Common use of Voting, Dividend and Distribution Rights Clause in Contracts

Voting, Dividend and Distribution Rights. At the option of the Secured Parties, all rights of the Company to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Section 6.1 above, and to receive the dividends and distributions which it would otherwise be authorized to receive and retain pursuant to Section 6.2 above, shall cease, and all such rights shall thereupon become vested in the Administrative Agent who shall thereupon have the sole right to exercise such voting and other consensual rights and to receive and to hold as Pledged Collateral such dividends and distributions. The Administrative Agent shall give notice thereof to the Company; provided, however, that (i) neither the giving of such notice nor the receipt thereof by the Company shall be a condition to exercise of any rights of Secured Parties hereunder, and (ii) Secured Parties shall incur no liability for failing to give such notice.

Voting, Dividend and Distribution Rights. At the option of the Secured PartiesAdministrative Agent, all rights of the Company Borrower to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Section 6.1 above5(a), and to receive the dividends and distributions which it would otherwise be authorized to receive and retain pursuant to Section 6.2 above5(b), shall cease, and all such rights shall thereupon become vested in the Administrative Agent who shall thereupon have the sole right to exercise such voting and other consensual rights and to receive and to hold as Pledged Collateral such dividends and distributions. The Administrative Agent shall give notice thereof to the CompanyBorrower; provided, however, that that (i) neither the giving of such notice nor the receipt thereof by the Company Borrower shall be a condition to exercise of any rights of Secured Parties the Administrative Agent hereunder, and (ii) Secured Parties the Administrative Agent shall incur no liability for failing to give such notice.

Voting, Dividend and Distribution Rights. At the option of the Secured Parties, all rights of the Company Pledgor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Section 6.1 above, and to receive the dividends and distributions which it would otherwise be authorized to receive and retain pursuant to Section 6.2 above, shall cease, and all such rights shall thereupon become vested in the Administrative Agent who shall thereupon have the sole right to exercise such voting and other consensual rights and to receive and to hold as Pledged Collateral such dividends and distributions. The Administrative Agent shall give notice thereof to the CompanyPledgor; provided, however, that (i) neither the giving of such notice nor the receipt thereof by the Company Pledgor shall be a condition to exercise of any rights of Secured Parties hereunder, and (ii) Secured Parties shall incur no liability for failing to give such notice.