Common use of Voting Rights and Ordinary Payments After an Enforcement Event Clause in Contracts

Voting Rights and Ordinary Payments After an Enforcement Event. Upon the occurrence and during the continuance of any Enforcement Event, all rights of Pledgor to exercise or refrain from exercising the voting and other consensual rights that it would otherwise be entitled to exercise pursuant to Section 5.01(a) hereof and to receive the payments, proceeds, dividends, distributions, monies, compensation, property, assets, instruments or rights that Pledgor would otherwise be authorized to receive and retain pursuant to Section 5.01(b) hereof shall cease, and thereupon Secured Party shall be entitled to exercise all voting power with respect to the Pledged Securities and to receive and retain, as additional collateral hereunder, any and all payments, proceeds, dividends, distributions, monies, compensation, property, assets, instruments or rights at any time declared or paid upon any of the Pledged Collateral during such an Enforcement Event and otherwise to act with respect to the Pledged Collateral as outright owner thereof. Pledgor hereby grants Secured Party and each Delegate an irrevocable proxy to exercise all voting powers with respect to the Pledged Securities.