Common use of REMEDIES AFTER DEFAULT Clause in Contracts

REMEDIES AFTER DEFAULT. 9.1 Upon the occurrence and during the continuance of a Default, all rights of Pledgor to exercise the voting and/or consensual rights and powers which it is entitled to exercise pursuant to paragraph 7 and/or to receive the dividends which it is authorized to receive and retain pursuant to paragraph 7 shall cease, and all such rights shall thereupon become vested in Pledgeholder who shall have the sole andexclusive right and authority to excercise such voting and/or consensual rights and powers and/or to receive and retain the dividends which Pledgor would otherwise be authorized to retain pursuant to paragraph 7. Any and all money and other property paid over to or received by Pledgeholder pursuant to the provisions of this paragraph 7 shall be retained by Pledgeholder as part of the Collateral and be applied in accordance with the provisions hereof. In the event of a default, Pledgeholder or Pledges may use the stock powers executed in blank and delivered hereunder to require that all or any part of the Collateral be transferred to Pledgee on the records of the Company and Pledgee shall be entitled to represent and vote the Shares. In addition to having the right to exercise any right or remedy of a secured party upon default under the California Commercial Code, Pledgeholder shall, if directed to do so by Written Notice, to the extent permitted by law, without being required to give any notice to Pledgor except as provided below: