Common use of Additional Rights of Agent Clause in Contracts

Additional Rights of Agent. Upon the occurrence and during the continuation of an Event of Default, the Agent for the benefit of the Secured Parties shall be entitled to receive from the Pledgor and retain, as collateral security for or applied to the payment of the Secured Obligations, as applicable, any and all dividends or other distributions at any time and from time to time declared or made upon any of the Pledged Collateral, and to exercise any and all rights of payment, conversion, exchange, subscription or any other rights, privileges or options pertaining to the Pledged Collateral as if it were the absolute owner thereof, including, without limitation, the right to exchange, at its discretion and for equivalent rights, any and all of the Pledged Collateral upon the merger, consolidation, reorganization, recapitalization or other readjustment of the Borrower or, upon the exercise of any such right, privilege or option pertaining to the Pledged Collateral, and in connection therewith, to deposit and deliver any and all of the Pledged Collateral with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Agent may determine, all without liability except to account for property actually received, but the Agent shall have no duty to exercise any of the aforesaid rights, privileges or options and shall not be responsible for any failure to do so or delay in so doing. The Pledgor hereby agrees to execute and deliver to the Agent for the benefit of the Secured Parties such additional powers, authorizations, proxies and other such documents as the Agent may reasonably request to accomplish the purposes of Sections 8 and 9 hereof.

Additional Rights of Agent. Upon the occurrence and during the continuation of an Event of Default, the Agent for the benefit of the Secured Parties shall be entitled to receive from the Pledgor and retain, as collateral security for or applied to the payment of the Secured Obligations, as applicable, any and all dividends or other distributions at any time and from time to time declared or made upon any of the Pledged Collateral, and to exercise any and all rights of payment, conversion, exchange, subscription or any other rights, privileges or options pertaining to the Pledged Collateral as if it were the absolute owner thereof, including, without limitation, the right to exchange, at its discretion and for equivalent rights, any and all of the Pledged Collateral upon the merger, consolidation, reorganization, recapitalization or other readjustment of the Borrower or, upon the exercise of any such right, privilege or option pertaining to the Pledged Collateral, and in connection therewith, to deposit and deliver any and all of the Pledged Collateral with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Agent may determine, all without liability except to account for property actually received, but the Agent shall have no duty to exercise any of the aforesaid rights, privileges or options and shall not be responsible for any failure to do so or delay in so doing. The Pledgor hereby agrees to execute and deliver to the Agent for the benefit of the Secured Parties such additional powers, authorizations, proxies and other such documents as the Agent may reasonably request to accomplish the purposes of Sections 8 and 9 hereof.