Common use of Prior to Maturity Clause in Contracts

Prior to Maturity. Unless the circumstances described in the penultimate sentence of this section exist, the Company shall be entitled to receive all cash dividends paid in respect of the Stock, to vote the Stock and to give consents, waivers and ratifications in respect of the Stock; PROVIDED, HOWEVER, that no vote shall be cast or consent waiver or ratification given by the Company if the effect thereof would in the reasonable judgment of the Agent impair any of the Stock Collateral or be inconsistent with or result in any violation of any of the provisions of the Credit Agreement, the Notes or any of the other Loan Documents. If an Event of Default shall have occurred and be continuing and such Event of Default shall have resulted in a restriction, pursuant to the Subordination Agreement, on the ability of the Company to make payments on the Subordinated Debt, then for so long as such restriction is in effect all such rights of the Company to receive cash dividends shall cease. All such rights of the Company to vote and give consents, waivers and ratifications with respect to the Stock shall, at the Agent's option, as evidenced by the Agent's notifying the Company of such election, cease in case an Event of Default shall have occurred and be continuing.

Appears in 1 contract

Samples: Stock Pledge Agreement (Charlotte Russe Holding Inc)

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Prior to Maturity. Unless the circumstances described in the penultimate sentence So long as no Default or Event of this section existDefault shall have occurred and be continuing, the Company shall be entitled to receive all cash dividends paid in respect of the Stock, to vote the Stock and to give consents, waivers and ratifications in respect of the Stock; PROVIDED, HOWEVER, that no vote shall be cast or consent consent, waiver or ratification given by the Company if the effect thereof would in the reasonable judgment of the Agent impair any of the Stock Collateral or be inconsistent with or result in any violation of any of the provisions of the Credit Agreement, the Notes or any of the other Loan DocumentsFinancing Agreements. If an Event of Default shall have occurred and be continuing and such Event of Default shall have resulted in a restriction, pursuant to the Subordination Agreement, on the ability of the Company to make payments on the Subordinated Debt, then for so long as such restriction is in effect all All such rights of the Company to receive cash dividends shall ceasecease in case a Default or an Event of Default shall have occurred and be continuing. All such rights of the Company to vote and give consents, waivers and ratifications with respect to the Stock shall, at the Collateral Agent's option, as evidenced by the Collateral Agent's notifying the Company of such election, cease in case a Default or an Event of Default shall have occurred and be continuing.

Appears in 1 contract

Samples: Stock Pledge Agreement (Sos Staffing Services Inc)

Prior to Maturity. Unless the circumstances described in the penultimate sentence So long as no Default or Event of this section existDefault shall have occurred and be continuing, the Company shall be entitled to receive all cash dividends paid in respect of the Stock, to vote the Stock and to give consents, waivers and ratifications in respect of the Stock; PROVIDEDprovided, HOWEVERhowever, that no vote shall be cast or consent waiver or ratification given by the Company if the effect thereof would in the reasonable judgment of the Agent impair any of the Stock Collateral or be inconsistent with or result in any violation of any of the provisions of the Credit Agreement, the Notes Note or any of the other Loan Documents. If an Event of Default shall have occurred and be continuing and such Event of Default shall have resulted in a restriction, pursuant to the Subordination Agreement, on the ability of the Company to make payments on the Subordinated Debt, then for so long as such restriction is in effect all All such rights of the Company to receive cash dividends shall ceasecease in case an Event of Default shall have occurred and be continuing. All such rights of the Company to vote and give consents, waivers and ratifications with respect to the Stock shall, at the AgentBank's option, option as evidenced by the AgentBank's notifying the Company of such election, cease in case an Event of Default shall have occurred and be continuing.

Appears in 1 contract

Samples: Revolving Credit Agreement (Expert Software Inc)

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Prior to Maturity. Unless the circumstances described in the penultimate sentence So long as no Default or Event of this section existDefault shall have occurred and be continuing, the Company Companies shall be entitled to receive all cash dividends paid in respect of the Stock, to vote the Stock and to give consents, waivers and ratifications in respect of the Stock; PROVIDEDprovided, HOWEVERhowever, that no vote shall be cast or consent consent, waiver or ratification given by the any Company if the effect thereof would in the reasonable judgment of the Agent impair any of the Stock Collateral or be inconsistent with or result in any violation of any of the provisions of the Credit Agreement, the Notes Agreement or any of the other Loan Documents. If All such rights of the Companies to receive cash dividends shall cease in case an Event of Default shall have occurred and be continuing and such Event of Default shall have resulted in a restriction, pursuant to the Subordination Agreement, on the ability of the Company to make payments on the Subordinated Debt, then for so long as such restriction is in effect all such rights of the Company to receive cash dividends shall ceasecontinuing. All such rights of the Company Companies to vote and give consents, waivers and ratifications with respect to the Stock shall, at the Agent's option, as evidenced by the Agent's notifying the Company Companies of such election, cease in case an Event of Default shall have occurred and be continuing.

Appears in 1 contract

Samples: Stock Pledge Agreement (Morgan Group Inc)

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