Common use of Exercise of Rights in Pledged Collateral Clause in Contracts

Exercise of Rights in Pledged Collateral. (i) Without in any way limiting the foregoing and subject to clause (ii) below, the Grantors shall have the right to exercise all voting rights or other rights relating to the Pledged Collateral for all purposes not inconsistent with this Security Agreement, the Credit Agreement or any other Loan Document; provided however, that no vote or other right shall be exercised or action taken which would have the effect of impairing the rights of the Collateral Agent in respect of the Pledged Collateral. (ii) Each Grantor will permit the Collateral Agent or its nominee at any time after the occurrence and during the continuation of an Event of Default, without notice, to exercise all voting rights or other rights relating to Pledged Collateral (other than Pledged ULC Shares), including, without limitation, exchange, subscription or any other rights, privileges, or options pertaining to any Equity Interest or Investment Property constituting Pledged Collateral (other than Pledged ULC Shares) as if it were the absolute owner thereof. (iii) Each Grantor shall be entitled to collect and receive for its own use all cash dividends and interest paid in respect of the Pledged Collateral (other than Pledged ULC Shares) to the extent not in violation of the Credit Agreement and except as otherwise provided under the Credit Agreement and the other Loan Documents.

Exercise of Rights in Pledged Collateral. (i) Without in any way limiting the foregoing and subject to clause (ii) below, the Grantors such Grantor shall have the right to exercise all voting rights or other rights relating to the Pledged Collateral owned by it for all purposes not inconsistent with this Security Agreement, the Credit Agreement or any other Loan Document; provided provided, however, that no vote or other right shall be exercised or action taken which would have the effect of impairing the rights of the Collateral Administrative Agent in respect of the such Pledged Collateral. (ii) Each Such Grantor will permit the Collateral Administrative Agent or its nominee at any time after the occurrence and during the continuation of an Event of Default, without notice, to exercise all voting rights or other rights relating to the Pledged Collateral (other than Pledged ULC Shares)owned by it, including, without limitation, exchange, subscription or any other rights, privileges, or options pertaining to any Equity Interest Capital Stock or Investment Property constituting such Pledged Collateral (other than Pledged ULC Shares) as if it were the absolute owner thereof. (iii) Each Unless an Event of Default shall have occurred and be continuing, such Grantor shall be entitled to collect and receive for its own use all cash dividends and interest paid in respect of the Pledged Collateral (other than Pledged ULC Shares) owned by it to the extent not in violation of the Credit Agreement Agreement. If an Event of Default shall occur and except as otherwise provided under the Credit Agreement be continuing and the Administrative Agent shall give written notice of its intent to exercise such rights to the relevant Grantor or Grantors, the Administrative Agent shall have the right to receive all such cash dividends, interest, payments and other Loan DocumentsProceeds paid in respect of the Pledged Collateral.