Common use of Rights of Pledgee Clause in Contracts

Rights of Pledgee. a. Pledgee shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral if Pledgee takes such action for that purpose as Debtor shall request, but failure to honor any such request shall not of itself be deemed a failure to exercise reasonable care. Pledgee shall not be required to take any steps necessary to preserve any rights in the Collateral against prior parties nor to protect, preserve or maintain any security interest given to secure the Collateral. b. In Pledgee's discretion and without notice to Debtor, Pledgee may take any one or more of the following actions, without liability except to account for property actually received by Pledgee: (1) After default, transfer to or register in Pledgee's name or the name of Pledgee's nominee any of the Collateral, with or without indication of the security interest herein created, and whether or not so transferred or registered, receive the income, dividends and other distributions thereon or hold them or apply them to the Obligations in any order of priority; (2) After default, exercise or cause to be exercised all voting and corporate powers with respect to any of the Collateral so registered or transferred, including all rights of conversion, exchange, subscription or any other rights, privileges or options pertaining to such Collateral, as if the absolute owner thereof; (3) Exchange any of the Collateral for other property upon a reorganization, recapitalization or other readjustment and, in connection therewith, deposit any of the Collateral with any committee or depository upon such terms as Pledgee may determine; (4) In Pledgee's name or in the name of Debtor demand, sue for, collect o▇ receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral and, in connection therewith, endorse notes, checks, drafts, money orders, documents of title or other evidences of payment, shipment or storage in the name of Debtor; (5) Make any compromise or settlement deemed advisable with respect to any of the Collateral; (6) Renew, extend or otherwise change the terms and conditions of any of the Collateral or the Obligations; (7) Take or release any other collateral as security for any of the Collateral or the Obligations; (8) Add or release any guarantor, endorser, surety or other party to any of the Collateral or Obligations; and (9) Sue on, obtain judgment o▇ ▇r compromise on any of the Collateral. c. Pledgee shall be under no duty to exercise or to withhold the exercise of any of the rights, powers, privileges and options expressly or implicitly granted to Pledgee in this Agreement, and shall not be responsible for any failure to do so or delay in so doing.

Rights of Pledgee. a. (a) All money Proceeds received by Pledgee hereunder shall be applied as provided in Section 10(a) hereof. (b) If an Event of Default shall occur and be continuing, at Pledgee’s option, (1) Pledgee shall have the right to receive any and all cash dividends or other distributions paid in respect of the Pledged Interests and make application thereof to the Secured Obligations in such order as Pledgee may determine, and (2) the Pledged Interests shall be deemed to have exercised reasonable care registered in the custody name of Pledgee or its nominee, and preservation Pledgee or its nominee may thereafter exercise (A) all voting and other rights pertaining to the Pledged Interests at any meeting of owners of the Collateral applicable Issuer or otherwise and (B) any and all rights of conversion, exchange, subscription and any other rights, privileges or options pertaining to such Pledged Interests as if Pledgee takes such action for that purpose as Debtor shall requestit were the absolute owner thereof (including, but failure without limitation, the right to honor exchange at its discretion any such request shall not and all of itself be deemed a failure to exercise reasonable care. Pledgee shall not be required to take any steps necessary to preserve any rights the Pledged Interests upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the Collateral against prior parties nor company structure of any Issuer, or upon the exercise by Pledgor or Pledgee of any right, privilege or option pertaining to protectsuch Pledged Interests, preserve and in connection therewith, the right to deposit and deliver any and all of the Pledged Interests with any committee, depository, transfer agent, registrar or maintain any security interest given to secure the Collateral. b. In Pledgee's discretion other designated agency upon such terms and without notice to Debtor, conditions as Pledgee may take any one or more of the following actionsdetermine), all without liability except to account for property actually received by Pledgee: (1) After defaultit, transfer to or register in Pledgee's name or the name of Pledgee's nominee any of the Collateral, with or without indication of the security interest herein created, and whether or not so transferred or registered, receive the income, dividends and other distributions thereon or hold them or apply them to the Obligations in any order of priority; (2) After default, exercise or cause to be exercised all voting and corporate powers with respect to any of the Collateral so registered or transferred, including all rights of conversion, exchange, subscription or any other rights, privileges or options pertaining to such Collateral, as if the absolute owner thereof; (3) Exchange any of the Collateral for other property upon a reorganization, recapitalization or other readjustment and, in connection therewith, deposit any of the Collateral with any committee or depository upon such terms as Pledgee may determine; (4) In Pledgee's name or in the name of Debtor demand, sue for, collect o▇ receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral and, in connection therewith, endorse notes, checks, drafts, money orders, documents of title or other evidences of payment, shipment or storage in the name of Debtor; (5) Make any compromise or settlement deemed advisable with respect to any of the Collateral; (6) Renew, extend or otherwise change the terms and conditions of any of the Collateral or the Obligations; (7) Take or release any other collateral as security for any of the Collateral or the Obligations; (8) Add or release any guarantor, endorser, surety or other party to any of the Collateral or Obligations; and (9) Sue on, obtain judgment o▇ ▇r compromise on any of the Collateral. c. but Pledgee shall be under have no duty to Pledgor to exercise any such right, privilege or to withhold the exercise of any of the rights, powers, privileges and options expressly or implicitly granted to Pledgee in this Agreement, option and shall not be responsible for any failure to do so or delay in so doing.

