Common use of Voting; Dividends; Proceeds Clause in Contracts

Voting; Dividends; Proceeds. (a) Unless and until an Event of Default (as described in Section 5.01 hereof) shall have occurred and notice has been given pursuant to Section 4.01(b) hereof, the Pledgor shall be entitled to exercise all voting and consensual powers pertaining to any part of the Collateral. (b) Upon the occurrence and during the continuance of an Event of Default (as described in Section 5.01 hereof), Xxxxxx may at his option at any time provide notice to the Pledgor that all rights of the Pledgor to exercise the voting or consensual rights and powers which the Pledgor is entitled to exercise pursuant to Section 4.01(a) hereof shall cease, and all such rights shall thereupon become vested in Xxxxxx (for the benefit of Xxxxxx) who shall have the sole and exclusive right and authority to exercise the voting or consensual rights and powers relating or pertaining to the Collateral or any part thereof.