Common use of Rights of the Pledgee Clause in Contracts

Rights of the Pledgee. Upon the happening and during the occurrence of any Event of Default under the Equipment Operating Lease or the Foundation Operating Lease, the Pledgee may (in addition to any other actions permitted under the other Operative Documents or by statute or at law or in equity) exercise any rights or remedies granted hereunder. The Pledgee may enforce the right of pledge created hereby to the fullest extent possible in accordance with, and shall be entitled to all rights, remedies and benefits afforded to pledgees under, the laws of the State of New York. To the extent necessary to realize the benefit of the pledge effected by this Agreement, the Pledgor authorizes the Pledgee to exercise any of its rights under the Deposit Agreement or with respect to the Deposit Account.

Rights of the Pledgee. Upon the happening and during the occurrence of any Event of Default under the Equipment Operating Lease or the Foundation Operating Lease, the Pledgee may (in addition to any other actions permitted under the other Operative Documents or by statute or at law or in equity) exercise any rights or remedies granted hereunder. The Pledgee may enforce the right of pledge created assignment and grant made hereby to the fullest extent possible in accordance with, and shall be entitled to all rights, remedies and benefits afforded to pledgees secured parties under, the laws of the State of New York. To the extent necessary to realize the benefit of the pledge of the Investment Agreement effected by this Agreement, the Pledgor authorizes the Pledgee to exercise any of its rights under the Deposit Agreement or with respect to the Deposit AccountInvestment Agreement.