Common use of Prior to Maturity Clause in Contracts

Prior to Maturity. So long as no Default or Event of Default shall have occurred and be continuing, the Pledgor shall be entitled to receive dividends permitted under the Credit Agreement 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 Pledgor if the effect thereof would in the reasonable judgment of the Lender impair any of the Stock Collateral or be inconsistent with or result in any violation of any of the provisions of the Credit Agreement or any of the other Loan Documents. All such rights of the Pledgor to receive cash dividends shall cease in case a Default or an Event of Default shall have occurred and be continuing. All such rights of the Pledgor to vote and give consents, waivers and ratifications with respect to the Stock shall, at the Lender's option, as evidenced by the Lender's notifying the Pledgor of such election, cease in case a Default or an Event of Default shall have occurred and be continuing.

Appears in 2 contracts

Samples: Stock Pledge Agreement (Pc Ephone Inc), Stock Pledge Agreement (Pc Ephone Inc)

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Prior to Maturity. So long as no Default or ------------------------------------------ Event of Default shall have occurred and be continuing, the Pledgor Holdings shall be entitled to receive all cash dividends permitted under the Credit Agreement 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 Pledgor Holdings if the effect thereof would in the reasonable judgment of the Lender Majority Banks impair any of the Stock Collateral or be inconsistent with or result in any violation of any of the provisions of the Credit Agreement Agreement, the Revolving Credit Notes or any of the other Loan Documents. All such rights of the Pledgor Holdings to receive cash dividends shall cease in case a Default or an Event of Default shall have occurred and be continuing. All such rights of the Pledgor Holdings to vote and give consents, waivers and ratifications with respect to the Stock shall, at the LenderAgent's option, as evidenced by the LenderAgent's notifying the Pledgor Holdings 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 (National Restaurant Enterprises Holdings Inc)

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Prior to Maturity. So Subject to the provisions of the Credit Agreements and, so long as no Default or Event of Default shall have occurred and be is continuing, the Pledgor Pledgors shall be entitled to receive all dividends permitted under the Credit Agreement paid in respect of the Stock, to vote the Stock Stock, and to give consents, waivers and ratifications in respect of the Stock; providedStock and to take all other actions with respect to the Stock (including, howeverwithout limitation, all actions with respect to the fiscal and other management of the U.S. Subsidiaries) provided that no vote shall be cast cast, or consent, waiver or ratification given by the Pledgor if the effect thereof or action taken which would in the reasonable judgment of the Lender impair any of the Stock Collateral or be inconsistent with or result in violate any violation of any of the provisions of the Credit Agreement or Agreements, any of the other Loan DocumentsDocument or this Agreement. All such rights of the Pledgor Pledgors to receive cash dividends shall cease in case a Default or an Event of Default shall have occurred and be continuingcontinuing under the terms of either Credit Agreement. All such rights of the Pledgor Pledgors to vote and give consents, waivers and ratifications with respect to the Stock shall, at the LenderPledgee's option, as evidenced by the LenderPledgee's notifying the Pledgor Pledgors of such election, cease in case a Default or an Event of Default shall have occurred and be continuingcontinuing under the terms of either Credit Agreement.

Appears in 1 contract

Samples: Credit Agreement (United States Filter Corp)

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