Common use of Rights of the Pledgee Clause in Contracts

Rights of the Pledgee. Until the expiry of the Security Period or the release of the Pledge hereunder, pursuant to Clause 16, the Pledgor shall not, after a claim has been made or by virtue of any payment made, security realised or moneys received hereunder for or on the account of the liabilities of any other party: (i) be subrogated to any rights, security or moneys held, received or receivable by the Pledgee or be entitled to any right of contribution or indemnity; or (ii) claim, rank, prove or vote as a creditor of any party for its estate in competition with the Pledgee; (iii) receive claims or have the benefit of payments, distributions or security from or on account of any party, or exercise any rights of set off as against such other party, other than as permitted by the Credit Agreement or hereunder. Any release, discharge or settlement between the Pledgor and the Pledgee shall be conditional upon no security disposition or payment to the Pledgee or any other Secured Party being void or set aside or ordered to be refused and if such condition shall not be fulfilled, the Pledgee shall be entitled to enforce the security created by this Pledge Agreement as if such release, settlement or discharge had not occurred and any such payment had not been made. To the extent provided by the First Lien Security Agreement, the Pledgee shall not be responsible for any loss occasioned by the timing of the exercise of its powers under this Pledge Agreement other than as a direct result of its gross negligence or wilful misconduct.

Rights of the Pledgee. Until the expiry of the Security Period or the release of the Pledge hereunder, pursuant to Clause 16, the Pledgor shall not, after a claim has been made or by virtue of any payment made, security realised or moneys received hereunder for or on the account of the liabilities of any other party: (i) be subrogated to any rights, security or moneys held, received or receivable by the Pledgee or be entitled to any right of contribution or indemnity; or (ii) claim, rank, prove or vote as a creditor of any party for its estate in competition with the Pledgee; (iii) receive claims or have the benefit of payments, distributions or security from or on account of any party, or exercise any rights of set off as against such other party, other than as permitted by the Credit Agreement Note Documents or hereunder. Any release, discharge or settlement between the Pledgor and the Pledgee shall be conditional upon no security disposition or payment to the Pledgee or any other Secured Party being void or set aside or ordered to be refused and if such condition shall not be fulfilled, the Pledgee shall be entitled to enforce the security created by this Pledge Agreement as if such release, settlement or discharge had not occurred and any such payment had not been made. To the extent provided by the First Second Lien Security Agreement, the Pledgee shall not be responsible for any loss occasioned by the timing of the exercise of its powers under this Pledge Agreement other than as a direct result of its gross negligence or wilful misconductneglect.