Borrower Pledge Agreement抵押擔保協(xié)議

-48-BorrowerPledgeAgreement抵押擔保協(xié)議核心提示：THISSECURITYANDPLEDGEAGREEMENT(assuchagreementmaybeamended,supplementedorotherwisemodifiedfromtimetotime,thisAgreement),datedasof_________,_________,_________(M/D/Y)ismadebyAAA,INC.,a_________(state)corporation,withTHISSECURITYANDPLEDGEAGREEMENT(assuchagreementmaybeamended,supplementedorotherwisemodifiedfromtimetotime,thisAgreement),datedasof_________,_________,_________(M/D/Y)ismadebyAAA,INC.,a_________(state)corporation,withitsprincipalplaceofbusinesslocatedat_________(address)(theGrantor),infavorofBBB(BANK),withanofficelocatedat_________(address),initscapacityasadministrativeagentfortheLendersundertheCreditAgreement(asdefinedbelow)(insuchcapacity,theAdministrativeAgent).RECITALS:A.TheGrantor,certainfinancialinstitutionscurrentlyandinthefuturetobethepartiestotheCreditAgreement(suchfinancialinstitutionsbeingcollectivelyreferredtoastheLenders),theAdministrativeAgent,CCC,asArranger(insuchcapacity,theArranger),DDDandEEE,intheirrespectivecapacitiesasSyndicationAgents(insuchcapacities,theSyndicationAgents),andBBB(BANK),FFFandGGG,intheirrespectivecapacitiesasIssuingBanks(insuchcapacities,theIssuingBanks)haveenteredintoacertainCreditAgreement,datedasof_________,_________,_________(M/D/Y)(assuchagreementmaybeamended,supplementedorotherwisemodifiedfromtimetotime,theCreditAgreement;thecapitalizedtermsnototherwisedefinedhereinarebeingusedasdefinedintheCreditAgreement);B.TheLendershaveagreedtomakecertainextensionsofcredittotheBorroweronthetermsandconditionssetforthintheCreditAgreement;andC.ItisaconditionprecedenttotheeffectivenessoftheCreditAgreementandtothemakingofLoansbytheLendersandtheissuingofLettersofCreditbyanyIssuingBankthatthisAgreementshallhavebeenexecutedanddelivered;NOW,THEREFORE,inconsiderationoftheabovepremisesandinordertoinducetheLenderstomakeLoansandeachIssuingBanktoissueLettersofCreditundertheCreditAgreement,theGrantorherebyagreeswiththeAdministrativeAgentforitsbenefitandforthebenefitoftheLenders,theIssuingBanks,theArrangerandtheSyndicationAgents,byacceptancehereof,asfollows:Section1.GrantofSecurity.Tosecurethepromptandcompletepayment,observanceandperformancewhendue(whetheratthestatedmaturity,byaccelerationorotherwise)ofalltheObligations,theGrantorherebyassignsandpledgestotheAdministrativeAgent,andherebygrantstotheAdministrativeAgent,foritsbenefitandthebenefitoftheLenders,theIssuingBanks,theArrangerandtheSyndicationAgents,asecurityinterestinalloftheGrantor’sright,titleandinterestinandtothefollowing,whethernowownedorexistingorhereafterarisingoracquiredandwheresoeverlocated(collectively,theCollateral):ACCOUNTS:Allaccountsreceivableandotherrightstopaymentarisingoutofthesaleorleaseofgoodsandservices,whetherornotearnedbyperformance,andallCreditCardAccounts,including,withoutlimitation,allaccounts,assuchtermisdefinedintheUniformCommercialCodeineffectonthedatehereofintheStateof_________(PLACENAME)(theUCC)(ineachinstance,however,andwhereverarising,collectively,Accounts);CHATTELPAPER,INSTRUMENTS,INVESTMENTPROPERTYANDDOCUMENTS:Allchattelpaper,allinstruments,allinvestmentpropertyandalldocuments(including,withoutlimitation,(a)thesharesofstockdescribedinAnnexI-Ahereto(thePledgedShares)andalldividends,instrumentsandotherpropertyfromtimetotimedistributedinrespectthereoforinexchangetherefor,and(b)thenotesanddebtinstrumentsdescribedinAnnexI-Bhereto(thePledgedDebt)andallpaymentsthereunderandinstrumentsandotherpropertyfromtimetotimedeliveredinrespectthereoforinexchangetherefor),andallbillsoflading,warehousereceiptsandotherdocumentsoftitleanddocuments,including,withoutlimitation,allchattelpaper,instruments,investmentpropertyanddocuments,assuchtermsaredefinedintheUCC,ineachinstancewhethernowownedorhereafteracquiredbytheGrantor,otherthananypromissorynotewithanoriginalprincipalamountoflessthan$_________owingtotheGrantorfromaseniorexecutiveorkeyemployeeoftheGrantor(anExcludedNote)(collectively,ChattelPaper,Instruments,InvestmentPropertyandDocuments);EQUIPMENT:Allmachineryandequipment,allmanufacturing,distribution,selling,dataprocessingandofficeequipment,allfurniture,furnishings,appliances,tools,tooling,molds,dies,vehicles,vessels,aircraftandallothergoodsofeverytypeanddescription,ineachinstancewhethernowownedorhereafteracquiredbytheGrantorandwhereverlocated,includingallequipment,assuchtermisdefinedintheUCC;providedthatequipmentshallnotincludefixturesasdefinedinSection9-313oftheUCC(collectively,Equipment);GENERALINTANGIBLES:Allrights,interests,chosesinaction,causesofaction,claimsandallotherintangiblepropertyoftheGrantorofeverykindandnature,ineachinstancewhethernowownedorhereafteracquiredbytheGrantor,including,withoutlimitation,allcorporateandotherbusinessrecords;allloans,royalties,andotherobligationsreceivable;allinventions,designs,patents,patentapplications,servicemarks,tradenamesandtrademarks(includinganyapplicationsfortheforegoingandwhetherornotregistered)andthegoodwilloftheGrantor’sbusinessconnectedwithandsymbolizedbysuchtrademarks,tradesecrets,computerprograms,software,printoutsandothercomputermaterials,goodwill,registrations,U.S.registeredcopyrights,licensesrelatingtotrademarksandU.S.registeredcopyrights,franchises,customerlists,creditfiles,correspondenceandadvertisingmaterials;allcustomerandsuppliercontracts,firmsaleorders,rightsunderlicenseandfranchiseagreements,andothercontractsandcontractrights;allinterestsinpartnerships,jointventuresandotherentities;alltaxrefundsandtaxrefundclaims;allright,titleandinterestunderleases,subleases,licensesandconcessionsandotheragreementsrelatingtorealorpersonalproperty;allpaymentsdueormadetotheGrantorinconnectionwithanyrequisition,confiscation,condemnation,seizureorforfeitureofanypropertybyanypersonorgovernmentalauthority;alldepositaccounts(generalorspecial)withanybankorotherfinancialinstitution;allcreditswithandotherclaimsagainstcarriersandshippers;allrightstoindemnification;allreversionaryinterestsinpensionandprofitsharingplansandreversionary,beneficialandresidualinterestintrusts;allproceedsofinsuranceofwhichtheGrantorisbeneficiary;andalllettersofcredit,guaranties,liens,securityinterestsandothersecurityheldbyorgrantedtotheGrantor;andallotherintangibleproperty,whetherornotsimilartotheforegoing,including,withoutlimitation,allgeneralintangibles,assuchtermisdefinedintheUCC(ineachinstance,howeverandwhereverarising,collectively,GeneralIntangibles);provided,thattheforegoinglimitationshallnotaffect,limit,restrictorimpairthegrantbysuchGrantorofasecurityinterestpursuanttothisAgreementinanyreceivableoranymoneyorotheramountsdueortobecomedueunderanysuchcontract,agreement,instrumentorindenture.INVENTORY:Allinventory,finishedgoods,rawmaterials,workinprocessandothergoods,including,withoutlimitation,allinventory,assuchtermisdefinedintheUCC(ineachinstance,however,andwhereverarising,collectively,Inventory);andOTHERPROPERTY:AllpropertyorinterestsinpropertynowownedorhereafteracquiredbytheGrantorwhichnowmaybeownedorhereaftermaycomeintothepossession,custodyorcontroloftheAdministrativeAgent,anyoftheLenders,anyIssuingBankoranyagentorAffiliateofanyoftheminanywayorforanypurpose(whetherforsafekeeping,deposit,custody,pledge,transmission,collectionorotherwise);andallrightsandinterestsoftheGrantor,nowexistingorhereafterarisingandhoweverandwhereverarising,inrespectofanyandall(i)notes,drafts,lettersofcredit,bankaccounts,stocks,bonds,anddebtandequitysecurities,whetherornotcertificated,andwarrants,options,putsandcallsandotherrightstoacquireorotherwiserelatingtothesame;(ii)money;(iii)proceedsofloans,includingwithoutlimitation,alltheLoansmadetotheGrantorundertheCreditAgreement;and(iv)insuranceproceedsandbooksandrecordsrelatingtoanyofthepropertycoveredbythisAgreement(collectively,OtherProperty);together,ineachinstance,withallaccessionsandadditionsthereto,substitutionstherefor,andreplacements,proceedsandproductsthereof;provided,however,thattheforegoinggrantofasecurityinterestshallnotincludeasecurityinterestinanycontract,anyleaseandanypropertysubjecttoanenforceableleasewhichbytheirtermsexpresslyprohibittherightoftheGrantortograntasecurityinterestinsuchcontract,leaseorproperty.TheBorroweragreestouseitscommerciallyreasonableeffortstoensurethatnofutureleasecontainsanyrestrictionsontheBorrower’srighttograntasecurityinterestinanyequipmentplacedontheleasedpremises.Section2.GrantorRemainsLiable.Anythinghereintothecontrarynotwithstanding,(a)theGrantorshallremainliableunderthecontractsandagreementsincludedintheCollateraltotheextentsetforththereintoperformitsdutiesandobligationsthereundertothesameextentasifthisAgreementhadnotbeenexecuted,(b)theexercisebytheAdministrativeAgentofanyofitsrightshereundershallnotreleasetheGrantorfromanyofitsdutiesorobligationsunderthecontractsandagreementsincludedintheCollateral(excepttotheextentthatsuchexercisepreventstheGrantorfromsatisfyingsuchdutiesandobligations),and(c)theAdministrativeAgentshallnothaveanyobligationorliabilityunderthecontractsandagreementsincludedintheCollateralbyreasonofthisAgreement,norshalltheAdministrativeAgentbeobligatedtoperformanyoftheobligationsordutiesoftheGrantorthereunder,tomakeanypayment,tomakeanyinquiryastothenatureorsufficiencyofanypaymentreceivedbytheGrantororthesufficiencyofanyperformancebyanypartyunderanysuchcontractoragreementortotakeanyactiontocollectorenforceanyclaimforpaymentassignedhereunder.Section3.DeliveryofPledgedCollateral.Allcertificates,notesandotherinstrumentsrepresentingorevidencingthePledgedSharesorthePledgedDebtandallotherinstrumentsnowownedoratanytimehereafteracquiredbytheGrantorotherthananyExcludedNotes(collectively,thePledgedCollateral)shallbedeliveredtoandheldbyoronbehalfoftheAdministrativeAgentpursuanthereto(exceptasotherwiseprovidedinthelastsentenceofSection4(f)hereof)andshallbeinsuitableformfortransferbydelivery,orshallbeaccompaniedbydulyexecutedinstrumentsoftransferorassignmentsinblank,allinformandsubstancesatisfactorytotheAdministrativeAgent.UpontheoccurrenceandduringthecontinuanceofanEventofDefault,theAdministrativeAgentshallhavetheright,atanytimeinitsdiscretionandwithoutnoticetotheGrantor,totransfertoortoregisterinthenameoftheAdministrativeAgentoranynomineeoftheAdministrativeAgentanyorallofthePledgedCollateral,subjectonlytotherevocablerightsspecifiedinSection8hereof.Inaddition,upontheoccurrenceandduringthecontinuanceofanEventofDefault,theAdministrativeAgentshallhavetherightatanytimetoexchangecertificatesorinstrumentsrepresentingorevidencingPledgedCollateralforcertificatesorinstrumentsofsmallerorlargerdenominations.Section4.RepresentationsandWarranties.TheGrantorrepresentsandwarrantsasfollows:(a)AsofthedateofthisAgreement,thelocationslistedonAnnexIIconstitutealllocationsatwhichitsInventory(otherthanrawmaterialsandworkinprocess)orEquipmentislocated,exceptfor(i)InventoryorEquipmenttemporarilyintransitfromonelocationlistedonsuchAnnextoanotherlocationlistedonsuchAnnexor(ii)InventoryorEquipmentintransitwithcommonorothercarrierstoalocationlistedonsuchAnnex.AsofthedateofthisAgreement,thechiefplaceofbusinessandchiefexecutiveofficeoftheGrantorarelocatedattheaddressfirstspecifiedabovefortheGrantor.(b)TheGrantoristhelegalandbeneficialowneroftheCollateralfreeandclearofallliens,securityinterestsorotherencumbrances,exceptasexpresslypermittedbysubsection8.02(b)oftheCreditAgreement.ForthepastfiveyearsthebusinessoftheGrantorhasbeenconductedonlybythefollowingcorporationsandunderthefollowingcorporatenamesandnotunderanytradenameorothername:1)AAA,Inc.2)AAAFactoryStores3)AAALoft4)AAAStudio5)AAAGlobalSourcing,Inc.6)AAAFunding,Inc.(c)TheGrantorhasexclusivepossessionandcontroloftheInventory(otherthanrawmaterialsandworkinprocess)andEquipment,exceptfor(i)EquipmentinthepossessionandcontroloftheGrantor’slesseesandlicenseesunderwrittenleaseandlicenseagreementsenteredintointheordinarycourseofbusinessandconsistentwithpastpracticeand(ii)InventoryorEquipmentintransitwithcommonorothercarriers.(d)ThePledgedShareshavebeendulyauthorizedandvalidlyissuedandarefullypaidandnon-assessable.ThePledgedDebtoftheGrantor’sSubsidiaries(ifany),and,tothebestoftheGrantor’sknowledge,allotherPledgedDebt,hasbeendulyauthorized,issuedanddelivered,andisthelegal,valid,bindingandenforceableobligationoftheissuersthereof.(e)ThePledgedSharesindicatedonAnnexI-AheretoconstituteallofthesharesofstockheldbytheGrantoroftherespectiveissuersthereofandconstitute65%ofallofthesharesofstockoftherespectiveissuerswhoareForeignSubsidiaries.ThePledgedSharesandthePledgedDebtconstituteallofthePledgedCollateralexceptforPledgedCollateralconsistingofchecksanddraftsreceivedintheordinarycourseofbusinessandwithrespecttowhichtheAdministrativeAgenthasnotatanytimerequestedpossessionandwhicharenotamaterialportionoftheCollateralunderthisAgreementortheTrademarkAssignmentexecutedbytheGrantor,takenasawhole(thePersonalPropertyCollateral),eithersinglyorintheaggregate.