Absolute Assignment; License Back. The parties intend that this Agreement shall be a present, absolute and unconditional assignment and shall, upon the occurrence and during the continuance of an Event of Default, give Agent the right to collect the Net Equity Issuance Proceeds and to apply such Net Equity Issuance Proceeds to payment of the principal and interest and all other sums payable on the Obligations in accordance with the terms of the Credit Agreement. Prior to the occurrence and continuance of an Event of Default, Agent hereby grants to Pledgor the right, subject to the provisions set forth herein, to collect all Net Equity Issuance Proceeds and the Proceeds thereof so long as Pledgor complies with the terms of the Credit Agreement and this Agreement. Pledgor shall promptly provide written notice to Agent in the event that any Collateral is realized by Pledgor as a result of the remedies available pursuant to the Organizational Documents after the occurrence and continuance of an Event of Default.
Appears in 5 contracts
Samples: Pledge and Security Agreement, Pledge and Security Agreement (Nexpoint Multifamily Capital Trust, Inc.), Pledge and Security Agreement (Nexpoint Multifamily Capital Trust, Inc.)
