Unlimited Liability Companies. Notwithstanding any provisions to the contrary contained in this Agreement, any other Loan Document or any other document or agreement among all or some of the parties hereto, with regard to any Collateral which is shares or membership interests in an unlimited company, unlimited liability company or unlimited liability corporation incorporated or otherwise formed under the laws of the Province of Nova Scotia or any other applicable province of Canada (the “Pledged ULC Shares”), any Credit Party who has granted a security interest in Pledged ULC Shares or any Credit Party that is as of the date of this Agreement a sole registered or beneficial owner of Pledged ULC Shares will remain so until such time as such Pledged ULC Shares are fully and effectively transferred into the name of Agent, any of the Lenders or other Secured Parties, or any other Person on the books and records of such unlimited company, unlimited liability company or unlimited liability corporation (“ULC”). Nothing in this Agreement, any other Loan Document or any other document or agreement among all or some of the parties hereto is intended to or shall constitute Agent, any of the Lenders or other Secured Parties or any Person other than such Credit Party to be a member or shareholder of any ULC for the purposes of the Companies Act (Nova Scotia) or other Applicable Law until such time as written notice is given to such Credit Party and all further steps are taken so as to register the Agent, a Lender, a Secured Party or another Person as holder of the Pledged ULC Shares on the books of the ULC. The granting of the security interest pursuant to this Agreement or any other Loan Document is not intended to make Agent, or any of the Lenders or other Secured Parties, a successor to such Credit Party as a member or shareholder of any ULC, and neither Agent nor any of the Lenders or other Secured Parties any of their respective successors or assigns hereunder shall be deemed to become a member or shareholder of any ULC by accepting this Agreement or any other Loan Document or exercising any right granted herein or therein unless and until such time, if any, when Agent, any of the Lenders or other Secured Parties or any successor or assign thereof expressly becomes a registered member or shareholder of such ULC. Such Credit Party shall be entitled to receive and retain for its own account any dividends or other distributions, if any, in respect of the Collateral which is Pledged ULC Shares (sub...
Unlimited Liability Companies. If the grant by the Corporation of the Security Interests in any rights of the Corporation in or to any shares in the capital stock of an Unlimited Liability Company would impose obligations on the Secured Parties, such shares shall not be subject to the Security Interests. The Security Interests shall nonetheless immediately attach to any rights of the Corporation arising under, by reason of or otherwise in respect of such shares, such as the right to receive dividends and all proceeds of such shares, ("SHARE-RELATED RIGHTS") if and to the extent and as at the time such attachment to the Share-related Rights would not impose obligations on the Secured Parties. To the extent obligations would not be imposed on the Secured Parties, the Corporation will provide the Administrative Agent with the benefits of such shares and will enforce all Share-related Rights at the direction of the Administrative Agent for the benefit of the Secured Parties or such other Person (including any purchaser of Collateral from the Administrative Agent or any Receiver) as the Administrative Agent may designate.
