Common use of SECURITIES AS COLLATERAL Clause in Contracts

SECURITIES AS COLLATERAL. (a) Upon the occurrence and during the continuance of an Event of Default, the Secured Party may at any time, at its option, transfer to itself or any nominee any securities constituting Collateral, receive any income thereon and hold such income as additional Collateral or apply it to the Obligations. If the Secured Party so elects to exercise its right herein and gives notice of such election to the Company, upon the occurrence and during the continuance of an Event of Default to the extent permitted under applicable law, the Secured Party may vote any or all of the securities constituting Collateral possessing voting rights (whether or not the same shall have been transferred into its name or the name of its nominee or nominees) and give all consents, waivers and ratifications in respect of the securities constituting Collateral and otherwise act with respect thereto as though it were the outright owner thereof, the Company hereby irrevocably constituting and appointing the Secured Party the proxy and attorney-in-fact of the Company, with full power of substitution, to do so. So long as no Event of Default is continuing, the Company shall be entitled to receive all cash dividends paid in respect of the securities of which the Company is the registered owner, to vote such securities and to give consents, waivers and ratifications in respect of such securities, provided that no vote shall be cast, or consent, waiver or ratification given or action taken which would be inconsistent with or violate any provisions of any of the Loan Documents or this Agreement.

SECURITIES AS COLLATERAL. (a) Upon the occurrence and during the continuance of an Event of DefaultAccelerated Redemption Event, the Secured Party may at any time, at its option, transfer to itself or any nominee any securities constituting Collateral, receive any income thereon and hold such income as additional Collateral or apply it to the Obligations, subject to the Credit Documents until Discharge of the First Lien Obligations has occurred. If the Secured Party so elects to exercise its right herein and gives notice of such election to the CompanyGrantors, upon the occurrence and during the continuance of an Accelerated Redemption Event of Default to the extent permitted under applicable law, the Secured Party may vote any or all of the securities constituting Collateral possessing voting rights (whether or not the same shall have been transferred into its name or the name of its nominee or nominees) and give all consents, waivers and ratifications in respect of the securities constituting Collateral and otherwise act with respect thereto as though it were the outright owner thereof, the Company Grantors hereby irrevocably constituting and appointing the Secured Party the proxy and attorney-in-fact of the CompanyGrantors, with full power of substitution, to do so. This power of attorney is coupled with an interest and may not be revoked by the Grantors while any Obligations are owing to the Secured Party. So long as no Accelerated Redemption Event of Default is continuing, the Company Grantors shall be entitled to receive all cash dividends paid in respect of the securities of which the Company any Grantor is the registered owner, to vote such securities and to give consents, waivers and ratifications in respect of such securities, provided that no vote shall be cast, or consent, waiver or ratification given or action taken which would be inconsistent with or violate any provisions of any of the Loan Credit Documents or this Agreement.

SECURITIES AS COLLATERAL. (a) Upon the occurrence and during the continuance of an Event of Default, the Secured Party Agent may at any time, at its option, transfer to itself or any nominee any securities constituting Collateral, receive any income thereon and hold such income as additional Collateral or apply it to the Obligations. If the Secured Party Agent so elects to exercise its right herein and gives notice of such election to the CompanyGrantor, upon the occurrence and during the continuance of an Event of Default to the extent permitted under applicable U.S. and non-U.S. law, the Secured Party Agent may vote any or all of the securities constituting Collateral possessing voting rights (whether or not the same shall have been transferred into its name or the name of its nominee or nominees) and give all consents, waivers and ratifications in respect of the securities constituting Collateral and otherwise act with respect thereto as though it were the outright owner thereof, the Company Grantor hereby irrevocably constituting and appointing the Secured Party Agent the proxy and attorney-in-fact of the CompanyGrantor, with full power of substitution, to do so. This power of attorney is coupled with an interest and may not be revoked by the Grantor while any Obligations are owing to the Agent and/or Lenders. So long as no Event of Default is continuing, the Company Grantor shall be entitled to receive all cash dividends paid in respect of the securities of which the Company Grantor is the registered owner, to vote such securities and to give consents, waivers and ratifications in respect of such securities, provided that no vote shall be cast, or consent, waiver or ratification given or action taken which would be inconsistent with or violate any provisions of any of the Loan Credit Documents or this Agreement.

SECURITIES AS COLLATERAL. (a) Upon the occurrence and during the continuance of an Event of Default, the Secured Party Agent may at any time, at its option, transfer to itself or any nominee any securities constituting Collateral, receive any income thereon and hold such income as additional Collateral or apply it to the Obligations. If the Secured Party Agent so elects to exercise its right herein and gives notice of such election to the Company, upon the occurrence and during the continuance of an Event of Default to the extent permitted under applicable law, the Secured Party Agent may vote any or all of the securities constituting Collateral possessing voting rights (whether or not the same shall have been transferred into its name or the name of its nominee or nominees) and give all consents, waivers and ratifications in respect of the securities constituting Collateral and otherwise act with respect thereto as though it were the outright owner thereof, the Company hereby irrevocably constituting and appointing the Secured Party Agent the proxy and attorney-inIn-fact of the Company, with full power of substitution, to do so. So long as no Event of Default is continuing, the Company shall be entitled to receive all cash dividends paid in respect of the securities of which the Company is the registered owner, to vote such securities and to give consents, waivers and ratifications in respect of such securities, provided that no vote shall be cast, or consent, waiver or ratification given or action taken which would be inconsistent with or violate any provisions of any of the Loan Credit Documents or this Agreement.