Common use of RIGHTS OF MEZZANINE LENDER Clause in Contracts

RIGHTS OF MEZZANINE LENDER. (a) If an Event of Default shall occur and be continuing, Mezzanine Lender shall have the right to receive any and all distributions of property and any and all amounts paid in respect of the Pledged Interests, in each case, from and after the occurrence of such Event of Default, and make application thereof to the Obligations, in such order as Mezzanine Lender, in its sole discretion, may elect. If an Event of Default shall occur and be continuing, then all such Pledged Interests at Mezzanine Lender's option shall be registered in the name of Mezzanine Lender or its nominee, and Mezzanine Lender or its nominee may thereafter exercise (x) all voting and other rights pertaining to such Pledged Interests and (y) any and all rights of conversion, exchange, subscription and any other rights, privileges or options pertaining to such Pledged Interests as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Pledged Interests upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the organizational structure of Company, or upon the exercise by Pledgor or Mezzanine Lender of any right, privilege or option pertaining to such Pledged Interests, and in connection therewith, the right to deposit and deliver any and all of the Pledged Interests with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it may determine), all without liability except to account for property actually received by it, but Mezzanine Lender shall have no duty to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing.

RIGHTS OF MEZZANINE LENDER. (a) If an Event of Default shall occur and be continuing, Mezzanine Lender shall have the right to receive any and all distributions of property and any and all amounts paid in respect of the Pledged Interests, in each case, from and after the occurrence of such Event of Default, and make application thereof to the Obligations, in such order as Mezzanine Lender, in its sole discretion, may elect. If an Event of Default shall occur and be continuing, then all such Pledged Interests at Mezzanine Lender's option shall be registered in the name of Mezzanine Lender or its nominee, and Mezzanine Lender or its nominee may thereafter exercise (x) all voting and other rights pertaining to such Pledged Interests and (y) any and all rights of conversion, exchange, subscription and any other rights, privileges or options pertaining to such Pledged Interests as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Pledged Interests upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the organizational structure of CompanyProperty Owner, or upon the exercise by Pledgor or Mezzanine Lender of any right, privilege or option pertaining to such Pledged Interests, and in connection therewith, the right to deposit and deliver any and all of the Pledged Interests with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it may determine), all without liability except to account for property actually received by it, but Mezzanine Lender shall have no duty to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing.

RIGHTS OF MEZZANINE LENDER. (a) If an Event of Default shall occur and be continuing, Mezzanine Lender shall have the right to receive any and all distributions of income, cash dividends, distributions, proceeds or other property and any and all amounts received or paid in respect of the Pledged Interests, in each case, from and after the occurrence of such Event of Default, Collateral and make application thereof to the Obligations, in such order as Mezzanine Lender, in its sole discretion, may elect, in accordance with the Loan Documents. If an Event of Default shall occur and be continuing, then all such Pledged Interests Equity, at Mezzanine Lender's option ’s option, shall be registered in the name of Mezzanine Lender or its nomineenominee (if not already so registered), and Mezzanine Lender or its nominee may thereafter exercise (xi) all voting and other member or shareholder rights pertaining with respect to such the Pledged Interests Equity and (yii) any and all rights of conversion, exchange, exchange and subscription and any other rights, privileges or options pertaining to such the Pledged Interests Equity as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Pledged Interests Equity upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the organizational structure of CompanyGarage Mortgage Borrower, or upon the exercise by Pledgor or Mezzanine Lender of any right, privilege or option pertaining to such the Pledged InterestsEquity, and in connection therewith, the right to deposit and deliver any and all of the Pledged Interests Equity with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it Mezzanine Lender may determine), all without liability except to account for property actually received by it, but Mezzanine Lender shall have no duty to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing.

RIGHTS OF MEZZANINE LENDER. (a) If an Event of Default shall occur and be continuingbecontinuing, Mezzanine Lender shall have the right to receive any and all distributions of property and any and all amounts paid in respect of the Pledged Interests, in each case, from and after the occurrence of such Event of Default, and make application thereof to the Obligations, in such order as Mezzanine Lender, in its sole discretion, may elect. If an Event of Default shall occur and be continuing, then all such Pledged Interests at Mezzanine Lender's option shall be registered in the name of Mezzanine Lender or its nominee, and Mezzanine Lender or its nominee may thereafter exercise (x) all voting and other rights pertaining to such Pledged Interests and (y) any and all rights of conversion, exchange, subscription and any other rights, privileges or options pertaining to such Pledged Interests as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Pledged Interests upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the organizational structure of CompanyProperty Owner, or upon the exercise by Pledgor or Mezzanine Lender of any right, privilege or option pertaining to such Pledged Interests, and in connection therewith, the right to deposit and deliver any and all of the Pledged Interests with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it may determine), all without liability except to account for property actually received by it, but Mezzanine Lender shall have no duty to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing.

RIGHTS OF MEZZANINE LENDER. (a) If an Event of Default shall occur and be continuing, Mezzanine Lender shall have the right to receive any and all distributions of income, cash dividends, distributions, proceeds or other property and any and all amounts received or paid in respect of the Pledged Interests, in each case, from and after the occurrence of such Event of Default, Collateral and make application thereof to the Obligations, in such order as Mezzanine Lender, in its sole discretion, may elect, in accordance with the Loan Documents. If an Event of Default shall occur and be continuing, then all such Pledged Interests Equity, at Mezzanine Lender's option ’s option, shall be registered in the name of Mezzanine Lender or its nomineenominee (if not already so registered), and Mezzanine Lender or its nominee may thereafter exercise (xi) all voting and other member or shareholder rights pertaining with respect to such the Pledged Interests Equity and (yii) any and all rights of conversion, exchange, exchange and subscription and any other rights, privileges or options pertaining to such the Pledged Interests Equity as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Pledged Interests Equity upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the organizational structure of CompanyTower Mortgage Borrower, or upon the exercise by Pledgor or Mezzanine Lender of any right, privilege or option pertaining to such the Pledged InterestsEquity, and in connection therewith, the right to deposit and deliver any and all of the Pledged Interests Equity with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it Mezzanine Lender may determine), all without liability except to account for property actually received by it, but Mezzanine Lender shall have no duty to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing.