Common use of Partnership Action Clause in Contracts

Partnership Action. So long as no Default has occurred, Assignor shall be entitled to exercise all rights pertaining to the Collateral. After the occurrence and during the continuance of a Default, the right to vote or take action as a result of owning the Collateral shall be vested exclusively in Agent. To this end, Assignor irrevocably appoints Agent the proxy and attorney-in-fact of Assignor, with full power of substitution, to vote and to act with respect to the Collateral, subject to the understanding that such proxy may not be exercised unless a Default has occurred and is continuing. The proxy herein granted is coupled with an interest, is irrevocable, and shall continue until the Obligation has been paid and performed in full.

Partnership Action. So long as no Default has occurred, Assignor shall be entitled to exercise all rights pertaining to the Collateral. After the occurrence and during the continuance of a Default, the right to vote or take action as a result of owning the Collateral shall be vested exclusively in Agent. To this end, Assignor irrevocably appoints Agent the proxy and attorney-attorney- in-fact of Assignor, with full power of substitution, to vote and to act with respect to the Collateral, subject to the understanding that such proxy may not be exercised unless a Default has occurred and is continuing. The proxy herein granted is coupled with an interest, is irrevocable, and shall continue until the Obligation has been paid and performed in full.