Common use of Payments on Collateral; Voting Clause in Contracts

Payments on Collateral; Voting. To account fully for and promptly deliver to the Lender, in the form received, any dividend or any other distribution on account of the Pledged Securities whether in securities or property by way of stock-split, spin-off, split-up, reclassification, combination of shares or the like, or in case of any reorganization, consolidation or merger. Upon the occurrence and during the continuance of an Event of Default, the Lender shall be entitled to retain the cash proceeds received from any permitted disposition of the Pledged Securities and to retain any dividends or any other distribution lawfully paid by the Issuer on account of the Pledged Securities and shall have the exclusive right to vote the Pledged Securities and to execute consents with respect thereto, provided that Lender complies with Section 2(d) of the Voting Agreement in effect as of the date hereof. Any and all stock dividends or instruments and other property (other than cash) received, receivable or otherwise distributed in exchange for, any Pledged Securities shall be held in trust for the benefit of and pending delivery to the Lender, be segregated from the other property of the Pledgor, and be forthwith delivered to the Lender as pledged Collateral in the same form as received (with any necessary endorsement);

Appears in 1 contract

Samples: Partnership Interest Pledge Agreement (National Golf Properties Inc)

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Payments on Collateral; Voting. To account fully for and promptly deliver to the LenderCollateral Agent, in the form received, any dividend or any other distribution on account of the Pledged Securities whether in securities or property by way of stock-split, spin-off, split-up, reclassification, combination of shares or the like, or in case of any reorganization, consolidation or merger. Upon Subject to the occurrence terms of the AGC Collateral Agency Agreement and during the continuance of an Event of DefaultRestructure Documents, the Lender Collateral Agent shall be entitled to retain the cash proceeds received from any permitted disposition of the Pledged Securities and to retain any dividends or any other distribution lawfully paid by the any Issuer on account of the Pledged Securities and shall have the exclusive right to vote the Pledged Securities and to execute consents with respect thereto, provided that Lender complies with Section 2(d) of the Voting Agreement in effect as of the date hereof. Any and all stock dividends or instruments and other property (other than cash) received, receivable or otherwise distributed in exchange for, any Pledged Securities shall be held in trust for the benefit of and pending delivery to the LenderCollateral Agent, be segregated from the other property of the Pledgor, and be forthwith delivered to the Lender Collateral Agent as pledged Collateral in the same form as received (with any necessary endorsement);

Appears in 1 contract

Samples: Stock and Partnership Interest Pledge Agreement (National Golf Properties Inc)

Payments on Collateral; Voting. To account fully for and promptly deliver to the LenderCollateral Agent, in the form received, any dividend or any other distribution on account of the Pledged Securities whether in securities or property by way of stock-split, spin-offspinoff, split-up, reclassification, combination of shares or the like, or in case of any reorganization, consolidation or merger. Upon Subject to the occurrence terms of the AGC Collateral Agency Agreement and during the continuance of an Event of DefaultRestructure Documents, the Lender Collateral Agent shall be entitled to retain the cash proceeds received from any permitted disposition of the Pledged Securities and to retain any dividends or any other distribution lawfully paid by the any Issuer on account of the Pledged Securities and shall have the exclusive right to vote the Pledged Securities and to execute consents with respect thereto, provided that Lender complies with Section 2(d) of the Voting Agreement in effect as of the date hereof. Any and all stock dividends or instruments and other property (other than cash) received, receivable or otherwise distributed in exchange for, any Pledged Securities shall be held in trust for the benefit of and pending delivery to the LenderCollateral Agent, be segregated from the other property of the Pledgor, and be forthwith delivered to the Lender Collateral Agent as pledged Collateral in the same form as received (with any necessary endorsement);

Appears in 1 contract

Samples: Stock and Partnership Interest Pledge Agreement (National Golf Properties Inc)

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Payments on Collateral; Voting. To account fully for and promptly deliver to the Lender, in the form received, any dividend or any other distribution on account of the Pledged Securities whether in securities or property by way of stock-split, spin-off, split-up, reclassification, combination of shares or the like, or in case of any reorganization, consolidation or merger. Upon the occurrence and during the continuance of an Event of Default, the Lender shall be entitled to retain the cash proceeds received from any permitted disposition of the Pledged Securities and to retain any dividends or any other distribution lawfully paid by the Issuer on account of the Pledged Securities and shall have the exclusive right to vote the Pledged Securities and to execute consents with respect thereto, provided that that, Lender complies with Section 2(d) of the Voting Agreement Agreement, in effect as of the date hereof. Any and all stock dividends or instruments and other property (other than cash) received, receivable or otherwise distributed in exchange for, any Pledged Securities shall be held in trust for the benefit of and pending delivery to the Lender, be segregated from the other property of the Pledgor, and be forthwith delivered to the Lender as pledged Collateral in the same form as received (with any necessary endorsement);

Appears in 1 contract

Samples: Partnership Interest Pledge Agreement (National Golf Properties Inc)

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