Dividends on Pledged Shares. In the event that any Dividend with respect to any Capital Stock pledged hereunder is permitted to be paid (in accordance with the Credit Agreement), such Dividend or payment may be paid directly to the Grantor. If any Dividend or payment is paid in contravention of the Credit Agreement, the Grantor shall hold the same segregated and in trust for the Administrative Agent until paid to the Administrative Agent in accordance with Section 4.1.5 hereto.
Appears in 2 contracts
Samples: Borrower Security and Pledge Agreement (AMH Holdings, Inc.), Borrower Security and Pledge Agreement (Associated Materials Inc)
Dividends on Pledged Shares. In the event that any Dividend with respect to any Capital Stock pledged hereunder is permitted to be paid (in accordance with the Credit Agreement), such Dividend or payment may be paid directly to the applicable Grantor. If any Dividend or payment is paid in contravention of the Credit Agreement, the such Grantor shall hold the same segregated and in trust for the Administrative Agent until paid to the Administrative Agent in accordance with Section 4.1.5 hereto.
Appears in 2 contracts
Samples: Subsidiary Security and Pledge Agreement (AMH Holdings, Inc.), Subsidiary Security and Pledge Agreement (Associated Materials Inc)
Dividends on Pledged Shares. In the event that any Dividend with respect to any Capital Stock Securities pledged hereunder is permitted to be paid (in accordance with Section 7.05 of the Credit Agreement), such Dividend or payment may be paid directly to the Grantor. If any Dividend or payment is paid in contravention of Section 7.05 of the Credit Agreement, the Grantor shall hold the same segregated and in trust for the Administrative Collateral Agent until paid to the Administrative Collateral Agent in accordance with Section 4.1.5 hereto.
Appears in 1 contract
Samples: Borrower Pledge and Security Agreement (Ironton Iron Inc)
Dividends on Pledged Shares. In the event that any Dividend with respect to any Capital Stock Securities pledged hereunder is permitted to be paid (in accordance with Section 7.05 of the Credit Agreement), such Dividend or payment may be paid directly to the applicable Grantor. If any Dividend or payment is paid in contravention of Section 7.05 of the Credit Agreement, the such Grantor shall hold the same segregated and in trust for the Administrative Collateral Agent until paid to the Administrative Collateral Agent in accordance with Section 4.1.5 hereto.
Appears in 1 contract
Samples: Subsidiary Pledge and Security Agreement (Ironton Iron Inc)
