustee or any other Junior Secured Party exercises any available right to declare any Junior Secured Obligation due and payable or seeks or pursues any other relief or remedy available to it under applicable law or under or in respect of this Agreement or the 2009 Notes Indenture, all dividends and other distributions on the Stock Collateral shall be paid directly to the Applicable Secured Party and retained by it in the Collateral Account as part of the Stock Collateral, subject to the terms of this Agreement, and, if the Collateral Agent pursuant to the Senior Non-Sharing Security and Guarantee Agreement (at all times prior to the Senior Payment Date) or the Trustee (at any time on or after the Senior Payment Date) shall so request in writing, the Securing Parties jointly and severally agree to execute and deliver to the Applicable Secured Party 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 Trustee shall, upon request of the Securing Parties (except to the extent theretofore applied to the Junior Secured Obligations), be returned by the Trustee to the Securing Parties.

Rights Following Default. If any Event of Default shall have occurred, then so long as such Event of Default shall continue, and whether or not the Trustee Collateral Agent or any other Junior Secured Party exercises any available right to declare any Junior Secured Obligation due and payable or seeks or pursues any other relief or remedy available to it under applicable law or under or in respect of this Agreement Agreement, the Non-Sharing Intercreditor Agreement, the Solutia Credit Agreement, the Astaris Guaranty Agreement, the Co-gen Guaranty Agreement, the Co-gen Lease, the Designated Letters or the 2009 Notes IndentureCredit or any other agreement relating to such Secured Obligation, all dividends and other distributions on the Stock Collateral shall be paid directly to the Applicable Secured Party Collateral Agent and retained by it in the Collateral Account as part of the Stock Collateral, subject to the terms of this Agreement, and, if the Collateral Agent pursuant to the Senior Non-Sharing Security and Guarantee Agreement (at all times prior to the Senior Payment Date) or the Trustee (at any time on or after the Senior Payment Date) shall so request in writing, the Securing Parties jointly and severally agree to execute and deliver to the Applicable Secured Party Collateral Agent 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 Trustee Collateral Agent shall, upon request of the Securing Parties (except to the extent theretofore applied to the Junior Secured Obligations), be returned by the Trustee Collateral Agent to the Securing Parties.