Common use of Assignment, Pledge and Grant of Security Interest Clause in Contracts

Assignment, Pledge and Grant of Security Interest. To secure the timely payment and performance of the Obligations, Pledgor hereby assigns and pledges to Trustee, for the equal and ratable benefit of the Noteholders, and grants to Trustee, for the equal and ratable benefit of the Noteholders, a security interest in all the estate, right, title and interest of Pledgor in and to the Stock, whether now owned or hereafter acquired, and all proceeds thereof and any income, dividends, gain, profit, loss or other items received or receivable by Pledgor in connection with the Stock (collectively, the "Collateral"). During the term of this Agreement and other than after the occurrence and during the continuance of a Default or an Event of Default, the Pledgor shall be entitled to receive any principal, interest, dividends and other income payable on or with respect to the Stock.

Assignment, Pledge and Grant of Security Interest. To secure the timely payment and performance of the Obligations, each Pledgor hereby assigns and pledges to Trustee, for the equal and ratable benefit of the Noteholders, and grants to Trustee, for the equal and ratable benefit of the Noteholders, a security interest in all the estate, right, title and interest of such Pledgor in and to the Stock, whether now owned or hereafter acquired, and all proceeds thereof and any income, dividends, gain, profit, loss or other items received or receivable by such Pledgor in connection with the Stock (collectively, the "Collateral"). During the term of this Agreement and other than after the occurrence and during the continuance of a Default or an Event of Default, the Pledgor Pledgors shall be entitled to receive any principal, interest, dividends and other income payable on or with respect to the Stock.