Common use of On Default Clause in Contracts

On Default. If an Event of Default shall occur and be continuing, the Secured Party, for so long as said Event of Default shall continue to exist, shall be entitled to receive and retain as collateral security for the Obligations any and all dividends and other distributions at any time and from time to time declared upon or paid with respect to any of the Collateral and to exercise any and all voting rights and all rights of payment, conversion, exchange, subscription or any other rights, privileges or options pertaining to the Collateral as if the Secured Party were the absolute owner thereof, including, without limitation, the right to exchange, at the discretion of the Secured Party any and all of the Collateral upon any merger, consolidation, reorganization, recapitalization or other readjustment of the issuing corporation, and upon the exercise of any such right, privilege or option pertaining to the Collateral, to deposit and deliver any and all of the Collateral with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Secured Party may determine, all without liability except to account for property actually received by the Secured Party; PROVIDED, HOWEVER, that the Secured Party shall have no duty to Latorella to exercise any of the aforesaid rights, privileges or op▇▇▇▇▇ ▇▇▇ shall not be responsible for any failure or delay with respect to the exercise of any such rights, privileges or options.

On Default. If an Event of Default shall occur and be continuing, the Secured PartyCompany, for so long as said that Event of Default shall continue to exist, shall be entitled to receive and retain as collateral security for the Obligations any and all dividends and other distributions at any time and from time to time declared upon or paid with respect to any of the Collateral and to exercise any and all voting rights and all rights of payment, conversion, exchange, subscription or any other rights, privileges or options pertaining to the Collateral as if the Secured Party Company were the absolute owner thereof, including, without limitation, the right to exchange, at the discretion of the Secured Party Company any and all of the Collateral consisting of securities upon any merger, consolidation, reorganization, recapitalization or other readjustment of the issuing corporation, and and, upon the exercise of any such right, privilege or option pertaining to the Collateral, to deposit and deliver any and all of the Collateral with any committee, depositarydepository, transfer agent, registrar or other designated agency upon such terms and conditions as the Secured Party Company may determine, all without liability except to account for property actually received by the Secured PartyCompany; PROVIDED, HOWEVER, that the Secured Party Company shall have no duty to Latorella Luster to exercise any of the aforesaid rights, privileges or op▇▇▇▇▇ ▇▇▇ options and shall not be responsible for any failure or delay with respect to the exercise of any such rights, privileges or options.