(f)ThisAgreementcreatesavalidsecurityinterestintheCollateral(otherthanthePledgedCollateral),securingthepaymentoftheObligations,andallfilingsandotheractionsnecessaryordesirabletoperfectsuchsecurityinterestundertheUniformCommercialCodeasenactedineachrelevantjurisdictionhavebeendulytakenorwillbedulytakennotlaterthanfiveBusinessDaysafterthedatehereof.ThepledgeanddeliveryofthePledgedCollateralpursuanttothisAgreementandallotherfilingsandotheractionstakenbytheGrantortoperfectsuchsecurityinterestpriortothedatehereof,createavalidandperfectedfirstprioritysecurityinterestinthePledgedCollateral,securingthepaymentoftheObligationsexceptforPledgedCollateralconsistingofchecksanddraftsreceivedintheordinarycourseofbusinesswithrespecttowhichtheAdministrativeAgenthasnotatanytimerequestedpossessionandwhicharenotamaterialportionofthePersonalPropertyCollateral,eithersinglyorintheaggregate.(g)OtherthanthefilingswiththeUnitedStatesPatentandTrademarkOffice,filingsandregistrationswithintheUnitedStatesCopyrightOfficeandfilingsundertheUniformCommercialCodeineffectineachrelevantjurisdiction,noauthorization,approvalorotheractionby,andnonoticetoorfilingwith,anyfederal,stateorlocalgovernmentalauthorityintheUnitedStatesthathavenotalreadybeentakenormadeandwhichareinfullforceandeffect,isrequired(i)forthepledgebytheGrantorofthePledgedCollateralorforthegrantbytheGrantorofthesecurityinterestintheCollateralgrantedherebyorfortheexecution,deliveryorperformanceofthisAgreementbytheGrantor,(ii)fortheexercisebytheAdministrativeAgentofthevotingorotherrightsprovidedinthisAgreementwithrespecttothePledgedCollateralortheremediesinrespectofthePledgedCollateralpursuanttothisAgreement(exceptasmayberequiredinconnectionwiththedispositionthereofbylawsaffectingtheofferingandsaleofsecuritiesgenerally),or(iii)fortheexercisebytheAdministrativeAgentofanyofitsotherrightsorremedieshereunder.(h)(i)NoamountpayabletotheGrantorunderorinconnectionwithanyAccountisevidencedbyanyinstrumentorchattelpaper,assuchtermsaredefinedintheUCC,whichhasnotbeendeliveredtotheAdministrativeAgent.(ii)TheamountsrepresentedbytheGrantortotheLendersfromtimetotimeasowingtosuchGrantorinrespectoftheAccountswillatsuchtimesbeaccurate.Section5.FurtherAssurances.(a)TheGrantoragreesthatfromtimetotime,attheexpenseoftheGrantor,theGrantorwillpromptlyexecuteanddeliverallfurtherinstrumentsanddocuments,andtakeallfurtheraction,thatmaybenecessaryorreasonablydesirable,orthattheAdministrativeAgentmayreasonablyrequest,inordertoperfectandprotectanysecurityinterestgrantedorpurportedtobegrantedherebyortoenabletheAdministrativeAgenttoexerciseandenforceitsrightsandremedieshereunderwithrespecttoanyCollateral;provided,however,thattheGrantorshallinnoeventberequiredtoexecuteanyleaseholdmortgagewithrespecttoanylease.Withoutlimitingthegeneralityoftheforegoing,attherequestoftheAdministrativeAgent,theGrantorshall:(i)ifanEventofDefaultshallhaveoccurredandbecontinuing,markconspicuouslyeachdocumentincludedintheCollateraland,attherequestoftheAdministrativeAgentmadeatanytime,andwhetherornotanEventofDefaultshallhaveoccurred,markeachofitsrecordspertainingtotheCollateralwithalegend,informandsubstancesatisfactorytotheAdministrativeAgent,indicatingthatsuchdocumentorCollateralissubjecttothesecurityinterestgrantedhereby;(ii)executeandfilesuchfinancingorcontinuationstatements,oramendmentsthereto,andsuchotherinstrumentsornotices,asmaybenecessaryordesirable,orastheAdministrativeAgentmayreasonablyrequest,inordertoperfectandpreservethesecurityinterestsgrantedorpurportedtobegrantedhereby;and(iii)inthecaseofinvestmentpropertyandanyotherrelevantCollateral,takinganyactionsnecessarytoenabletheAdministrativeAgenttoobtaincontrol(withinthemeaningoftheapplicableUniformCommercialCode)withrespectthereto.TheGrantorshallmaintainthesecurityinterestcreatedbythisAgreementasaperfectedsecurityinterestandshalldefendsuchsecurityinterestagainsttheclaimsanddemandsofallPersonswhomsoever.