Common use of Voting Rights in Respect of the Pledged Collateral Clause in Contracts

Voting Rights in Respect of the Pledged Collateral. (i) So long as no Event of Default shall have occurred and be continuing, to the extent permitted by law, each Pledgor may exercise any and all voting and other consensual rights pertaining to the Pledged Collateral of such Pledgor or any part thereof for any purpose not inconsistent with the terms of this Pledge Agreement or the Credit Agreement; provided, however, that Pledgor shall not exercise or shall refrain from exercising any such right if the Administrative Agent shall have notified the Pledgor that, in the Administrative Agent's judgment, such action would have a material adverse effect on the value of the Pledged Collateral or any part thereof.

Appears in 2 contracts

Samples: Pledge Agreement (Armor Holdings Inc), Credit Party Pledge Agreement (Riviera Holdings Corp)

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Voting Rights in Respect of the Pledged Collateral. (i) So long as no Event of Default shall have occurred and be continuing, to the extent permitted by law, each Pledgor may exercise any and all voting and other consensual rights pertaining to the Pledged Collateral of such Pledgor or any part thereof for any purpose not inconsistent with the terms of this Pledge Agreement or the Credit Agreement; provided, however, that Pledgor shall not exercise or shall refrain from exercising any such right if the Administrative Agent shall have notified the Pledgor that, in the Administrative Agent's ’s judgment, such action would have a material adverse effect on the value of the Pledged Collateral or any part thereof.

Appears in 2 contracts

Samples: Credit Agreement (Nci Building Systems Inc), Pledge Agreement (Benihana Inc)

Voting Rights in Respect of the Pledged Collateral. (i) So long as no Event of Default shall have occurred and be continuing, to the extent permitted by law, each the Pledgor may exercise any and all voting and other consensual rights pertaining to the Pledged Collateral of such Pledgor or any part thereof for any purpose not inconsistent with the terms of this Pledge Agreement or the Subordinated Credit Agreement; provided, however, that the Pledgor shall not exercise or shall refrain from exercising any such right if the Administrative Agent shall have notified the Pledgor that, in the Administrative Agent's ’s judgment, such action would have a material adverse effect on the value of the Pledged Collateral or any part thereofthereof or such action, in fact, has such effect.

Appears in 1 contract

Samples: Secured Guaranty Pledge Agreement (Wells Timberland REIT, Inc.)

Voting Rights in Respect of the Pledged Collateral. (i) So long as no Event of Default shall have occurred and be continuingoccurred, to the extent permitted by lawApplicable Law, each the Pledgor may exercise any and all voting and other consensual rights pertaining to the Pledged Collateral of such Pledgor or any part thereof for any purpose not inconsistent with the terms of this Pledge Agreement or the Credit Repurchase Agreement; provided, however, that Pledgor shall not exercise or shall refrain from exercising any such right if the Administrative Agent Purchaser shall have notified the Pledgor that, in the Administrative Agent's Purchaser’s judgment, such action would have a material adverse effect on the value of the Pledged Collateral Collateral, the Purchased Items, the Purchaser’s Lien or any part thereofportion of the foregoing.

Appears in 1 contract

Samples: Pledge and Security Agreement (Municipal Mortgage & Equity LLC)

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Voting Rights in Respect of the Pledged Collateral. (i) So long as no Event of Default shall have occurred and be continuing, to the extent permitted by law, each the Pledgor may exercise any and all voting and other consensual rights pertaining to the Pledged Collateral of such the Pledgor or any part thereof for any purpose not inconsistent with the terms of this Pledge Agreement or the Credit Agreement; provided, however, that the Pledgor shall not exercise or shall refrain from exercising any such right if the Administrative Agent shall have notified the Pledgor that, in the Administrative Agent's judgment, such action would have a material adverse effect on the value of the Pledged Collateral or any part thereof.

Appears in 1 contract

Samples: Gaming Pledge Agreement (Riviera Holdings Corp)

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