Common use of Rights of Pledgee Clause in Contracts

Rights of Pledgee. If an Event of Default shall occur: (i) Pledgee shall have the right to receive any and all cash dividends paid in respect of the Pledged Shares, and (ii) at Pledgee's option, all the Collateral shall be transferred into the name of Pledgee or its nominee, and Pledgee or its nominee may, at its option, thereafter exercise (A) all voting and other rights pertaining to the Collateral and (B) any and all rights of conversion, exchange, subscription and any other rights, privileges or options pertaining to the Collateral as if it were the absolute owner thereof, all without liability except to account for property actually received by it, but Pledgee shall have no duty to the Pledgor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing.