Common use of Rights of the Pledgor Clause in Contracts

Rights of the Pledgor. (1) Until (i) an Event of Default has occurred and is continuing, (ii) the Pledge has become enforceable, and (iii) the Bank has delivered written notice to the Pledgor suspending the Pledgor's right to vote the Securities, the Pledgor shall be entitled to vote the Securities and to receive all dividends, payments or other distributions in respect thereof. (2) Except as otherwise provided in the Loan Documents, whenever the Pledge has become enforceable and the Bank has delivered written notice to the Pledgor suspending the Pledgor's right to vote the Securities, all rights of the Pledgor to exercise the voting and other rights or to receive the dividends, payments and other distributions it would otherwise be entitled to exercise or receive shall cease, and all such rights shall thereupon become vested solely and absolutely in the Bank. (3) Any dividends, payments or other distributions received hereunder by (i) the Bank prior to the Pledge becoming enforceable in accordance with Section 2.5(1); or (ii) the Pledgor contrary to Section 2.5(2) or any other moneys or other property which may be received by the Pledgor at any time for or in respect of the Securities contrary thereto shall, in each case, be received by such party as trustee for the party entitled hereunder to receive such amounts and shall be forthwith paid over thereto.

Rights of the Pledgor. (1) Until (i) an Event of Default has occurred and is continuing, (ii) the Pledge has become enforceable, and (iii) the Bank has delivered written notice to the Pledgor suspending the Pledgor's ’s right to vote the Securities, the Pledgor shall be entitled to vote the Securities and to receive all dividends, payments or other distributions in respect thereof. (2) Except as otherwise provided in the Loan Documents, whenever the Pledge has become enforceable and the Bank has delivered written notice to the Pledgor suspending the Pledgor's ’s right to vote the Securities, all rights of the Pledgor to exercise the voting and other rights or to receive the dividends, payments and other distributions it would otherwise be entitled to exercise or receive shall cease, and all such rights shall thereupon become vested solely and absolutely in the Bank. (3) Any dividends, payments or other distributions received hereunder by (i) the Bank prior to the Pledge becoming enforceable in accordance with Section 2.5(1); or (ii) the Pledgor contrary to Section 2.5(2) or any other moneys or other property which may be received by the Pledgor at any time for or in respect of the Securities contrary thereto shall, in each case, be received by such party as trustee for the party entitled hereunder to receive such amounts and shall be forthwith paid over thereto.