Common use of Voting and Payment Rights in Respect of the Pledged Equity Clause in Contracts

Voting and Payment Rights in Respect of the Pledged Equity. (i) So long as no Event of Default has occurred and is continuing and until the Administrative Agent shall have provided the Borrower and the applicable Obligor written notice, each Obligor may (A) exercise any and all voting and other consensual rights pertaining to the Pledged Equity of such Obligor or any part thereof for any purpose not inconsistent with the terms of this Agreement or the Credit Agreement and (B) receive and retain any and all dividends (other than stock dividends and other dividends constituting Collateral which are addressed hereinabove), principal or interest paid in respect of the Pledged Equity to the extent they are allowed under the Credit Agreement; and

Appears in 1 contract

Samples: Security and Pledge Agreement (Syntel Inc)

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Voting and Payment Rights in Respect of the Pledged Equity. (i) So long as no Event of Default shall exist and no notice has occurred and is continuing and until been given by the Administrative Agent shall have provided the Borrower and the applicable Obligor written noticepursuant to clause (ii) below, each Obligor may (A) exercise any and all voting and other consensual rights pertaining to the Pledged Equity of such Obligor or any part thereof for any purpose not inconsistent with the terms of this Agreement or the Credit Agreement and (B) receive and retain any and all dividends (other than stock dividends and other dividends constituting Collateral which are addressed hereinabove), principal or interest paid in respect of the Pledged Equity to the extent they are allowed under the Credit Agreement; and

Appears in 1 contract

Samples: Pledge Agreement (Brookdale Senior Living Inc.)

Voting and Payment Rights in Respect of the Pledged Equity. (i) So long as no Event of Default has occurred and is continuing and until the Administrative Agent shall have provided the Borrower and the applicable Obligor written noticeexist, each Obligor may (A) exercise any and all voting and other consensual rights pertaining to the Pledged Equity of such Obligor or any part thereof for any purpose not inconsistent with the terms of this Agreement or the Credit Agreement and (B) receive and retain any and all distributions and dividends (other than stock dividends and other non-cash distributions and dividends constituting Collateral which that are addressed hereinaboverequired to be delivered to the Administrative Agent pursuant hereto), principal or interest paid in respect of the Pledged Equity to the extent they are allowed under the Credit Agreement; and

Appears in 1 contract

Samples: Security and Pledge Agreement (Shake Shack Inc.)

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Voting and Payment Rights in Respect of the Pledged Equity. (i) So long as no Event of Default has occurred and is continuing and until the Administrative Agent Lender shall have provided the Borrower and the applicable Obligor written notice, each Obligor may (A) exercise any and all voting and other consensual rights pertaining to the Pledged Equity of such Obligor or any part thereof for any purpose not inconsistent with the terms of this Agreement or the Credit Agreement and (B) receive and retain any and all dividends (other than stock dividends and other dividends constituting Collateral which are addressed hereinabove), principal or interest paid in respect of the Pledged Equity to the extent they are allowed under the Credit Agreement; and

Appears in 1 contract

Samples: Security and Pledge Agreement (Syntel Inc)

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