(b)TheGrantorherebyauthorizestheAdministrativeAgenttofileoneormorefinancingorcontinuationstatements,andamendmentsthereto,relativetoalloranypartoftheCollateralwithoutthesignatureoftheGrantorwherepermittedbylaw.Acarbon,photographicorotherreproductionofthisAgreementoranyfinancingstatementcoveringtheCollateraloranypartthereofshallbesufficientasafinancingstatementwherepermittedbylaw.(c)TheGrantorshallfurnishtotheAdministrativeAgentfromtimetotimestatementsandschedulesfurtheridentifyinganddescribingtheCollateralandsuchotherreportsinconnectionwiththeCollateralastheAdministrativeAgentmayrequest,allinreasonabledetail.Section6.AstoInventory,EquipmentandAccounts.TheGrantorshall:(a)KeepitsInventoryandEquipment(otherthanrawmaterialsandworkinprocessandInventorysoldintheordinarycourseofbusinessandEquipmentsoldinaccordancewithSection8.02(a)oftheCreditAgreement)attheplacesspecifiedinSection4(a)hereofanddeliverwrittennoticetotheAdministrativeAgentatleast30dayspriortoestablishinganyotherlocationatwhichitreasonablyexpectstomaintainInventory(otherthanrawmaterialsandworkinprocess)orEquipmentinwhichjurisdictionallactionrequiredbySection5hereofshallhavebeentakenwithrespecttoallsuchInventoryorEquipment,asthecasemaybe,inordertoperfectthesecurityinterestgrantedthereinunderthisAgreement.(b)Maintainorcausetobemaintainedingoodrepair,workingorderandcondition,exceptingordinarywearandtearanddamageduetocasualty,alloftheEquipment,andmakeorcausetobemadeallappropriaterepairs,renewalsandreplacementsthereof,totheextentnotobsoleteandconsistentwithpastpracticeoftheGrantor,asquicklyaspracticableaftertheoccurrenceofanylossordamagetheretowhicharenecessaryordesirabletosuchend.TheGrantorshallpromptlyfurnishtotheAdministrativeAgentastatementrespectinganymateriallossordamageasaresultofasingleoccurrencetoanyofitsInventoryorEquipmentwhichhasanaggregatefairmarketvalueexceeding$_________.(c)TheGrantorwillnot,exceptupon30days’priorwrittennoticetotheAdministrativeAgentanddeliverytotheAdministrativeAgentofalladditionalexecutedfinancingstatementsandotherdocumentsreasonablyrequestedbytheAdministrativeAgenttomaintainthevalidity,perfectionandpriorityofthesecurityinterestsprovidedforherein:(i)changeitsjurisdictionoforganizationorthelocationofitschiefexecutiveofficeorsoleplaceofbusinessfromthatreferredtoinSection4(a)hereof;or(ii)changeitsname,identityorcorporatestructuretosuchanextentthatanyfinancingstatementfiledbytheAdministrativeAgentinconnectionwiththisAgreementwouldbecomemisleading.Section7.AstothePledgedCollateral.