Common use of Distributions, Conversion, Voting, etc Clause in Contracts

Distributions, Conversion, Voting, etc. So long as no Event of -------------------------------------- Default shall have occurred and be continuing and to the extent permitted under the Credit Agreements, the Assignor shall be entitled to: (i) receive all cash and other distributions paid in respect of the Assigned Interests not authorized or made in violation of the Credit Agreement; (ii) exercise any management or voting rights relating to the Assigned Interests; and (iii) give consents, waivers, approvals, and ratifications in respect of the Assigned Interests. All such rights of the Assignor to receive cash and other distributions shall cease if an Event of Default shall have occurred and be continuing, and in each such case the Assignor shall (A) at the request of the Assignee, issue appropriate instructions that any such distributions be paid directly to the Assignee or to such account as the Assignee may designate, and (B) hold in trust for the Assignee and immediately pay over to the Assignee any such distributions received by the Assignor. All such rights of the Assignor referred to in clauses (ii) and (iii) shall, at the Assignee's sole option, as evidenced by the Assignee's notifying the Assignor in writing of its exercise of such option, cease in case an Event of Default shall have occurred and be continuing.

Appears in 2 contracts

Samples: Collateral Assignment of Partnership Interest (National Restaurant Enterprises Holdings Inc), Collateral Assignment of Partnership Interest (National Restaurant Enterprises Holdings Inc)

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Distributions, Conversion, Voting, etc. So long as no Event of -------------------------------------- Default shall have occurred and be continuing and to the extent permitted under the Credit Agreementscontinuing, the Assignor Assignors shall be entitled to: (ia) receive all cash and other distributions paid in respect of the Assigned Interests Interests, not authorized or made in violation of the Credit AgreementIndenture; (iib) exercise any management or voting rights relating to the Assigned Interests; and (iiic) give consents, waivers, approvals, and ratifications in respect of the Assigned Interests. All such rights of the Assignor Assignors to receive cash and other distributions shall cease if an Event of Default shall have occurred and be continuing, except to the extent permitted under the Indenture, and in each such case the Assignor Assignors shall (Ai) at the request of the Assignee, issue appropriate instructions that any such distributions be paid directly to the Assignee or to such account as the Assignee may designate, and (Bii) hold in trust for the Assignee and immediately pay over to the Assignee any such distributions received by the AssignorAssignors, except in each case to the extent permitted under the Indenture. All such rights of the Assignor Assignors referred to in clauses (iib) and (iiic) shall, at the Assignee's sole option, as evidenced by the Assignee's notifying the Assignor Assignors in writing of its exercise of such option, cease in case an Event of Default shall have occurred and be continuing.

Appears in 1 contract

Samples: Pledge Agreement (FelCor Lodging Trust Inc)

Distributions, Conversion, Voting, etc. So long as no Event of -------------------------------------- Default shall have occurred and be continuing and to the extent permitted under the Credit AgreementsAgreement, the Assignor shall be entitled to: (ia) receive all cash and other distributions paid in respect of the Assigned Interests not authorized or made in violation of the Credit Agreement; (iib) exercise any management or voting rights relating to the Assigned Interests; and (iiic) give consents, waivers, approvals, and ratifications in respect of the Assigned Interests. All such rights of the Assignor to receive cash and other distributions shall cease if an Event of Default shall have occurred and be continuing, except to the extent permitted under the Credit Agreement, the Existing Indentures and the New Indenture, and in each such case the Assignor shall (Ai) at the request of the Assignee, issue appropriate instructions that any such distributions be paid directly to the Assignee or to such account as the Assignee may designate, and (Bii) hold in trust for the Assignee and immediately pay over to the Assignee any such distributions received by the Assignor, except in each case to the extent permitted under the Credit Agreement, the Existing Indentures and the New Indenture. All such rights of the Assignor referred to in clauses (iib) and (iiic) shall, at the Assignee's ’s sole option, as evidenced by the Assignee's ’s notifying the Assignor in writing of its exercise of such option, cease in case an Event of Default shall have occurred and be continuing.

Appears in 1 contract

Samples: Pledge Agreement (FelCor Lodging Trust Inc)

Distributions, Conversion, Voting, etc. So long as no Event of -------------------------------------- Default shall have occurred and be continuing and to the extent permitted under the Credit Agreementscontinuing, the Assignor shall be entitled to: (ia) receive all cash and other distributions paid in respect of the Assigned Interests Interests, not authorized or made in violation of the Credit AgreementIndenture; (iib) exercise any management or voting rights relating to the Assigned Interests; and (iiic) give consents, waivers, approvals, and ratifications in respect of the Assigned Interests. All such rights of the Assignor to receive cash and other distributions shall cease if an Event of Default shall have occurred and be continuing, except to the extent permitted under the Indenture, and in each such case the Assignor shall (Ai) at the request of the Assignee, issue appropriate instructions that any such distributions be paid directly to the Assignee or to such account as the Assignee may designate, and (Bii) hold in trust for the Assignee and immediately pay over to the Assignee any such distributions received by the Assignor, except in each case to the extent permitted under the Indenture. All such rights of the Assignor referred to in clauses (iib) and (iiic) shall, at the Assignee's sole option, as evidenced by the Assignee's notifying the Assignor in writing of its exercise of such option, cease in case an Event of Default shall have occurred and be continuing.

Appears in 1 contract

Samples: Pledge Agreement (FelCor Lodging LP)

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Distributions, Conversion, Voting, etc. So long as no Event of -------------------------------------- Default shall have occurred and be continuing and to the extent permitted under the Credit AgreementsLoan Agreement, the Assignor Assignors shall be entitled to: (ia) receive all cash and other distributions paid in respect of the Assigned Interests authorized by or not authorized or made in violation of the Credit Loan Agreement; (iib) exercise any management or voting rights relating to the Assigned Interests; and (iiic) give consents, waivers, approvals, and ratifications in respect of the Assigned Interests. All such rights of the Assignor Assignors to receive cash and other distributions shall cease if an Event of Default shall have occurred and be continuing, except to the extent permitted under the Loan Agreement, and in each such case the Assignor Assignors shall (Ai) at the request of the Assignee, issue appropriate instructions that any such distributions be paid directly to the Assignee or to such account as the Assignee may designate, and (Bii) hold in trust for the Assignee and immediately pay over to the Assignee any such distributions received by any Assignor, except to the Assignorextent permitted under the Loan Agreement. All such rights of the Assignor Assignors referred to in clauses (iib) and (iiic) above shall, at the Assignee's ’s sole option, as evidenced by the Assignee's ’s notifying the applicable Assignor in writing of its exercise of such option, cease in case an Event of Default shall have occurred and be continuing.

Appears in 1 contract

Samples: Pledge and Security Agreement (FelCor Lodging Trust Inc)

Distributions, Conversion, Voting, etc. So long as no Event of -------------------------------------- Default shall have occurred and be continuing and to the extent permitted under the Credit Agreementscontinuing, the Assignor Assignors shall be entitled to: (ia) receive all cash and other distributions paid in respect of the Assigned Interests Interests, not authorized or made in violation of the Credit AgreementIndenture; (iib) exercise any management or voting rights relating to the Assigned Interests; and (iiic) give consents, waivers, approvals, and ratifications in respect of the Assigned Interests. All such rights of the Assignor Assignors to receive cash and other distributions shall cease if an Event of Default shall have occurred and be continuing, except to the extent permitted under the Indenture, and in each such case the Assignor Assignors shall (Ai) at the request of the Assignee, issue appropriate instructions that any such distributions be paid directly to the Assignee or to such account as the Assignee may designate, and (Bii) hold in trust for the Assignee and immediately pay over to the Assignee any such distributions received by the AssignorAssignors, except in each case to the extent permitted under the Indenture. All such rights of the Assignor Assignors referred to in clauses (iib) and (iiic) shall, at the Assignee's ’s sole option, as evidenced by the Assignee's ’s notifying the Assignor Assignors in writing of its exercise of such option, cease in case an Event of Default shall have occurred and be continuing.

Appears in 1 contract

Samples: Pledge Agreement (FelCor Lodging Trust Inc)

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