Cash Dividends; Voting Rights. (a) Unless an Event of Default shall have occurred and be continuing, Pledgor shall be permitted to exercise all voting rights with respect to the Pledged Interests, PROVIDED, HOWEVER, that no vote shall be cast or other action taken which would result in a material violation of any provision of this Pledge Agreement or the Mortgage Loan Documents. (b) Unless an Event of Default shall have occurred and be continuing, Pledgor shall be permitted to receive and use (including making distribution of) Permitted Distributions. Any and all cash dividends or distributions received by Pledgor after Mezzanine Lender delivers to Pledgor written notice of an Event of Default, shall be held in trust for Mezzanine Lender as provided herein and, unless Mezzanine Lender shall otherwise agree in writing, shall be paid to Mezzanine Lender for application to the Obligations within one (1) Business Day after receipt of such written notice by Pledgor.
Appears in 8 contracts
Samples: Pledge and Security Agreement (Mack Cali Realty L P), Pledge and Security Agreement (Mack Cali Realty Corp), Pledge and Security Agreement (Mack Cali Realty L P)