Rights of Pledgee. a. Neither Pledgee nor any of the Lenders shall be deemed liable for failure to have exercised reasonable care collect or realize upon the Obligations or any collateral security or guaranty therefor, or any part thereof, or for any delay in the custody and preservation so doing, nor shall Pledgee or any of the Collateral if Pledgee takes such action for that purpose as Debtor shall request, but failure to honor Lenders be under any such request shall not of itself be deemed a failure to exercise reasonable care. Pledgee shall not be required obligation to take any steps necessary action whatsoever with regard thereto. Subject to preserve the Intercreditor Agreement, any rights in the Collateral against prior parties nor to protect, preserve or maintain any security interest given to secure the Collateral. b. In Pledgee's discretion and without notice to Debtor, Pledgee may take any one or more all of the following actionsPledged Interests held by Pledgee hereunder may, without liability except if an Event of Default has occurred and is continuing, in respect of which Pledgee has provided Pledgor with three (3) Business Days notice of its intention to account for property actually received by Pledgee: (1) After defaultexercise its rights hereunder, transfer to or register be registered in Pledgee's name or the name of Pledgee's Pledgee or its nominee any of the Collateral, with (if held in registered form) and Pledgee or its nominee may thereafter without indication of the security interest herein created, and whether or not so transferred or registered, receive the income, dividends and other distributions thereon or hold them or apply them to the Obligations in any order of priority; (2) After default, notice exercise or cause to be exercised all voting and corporate powers membership rights at any meeting with respect to any issuer of the Collateral so registered or transferred, including Pledged Interests and exercise any and all rights of conversion, exchange, subscription or any other rights, privileges or options pertaining to such Collateral, any of the Pledged Interests as if it were the absolute owner thereof; (3) Exchange , including, without limitation, the right to vote in favor of, and to exchange at its discretion any and all of the Collateral for other property upon a Pledged Interests upon, the merger, consolidation, reorganization, recapitalization or other readjustment andwith respect to any issuer of Pledged Interests or upon the exercise by Pledgor or Pledgee of any right, privilege or option pertaining to any of the Pledged Interests, and in connection therewith, to deposit and deliver any and all of the Collateral Pledged Interests with any committee committee, depository, transfer agent, registrar or depository other designated agency upon such terms and conditions as Pledgee may reasonably determine; (4) In , all without liability except to account for property actually received by Pledgee's name or in the name of Debtor demand, sue for, collect o▇ receive any money or property at any time payable or receivable on account of or in exchange for any of the Collateral and, in connection therewith, endorse notes, checks, drafts, money orders, documents of title or other evidences of payment, shipment or storage in the name of Debtor; (5) Make any compromise or settlement deemed advisable with respect to any of the Collateral; (6) Renew, extend or otherwise change the terms and conditions of any of the Collateral or the Obligations; (7) Take or release any other collateral as security for any of the Collateral or the Obligations; (8) Add or release any guarantor, endorser, surety or other party to any of the Collateral or Obligations; and (9) Sue on, obtain judgment o▇ ▇r compromise on any of the Collateral. c. but Pledgee shall be under have no duty to exercise or to withhold the exercise of any of the aforesaid rights, powers, privileges and or options expressly or implicitly granted to Pledgee in this Agreement, and shall not be responsible for any failure to do so or delay in so doing.