Voting Rights in Respect of Subsidiary Stock. Upon the occurrence and during the continuance of an Event of Default and following written notice by Agent to Borrowing Agent, all rights of a Credit Party to exercise the voting and other consensual rights which it would otherwise be entitled to exercise shall cease and all such rights shall thereupon become vested in Agent which shall then have the sole right to exercise such voting and other consensual rights.
Appears in 8 contracts
Samples: Credit and Security Agreement (Emerge Energy Services LP), Credit and Security Agreement (Emerge Energy Services LP), Credit and Security Agreement (Emerge Energy Services LP)
Voting Rights in Respect of Subsidiary Stock. Upon the occurrence and during the continuance of an Event of Default and following written notice by Agent to Borrowing Agent, all rights of a Credit Party Borrower to exercise the voting and other consensual rights which it would otherwise be entitled to exercise shall cease and all such rights shall thereupon become vested in Agent which shall then have the sole right to exercise such voting and other consensual rights.
Appears in 2 contracts
Samples: Security Agreement, Security Agreement (Emerge Energy Services LP)
Voting Rights in Respect of Subsidiary Stock. Upon Subject to the Intercreditor Agreements, upon the occurrence and during the continuance of an Event of Default and following written notice by Agent to Borrowing Agent, all rights of a Credit Party to exercise the voting and other consensual rights which it would otherwise be entitled to exercise shall cease and all such rights shall thereupon become vested in Agent which shall then have the sole right at the direction of the Required Lenders to exercise such voting and other consensual rights.
Appears in 1 contract
Samples: Credit and Security Agreement (Emerge Energy Services LP)
Voting Rights in Respect of Subsidiary Stock. Upon the occurrence and during the continuance of an Event of Default Default, subject to any applicable order of the Bankruptcy Court, and following written notice by Agent to Borrowing Agent, all rights of a Credit Party to exercise the voting and other consensual rights which it would otherwise be entitled to exercise shall cease and all such rights shall thereupon become vested in Agent which shall then have the sole right to exercise such voting and other consensual rights.
Appears in 1 contract
