Common use of Administration of the Pledged Securities Clause in Contracts

Administration of the Pledged Securities. (a) Until there shall have occurred and be continuing an Event of Default, each Pledgor shall be entitled to vote or consent with respect to the Pledged Securities in any manner not inconsistent with this Pledge Agreement or any document or instrument delivered or to be delivered pursuant to or in connection with any thereof; provided, however, that no Pledgor will be entitled to exercise any such right if the result thereof could materially and adversely affect the rights inuring to a holder of the Pledged Securities or the rights and remedies of the Lender under this Pledge Agreement or the Credit Agreement or the Loan Documents or the ability of the Lender to exercise the same. If there shall have occurred and be continuing an Event of Default and the Lender shall have notified a Pledgor that the Lender desires to exercise its proxy rights with respect to all or a portion of the Pledged Securities, such Pledgor hereby grants to the Lender an irrevocable proxy for the Pledged Securities of such Pledgor pursuant to which proxy the Lender shall be entitled to vote or consent, in its discretion, and in such event each such Pledgor agrees to deliver to the Lender such further evidence of the grant of such proxy as the Lender may request. Upon the occurrence and during the continuance of an Event of Default, all rights of each Pledgor to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to this Pledge Agreement shall cease, and all such rights shall thereupon become vested in the Lender, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers.

Administration of the Pledged Securities. (a) Until there shall have occurred and be continuing an Event of Default, each Pledgor Debtor shall be entitled to vote or consent with respect to the Pledged Securities in any manner not inconsistent with this Pledge Agreement or any document or instrument delivered or to be delivered pursuant to or in connection herewith and to receive all regular dividends paid with any thereofrespect to the Pledged Securities; provided, however, that no Pledgor Debtor will not be entitled to exercise any such right if the result thereof could materially and adversely affect the rights inuring to a holder of the Pledged Securities or the rights and remedies of the Lender Secured Party under this Pledge Agreement, the Purchase Agreement or the Credit Agreement or the Loan Documents Note or the ability of the Lender Secured Party to exercise the same. If there shall have occurred and be continuing an Event of Default and the Lender Secured Party shall have notified a Pledgor Debtor that the Lender Secured Party desires to exercise its proxy rights with respect to all or a portion of the Pledged Securities, such Pledgor Debtor hereby grants to the Lender Secured Party an irrevocable proxy for the Pledged Securities of such Pledgor pursuant to which proxy the Lender Secured Party shall be entitled to vote or consent, in its discretion, and in such event each such Pledgor Debtor agrees to deliver to the Lender Secured Party such further evidence of the grant of such proxy as the Lender Secured Party may request. Upon the occurrence and during the continuance of an Event of Default, all rights of each Pledgor Debtor to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to this Pledge Agreement shall cease, and all such rights shall thereupon become vested in the LenderSecured Party, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers.

Administration of the Pledged Securities. (a) Until there shall have occurred and be continuing an Event of Default, each Pledgor the Borrower shall be entitled to vote or consent with respect to the Pledged Securities in any manner not inconsistent with this Pledge Agreement or any document or instrument delivered or to be delivered pursuant to or in connection with any thereof; provided, however, that no Pledgor Borrower will not be entitled to exercise any such right if the result thereof could materially and adversely affect the rights inuring to a holder of the Pledged Securities or the rights and remedies of the Lender Bank under this Pledge Agreement or Agreement, the Credit Agreement or the Loan Documents or the ability of the Lender Bank to exercise the same. If there shall have occurred and be continuing an Event of Default and the Lender Bank shall have notified a Pledgor Borrower that the Lender Bank desires to exercise its proxy rights with respect to all or a portion of the Pledged Securities, such Pledgor the Borrower hereby grants to the Lender Bank an irrevocable proxy for the Pledged Securities of such Pledgor the Borrower pursuant to which proxy the Lender Bank shall be entitled to vote or consent, in its discretion, and in such event event, each such Pledgor the Borrower agrees to deliver to the Lender Bank such further evidence of the grant of such proxy as the Lender Bank may request. Upon the occurrence and during the continuance of an Event of Default, all rights of each Pledgor the Borrower to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to this Pledge Agreement shall cease, and all such rights shall thereupon become vested in the LenderBank, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers.

Administration of the Pledged Securities. (a) Until there shall have occurred and be continuing an Event of Default, each Pledgor shall be entitled to vote or consent with respect to the Pledged Securities in any manner not inconsistent with this Pledge Agreement or any document or instrument delivered or to be delivered pursuant to or in connection with any thereof; provided, however, that no Pledgor will be entitled to exercise any such right if the result thereof could materially and adversely affect the rights inuring to a holder of the Pledged Securities or the rights and remedies of the Lender Administrative Agent under this Pledge Agreement or Agreement, the Credit Agreement or the Loan Documents or the ability of the Lender Administrative Agent to exercise the same. If there shall have occurred and be continuing an Event of Default and the Lender Administrative Agent shall have notified a Pledgor that the Lender Administrative Agent desires to exercise its proxy rights with respect to all or a portion of the Pledged Securities, such Pledgor hereby grants to the Lender Administrative Agent an irrevocable proxy for the Pledged Securities of such Pledgor pursuant to which proxy the Lender Administrative Agent shall be entitled to vote or consent, in its discretion, and in such event event, each such Pledgor agrees to deliver to the Lender Administrative Agent such further evidence of the grant of such proxy as the Lender Administrative Agent may request. Upon the occurrence and during the continuance of an Event of Default, all rights of each Pledgor to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to this Pledge Agreement shall cease, and all such rights shall thereupon become vested in the LenderAdministrative Agent, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers.

Administration of the Pledged Securities. (a) Until there shall have occurred and be continuing an Event of Default, each Pledgor shall be entitled to vote or consent with respect to the Pledged Securities in any manner not inconsistent with this Pledge Agreement or any document or instrument delivered or to be delivered pursuant to or in connection with any thereof; provided, however, that no Pledgor will be entitled to exercise any such right if the result thereof could materially and adversely affect the rights inuring to a holder of the Pledged Securities or the rights and remedies of the Lender Administrative Agent under this Pledge Agreement or Agreement, the Credit Agreement or the Loan Documents or the ability of the Lender Administrative Agent to exercise the same. If there shall have occurred and be continuing an Event of Default and the Lender Administrative Agent shall have notified a Pledgor that the Lender Administrative Agent desires to exercise its proxy rights with respect to all or a portion of the Pledged Securities, such Pledgor hereby grants to the Lender Administrative Agent an irrevocable proxy for the Pledged Securities of such Pledgor pursuant to which proxy the Lender Administrative Agent shall be entitled to vote or consent, in its discretion, and in such event event, each such Pledgor agrees to deliver to the Lender Administrative H - 4 Form of Pledge Agreement Agent such further evidence of the grant of such proxy as the Lender Administrative Agent may request. Upon the occurrence and during the continuance of an Event of Default, all rights of each Pledgor to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to this Pledge Agreement shall cease, and all such rights shall thereupon become vested in the LenderAdministrative Agent, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers.