Common use of EXERCISE OF MEMBERSHIP RIGHTS Clause in Contracts

EXERCISE OF MEMBERSHIP RIGHTS. The membership rights, including the voting rights, attached to the Interests remain with the Pledgors. Each Pledgor, however, shall at all times until the full satisfaction of all Secured Obligations or the release of the Pledges exercise its membership rights, including its voting rights, in good faith to ensure that the validity and enforceability of the Pledges and the existence or value of all or part of the Interests are not in any way adversely affected, other than through profit payments pursuant to sub-Clause 4.2 above. Each Pledgor undertakes that no resolutions are passed which constitute a breach of its obligations under Clause 10.

Appears in 2 contracts

Samples: Partnership Interest Pledge Agreement (Axalta Coating Systems Ltd.), Partnership Interest Pledge Agreement (Axalta Coating Systems Ltd.)

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EXERCISE OF MEMBERSHIP RIGHTS. The membership rights, including the voting rights, attached to the Interests remain with the PledgorsPledgor. Each The Pledgor, however, shall at all times until the full satisfaction or defeasance of all Secured Obligations or the release of the Pledges Pledge exercise its membership rights, including its voting rights, in good faith to ensure that the validity and enforceability of the Pledges Pledge and the existence or value of all or part of the Interests are not in any way adversely affected, other than through profit payments pursuant to sub-Clause 4.2 5.2 above, or as otherwise permitted by the Indenture. Each The Pledgor undertakes that no resolutions are passed which constitute a breach of its obligations under Clause 108 hereof.

Appears in 1 contract

Samples: Interest Pledge Agreement (Nl Industries Inc)

EXERCISE OF MEMBERSHIP RIGHTS. The membership rights, including the voting rights, attached to the Interests Shares remain with the PledgorsPledgor. Each The Pledgor, however, shall at all times until the full satisfaction of all Secured Obligations or the release of the Pledges exercise its membership rights, including its voting rights, in good faith to ensure that the validity and enforceability of the Pledges and the existence or value of all or part of the Interests Shares are not in any way adversely affected, other than through profit dividend payments pursuant to sub-Clause 4.2 above. Each The Pledgor undertakes that no resolutions are passed which constitute a breach of its obligations under Clause 10.

Appears in 1 contract

Samples: Share Pledge Agreement (Axalta Coating Systems Ltd.)

EXERCISE OF MEMBERSHIP RIGHTS. The membership rights, including the voting rights, attached to the Interests Shares remain with the PledgorsPledgor. Each The Pledgor, however, shall at all times until the full satisfaction of all Secured Obligations or the release of the Pledges exercise its membership rights, including its voting rights, in good faith to ensure that the validity and enforceability of the Pledges and the existence or value of all or part of the Interests Shares are not in any way adversely affected, other than through profit dividend payments pursuant to sub-Clause 4.2 5.2 above. Each The Pledgor undertakes that no resolutions are passed which constitute a breach of its obligations under Clause 108 hereof.

Appears in 1 contract

Samples: Share Pledge Agreement (Fibercore Inc)

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EXERCISE OF MEMBERSHIP RIGHTS. The membership rights, including the voting rights, attached to the Interests Shares remain with the PledgorsPledgor. Each The Pledgor, however, shall at all times until the full satisfaction of all Secured Obligations or the release of the Pledges exercise its membership rights, including its voting rights, in good faith to ensure that the validity and enforceability of the Pledges and the existence or value of all or part of the Interests Shares are not in any way adversely affected, other than through profit dividend payments pursuant to sub-Clause 4.2 aboveabove or as otherwise permitted by the Indenture. Each The Pledgor undertakes that no resolutions are passed which constitute a breach of its obligations under Clause 10.

Appears in 1 contract

Samples: Share Pledge Agreement (Kronos International Inc)

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