Common use of Action with Respect to Securities of Other Corporations Clause in Contracts

Action with Respect to Securities of Other Corporations. Unless otherwise directed by the Board of Directors, the President shall have power to vote and otherwise act on behalf of the Corporation, in person or by proxy, at any meeting of security holders of or with respect to any action of security holders of any other entity in which this Corporation may hold securities, and otherwise to exercise any and all rights and powers which this Corporation may possess by reason of its ownership of such securities, in each case with respect to any vote, action or exercise of rights or powers with respect to any matter which would have been within the authority of the President had such vote, action or exercise of rights or powers been taken with respect to the Corporation. For purposes of this Section, the term "security" includes any partnership interest, membership interest, units, or other security owned by the Corporation in an entity, and the term "security holder" includes partner, member, unit holder, and shareholder in an entity.