Common use of Voting Rights; Distributions Clause in Contracts

Voting Rights; Distributions. (a) So long as no Event of Default shall exist, the Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to any Collateral, for any purpose not inconsistent with the terms of this Agreement and the Second Priority Obligations . So long as an Event of Default shall exist, at the sole option of the Second Priority Collateral Trustee, any or all rights of the Pledgor to exercise voting and other consensual rights shall cease, and the Second Priority Collateral Trustee, if and when it notifies the Pledgor of the exercise of such option, shall have the sole right to exercise any or all such voting and other consensual rights. (b) To the extent required by the Indenture, the Pledgor shall cause any and all cash and other property paid or otherwise distributed in respect of the Collateral, any and all Collateral from time to time issued in addition thereto or substitution therefor, and any and all other Proceeds, to be paid and delivered to the Second Priority Collateral Trustee, to be held as Collateral hereunder. (c) All cash and other property required to be delivered to the Second Priority Collateral Trustee hereunder shall, if received by the Pledgor, be received in trust for the benefit of the Second Priority Collateral Trustee, be segregated from the other property of the Pledgor, and promptly be delivered to the Second Priority Collateral Trustee in the same form as so received (with any appropriate endorsements or assignments).

Appears in 2 contracts

Samples: Pledge Agreement (Satelites Mexicanos Sa De Cv), Pledge Agreement (Satelites Mexicanos Sa De Cv)

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Voting Rights; Distributions. (a) So long as no Event of Default shall exist, the Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to any Collateral, for any purpose not inconsistent with the terms of this Agreement and the Second First Priority Obligations Obligations. So long as an Event of Default shall exist, at the sole option of the Second Priority Collateral Trustee, any or all rights of the Pledgor to exercise voting and other consensual rights shall cease, and the Second Priority Collateral Trustee, if and when it notifies the Pledgor of the exercise of such option, shall have the sole right to exercise any or all such voting and other consensual rights. (b) To the extent required by the Indenture, the Pledgor shall cause any and all cash and other property paid or otherwise distributed in respect of the Collateral, any and all Collateral from time to time issued in addition thereto or substitution therefor, and any and all other Proceeds, to be paid and delivered to the Second Priority Collateral Trustee, to be held as Collateral hereunder. (c) All cash and other property required to be delivered to the Second Priority Collateral Trustee hereunder shall, if received by the Pledgor, be received in trust for the benefit of the Second Priority Collateral Trustee, be segregated from the other property of the Pledgor, and promptly be delivered to the Second Priority Collateral Trustee in the same form as so received (with any appropriate endorsements or assignments).

Appears in 2 contracts

Samples: Pledge Agreement (Satelites Mexicanos Sa De Cv), Pledge Agreement (Satelites Mexicanos Sa De Cv)

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Voting Rights; Distributions. (a) So long as no Notwithstanding anything in this Agreement to the contrary, unless and until a Termination Event of Default shall existhave occurred, the Pledgor shall be entitled have the full right to exercise vote the Pledged Shares in its sole and absolute discretion at any and all voting and other consensual rights pertaining to any Collateralannual or special meeting, as the case may be, of the limited partners of the Company for any a purpose not inconsistent with the terms of this Agreement and (including Section 6(f)) or the Second Priority Obligations . So long Security Agreement; provided, however, that if a Termination Event has occurred the Pledgee shall have the exclusive right (but not the obligation) to vote the Pledged Shares at its own discretion at any annual or special meeting, as an Event of Default shall existthe case may be, at the sole option of the Second Priority Collateral Trustee, any or all rights limited partners of the Pledgor Company by using the Proxy in the form attached as Exhibit C hereto or otherwise and, to exercise voting and other consensual rights shall cease, and the Second Priority Collateral Trustee, if and when it notifies the Pledgor of facilitate the exercise of such optionexclusive right, the Pledgor shall promptly execute and deliver (or cause to be executed and delivered) to the Pledgee all proxies and other instruments as the Pledgee may from time to time reasonably request. For the avoidance of doubt, the Pledgee shall have no liability for any vote, proxy or instrument delivered by it at the sole right to exercise any or all such voting and other consensual rightsrequest of the Pledgor. (b) To All Distributions shall be distributed at the extent required by direction of the IndenturePledgor, which direction shall be in accordance with the Security Agreement. If a Termination Event shall have occurred, the Pledgor shall cause any agrees to execute and all cash deliver to the Pledgee appropriate dividend and other property paid or otherwise distributed in respect of the Collateral, any orders and documents directing that all Collateral from time to time issued in addition thereto or substitution therefor, and any and all other Proceeds, to Distributions be paid and delivered to the Second Priority Collateral Trustee, to be held as Collateral hereunder. (c) All cash and other property required to be delivered to the Second Priority Collateral Trustee hereunder shall, if Pledgee. Any Distribution received by the Pledgor, Pledgor contrary to the provisions of this Section 9(b) shall be received in trust for the benefit of the Second Priority Collateral TrusteePledgee, shall be segregated from the other property funds of the Pledgor, Pledgor and promptly shall be delivered forthwith paid over to the Second Priority Pledgee as Pledged Collateral Trustee in the same form as so received (with any appropriate endorsements or assignmentsnecessary endorsement).

Appears in 1 contract

Samples: Pledge and Security Agreement (Knutsen NYK Offshore Tankers As)

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