(a)SolongasnoEventofDefaultshallhaveoccurredandbecontinuing:(i)TheGrantorandnottheAdministrativeAgentshallbeentitledtoexerciseanyandallvotingandotherrightsofconsentorapprovalpertainingtothePledgedCollateraloranypartthereofforanypurposenotinconsistentwiththetermsofthisAgreementortheCreditAgreement;provided,however,thattheGrantorshallnotexerciseorrefrainfromexercisinganysuchrightwithouttheconsentoftheAdministrativeAgentifsuchactionorinactionwouldhaveamaterialadverseeffectonthevalueofthePledgedCollateralorthebenefitstotheAdministrativeAgent,theLenders,theIssuingBanks,theArrangerandtheSyndicationAgents,including,withoutlimitation,thevalidity,priorityorperfectionofthesecurityinterestgrantedherebyortheremediesoftheAdministrativeAgenthereunder.(ii)TheGrantorandnottheAdministrativeAgentshallbeentitledtoreceiveandretainanyandalldividendsandinterestpaidinrespectofthePledgedCollateral;provided,however,thatanyandall(A)dividendsandinterestpaidorpayableotherthanincashinrespectof,andinstrumentsandotherpropertyreceived,receivableorotherwisedistributedinrespectof,orinexchangefor,anyPledgedCollateral,(B)dividendsandotherdistributionspaidorpayableincashinrespectofanyPledgedCollateralconsistingofstockofanySubsidiaryoftheGrantoranddividendsandotherdistributionspaidorpayableincashinrespectofanyotherPledgedCollateralinconnectionwithapartialortotalliquidationordissolutionorinconnectionwithareductionofcapital,capitalsurplusorpaid-in-surplus,and(C)cashpaid,payableorotherwisedistributedinrespectofprincipalof,orinredemptionof,orinexchangefor,anyPledgedCollateral,shallforthwithbedeliveredtotheAdministrativeAgent,inthecaseof(A)above,toholdasPledgedCollateralandshall,ifreceivedbytheGrantor,bereceivedintrustforthebenefitoftheAdministrativeAgent,theLenders,theIssuingBanks,theArrangerandtheSyndicationAgents,besegregatedfromtheotherpropertyorfundsoftheGrantor,andbeforthwithdeliveredtotheAdministrativeAgent,asPledgedCollateralinthesameformassoreceived(withanynecessaryindorsement)and,inthecaseof(B)and(C)above,totheextentrequiredunderthetermsoftheCreditAgreement,shallforthwithbedeliveredtotheAdministrativeAgenttobeappliedtotheObligationsinsuchorderasprovidedinsubsection2.05(b)oftheCreditAgreement.(iii)TheAdministrativeAgentshallpromptlyexecuteanddeliver(orcausetobeexecutedanddelivered)totheGrantorallsuchproxiesandotherinstrumentsastheGrantormayreasonablyrequestforthepurposeofenablingtheGrantortoexercisethevotingandotherrightswhichitisentitledtoexercisepursuanttoparagraph(i)aboveandtoreceivethedividendsorinterestpaymentswhichitisauthorizedtoreceiveandretainpursuanttoparagraph(ii)above.(b)UpontheoccurrenceandduringthecontinuanceofanEventofDefaultandattheAdministrativeAgent’soption:(i)AllrightsoftheGrantortoexercisethevotingandotherrightsofconsentorapprovalwhichitwouldotherwisebeentitledtoexercisepursuanttoSection8(a)(i)hereofandtoreceivethedividendsandinterestpaymentswhichitwouldotherwisebeauthorizedtoreceiveandretainpursuanttoSection8(a)(ii)hereofshallcease,andallsuchrightsshallthereuponbecomevestedintheAdministrativeAgent,whoshallthereuponhavethesolerighttoexercisesuchvotingandotherrightsofconsentorapprovalandtoreceiveandholdasPledgedCollateralsuchdividendsandinterestpayments.(ii)AlldividendsandinterestpaymentswhicharereceivedbytheGrantorcontrarytotheprovisionsofparagraph(i)ofthisSection8(b)hereofshallbereceivedintrustforthebenefitoftheAdministrativeAgent,theLenders,theIssuingBanks,theArrangerandtheSyndicationAgentsandshallbesegregatedfromotherfundsoftheGrantorandshallbeforthwithpaidovertotheAdministrativeAgentasPledgedCollateralinthesameformassore