Rights of Beneficial Ownership. Upon an event of default under the Redemption Note, and subject to Section 3(b), Lender shall be deemed the beneficial owner of the Shares and shall have all rights and benefits incident thereto. Xxxxxx and Guarantors, and each of them, agree to execute any necessary proxies or other documents to effectuate this right. So long as Guarantor owns the Shares and no event of default has occurred under the Redemption Note, Guarantor shall be entitled to vote any shares comprising the Collateral, subject to any proxies granted by Guarantor.
Rights of Beneficial Ownership. Upon an event of default under the Note and until such event of default is cured or waived, Lender shall be deemed the beneficial owner of the Shares and shall have all rights and benefits incident thereto. Lender and Borrower agree to execute any necessary proxies or other documents to effectuate this right. All dividends hereinafter declared on or payable with respect to any Collateral (excluding only ordinary cash dividends, which will be payable to Borrower so long as no event of default has occurred under the Note) (the “Dividends”) will be immediately delivered to Pledge Holder to be held in pledge under this Pledge Agreement. So long as Borrower owns the Shares and no event of default has occurred under the Note, Borrower will be entitled to vote any shares comprising the Collateral, subject to any proxies granted by Borrower.
