Common use of Holding Pledged Collateral; Exchanges Clause in Contracts

Holding Pledged Collateral; Exchanges. The Pledgee may hold any of the Pledged Collateral, endorsed or assigned in blank, and following an Event of Default, may make denominational exchanges or registrations or transfers or for such other reasonable purpose in furtherance of this Agreement as the Pledgee may deem desirable. The Pledgee shall have the right, if necessary to perfect its security interest, to transfer to or register in the name of the Pledgee or any of its nominees, any or all of the Pledged Collateral; provided that notwithstanding the foregoing, until any transfer of beneficial ownership with respect to the Pledged Collateral pursuant to any exercise of remedies under Section 8 hereof, Pledgor shall continue to be the beneficial owner of the Pledged Collateral. In addition, the Pledgee shall have the right at any time following the occurrence and continuance of an Event of Default to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations.