Common use of No Termination or Closure of Trusts Clause in Contracts

No Termination or Closure of Trusts. Unless, in connection therewith, the Shares held by any trust which are presently subject to the terms of this Agreement are transferred upon termination to one or more Shareholders and remain subject in all respects to the terms of this Agreement, or other Permitted Transferees who upon receipt of such Shares become signatories to this Agreement, the Shareholders who are Trustees shall not take any action to terminate, close or liquidate any such trust and shall take all steps necessary to maintain the existence thereof at least until the termination of the Merger Agreement in accordance with its terms.

Appears in 5 contracts

Samples: Voting Agreement (Career Education Corp), Voting Agreement (Edutrek Int Inc), Option Agreement (Career Education Corp)

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No Termination or Closure of Trusts. Unless, in connection therewithherewith, the Shares held by any trust which are presently subject to the terms of this Agreement are transferred upon termination to one or more Shareholders Stockholders and remain subject in all respects to the terms of this Agreement, or other Permitted Transferees who upon receipt of such Shares become signatories to this Agreement, the Shareholders Stockholders who are Trustees trustees shall not take any action to terminate, close or liquidate any such trust and shall take all steps necessary to maintain the existence thereof at least until the first to occur of (i) the Effective Time of the Merger and (ii) the termination of the Merger Agreement in accordance with its terms.

Appears in 3 contracts

Samples: Voting Agreement (Neuberger Berman Inc), Voting Agreement (Lehman Brothers Holdings Inc), Voting Agreement (Level 3 Communications Inc)

No Termination or Closure of Trusts. Unless, in connection therewith, the Shares held by any trust which are presently subject to the terms of this Agreement are transferred upon termination to one or more Shareholders and remain subject in all respects to the terms of this Agreement, or other Permitted Transferees who upon receipt of such Shares become signatories to this Agreement, the Shareholders who are Trustees shall not take any action to terminate, close or liquidate any such trust and shall take all steps necessary to maintain the existence thereof at least until the first to occur of the termination of the Merger Agreement in accordance with its termsterms and the Effective Time.

Appears in 2 contracts

Samples: Voting Agreement (Career Education Corp), Voting Agreement (Whitman Education Group Inc)

No Termination or Closure of Trusts. Unless, in connection therewith, the Shares held by any trust which are presently subject to the terms of this Agreement are transferred upon termination to one or more Shareholders Stockholders and remain subject in all respects to the terms of this Agreement, or other Permitted Transferees who upon receipt of such Shares become signatories to this Agreement, the Shareholders Stockholders who are Trustees shall not take any action to terminate, close or liquidate any such trust and shall take all steps necessary to maintain the existence thereof at least until the termination of the Merger Agreement in accordance with its terms.

Appears in 2 contracts

Samples: Stockholders Agreement (Toastmaster Inc), Stockholders Agreement (Salton Maxim Housewares Inc)

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No Termination or Closure of Trusts. Unless, in connection therewith, the Shares held by any trust which are presently subject to the terms of this Agreement are transferred upon termination to one or more Retaining Shareholders and remain subject in all respects to the terms of this Agreement, or other Permitted Transferees who upon receipt of such Shares become signatories to this Agreement, the Retaining Shareholders who are Trustees trustees shall not take any action to terminate, close or liquidate any such trust and shall take all steps necessary to maintain the existence thereof at least until the first to occur of (i) the Effective Time of the Recapitalization Merger and (ii) the termination of the Merger Agreement in accordance with its terms.

Appears in 1 contract

Samples: Voting, Sale and Retention Agreement (American International Group Inc)

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