Common use of Collateral Maintenance Requirement Clause in Contracts

Collateral Maintenance Requirement. (A) The Member shall at all times maintain as Collateral an amount of Qualifying Collateral which has a Lendable Collateral Value that is at least equal to the then current required Collateral Maintenance Level. The Member shall not assign, pledge, transfer, create any security interest in, sell, or otherwise dispose of any Collateral if: (i) such Collateral has been specified or identified pursuant to Section 3.05 hereof or is held by or on behalf of the Bank pursuant to Section 3.06 hereof, or the Bank has otherwise perfected its security interest in such Collateral; or (ii) at the time of or immediately after such action, the Member is not or would not be in compliance with the collateral maintenance requirements of the first sentence of this Section 3.04 (A) or is otherwise in default under this Agreement.

Appears in 2 contracts

Samples: Agreement for Advances and Security Agreement (Eagle Bancshares Inc), Pledge and Security Agreement (Amsouth Bancorporation)

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Collateral Maintenance Requirement. (A) The Member shall at all times maintain as Collateral an amount of Qualifying Collateral which has a Lendable Collateral Value that is at least equal to the then current required Collateral Maintenance Level. The Member shall not assign, pledge, transfer, create any security interest in, sell, or otherwise dispose of any Collateral if: (i) such Collateral has been specified or identified pursuant to Section 3.05 hereof or is held by or on behalf of the Bank pursuant to Section 3.06 hereof, or the Bank has otherwise perfected its security interest in such Collateral; or (ii) at the time of or immediately after such action, the Member Member’ is not or would not be in compliance with the collateral maintenance requirements of the first sentence of this Section 3.04 (A) or is otherwise in default under this Agreement.

Appears in 2 contracts

Samples: Agreement (Bankunited Financial Corp), Atlanta Agreement (Crescent Banking Co)

Collateral Maintenance Requirement. (A) The Member shall at all times maintain as Collateral an amount of Qualifying Collateral which has a Lendable Collateral Value that is at least equal to the then current required Collateral Maintenance Level. The Member shall not assign, pledge, transfer, create any security interest in, sell, or otherwise dispose of any Collateral if: (i) such Collateral has been specified or identified pursuant to Section 3.05 hereof or is held by or on behalf of the Bank pursuant to Section 3.06 hereof, or the Bank has otherwise perfected its security interest in such Collateral; or (ii) at the time of or immediately after such action, the Member is not or would not be in compliance with the collateral maintenance requirements of the first sentence of this Section 3.04 (A3.04(A) or is otherwise in default under this Agreement.

Appears in 1 contract

Samples: Agreement for Advances and Security Agreement (Gold Banc Corp Inc)

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Collateral Maintenance Requirement. (A) The Member shall at all times maintain as Collateral an amount of Qualifying Collateral which has a Lendable Collateral Fair Market Value that is at least equal to the then current required Collateral Maintenance Level. The Member shall not assign, pledge, transfer, create any security interest in, sell, or otherwise dispose of any Collateral if: (i) such Collateral has been specified or identified pursuant to Section 3.05 3.04 hereof or is held by or on behalf of the Bank FHLBNY pursuant to Section 3.06 3.05 hereof, or the Bank FHLBNY has otherwise perfected its security interest in such Collateral; or (ii) at the time of or immediately after such action, the Member is not or would not be in compliance with the collateral maintenance requirements of the first sentence of this Section 3.04 3.03 (A) or is otherwise in default under this Agreement. The Member shall not grant a junior security interest in the Collateral to any other person.

Appears in 1 contract

Samples: Collateral Pledge and Security Agreement

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