Common use of Continuing Security Interest: Assignments under Credit Agreement Clause in Contracts

Continuing Security Interest: Assignments under Credit Agreement. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (i) remain in full force and effect until the payment in full of the Obligations and all other amounts payable under this Agreement and the termination of the Commitments, (ii) be binding upon the Pledgor, his successors and assigns, and (iii) inure, together with the rights and remedies of the Agent hereunder, to the benefit of, and be enforceable by, the Agent, the Banks and their respective successors, transferees and assigns. Without limiting the generality of the foregoing clause (iii), any Bank may assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement (including, without limitation, all or any portion of the Loans owing to it, its interest in any Letter of Credit and any Note held by it) to any other person or entity, and such other person or entity shall thereupon become vested with all the benefits in respect thereof granted to such Bank herein or otherwise, subject, however, to the provisions of Article 10 (concerning the Agent) of the Credit Agreement. Upon the later of payment in full of the Obligations and all other amounts payable under this Agreement and the termination of the Commitments, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to the Pledgor. Upon any such termination, the Agent will, at the Pledgor's expense, return to the Pledgor such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof and execute and deliver to the Pledgor such documents as the Pledgor shall reasonably request to evidence such termination.

Continuing Security Interest: Assignments under Credit Agreement. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (ia) remain in full force and effect until the payment Obligations have been indefeasibly paid in full in cash in accordance with the provisions of the Obligations and all other amounts payable under this Agreement Note and the termination of the CommitmentsPurchase Agreement, (iib) be binding upon the Pledgoreach of Grantors, his and their respective successors and assigns, and (iiic) inure, together with the rights and remedies of the Agent hereunder, inure to the benefit of, and be enforceable by, the AgentSecured Party, the Banks and their respective its successors, transferees and assigns. Without limiting the generality of the foregoing clause (iiic), any Bank may Secured Party may, in accordance with the provisions of the Note and the Purchase Agreement, assign or otherwise transfer all or any portion of its rights and obligations under the Credit Note and the Purchase Agreement (including, without limitation, all or any portion of the Loans owing to it, its interest in any Letter of Credit and any Note held by it) to any other person or entityPerson, and such other person or entity Person shall thereupon become vested with all the benefits in respect thereof granted to such Bank Secured Party herein or otherwise, subject, however, to . Upon indefeasible payment in full in cash of the Obligations in accordance with the provisions of Article 10 (concerning the Agent) of the Credit Agreement. Upon the later of payment in full of the Obligations and all other amounts payable under this Agreement Note and the termination of the CommitmentsPurchase Agreement, the security interest Security Interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Grantors or any other Person entitled thereto. At such time, Secured Party shall authorize the Pledgorfiling of appropriate termination statements to terminate such Security Interests. Upon No transfer or renewal, extension, assignment, or termination of this Agreement or of the Note, the Credit Agreement, any other Transaction Document, or any other instrument or document executed and delivered by any Grantor to Secured Party nor any additional loans made by any Lender to the Company, nor the taking of further security, nor the retaking or re-delivery of the Collateral to Grantors, or any of them, by Secured Party, shall release any of Grantors from any obligation, except a release or discharge executed in writing by Secured Party in accordance with the provisions of the Note and the Credit Agreement. Secured Party shall not by any act, delay, omission or otherwise, be deemed to have waived any of its rights or remedies hereunder, unless such waiver is in writing and signed by Secured Party and then only to the extent therein set forth. A waiver by Secured Party of any right or remedy on any occasion shall not be construed as a bar to the exercise of any such termination, the Agent will, at the Pledgor's expense, return to the Pledgor such of the Pledged Collateral as shall not right or remedy which Secured Party would otherwise have been sold or otherwise applied pursuant to the terms hereof and execute and deliver to the Pledgor such documents as the Pledgor shall reasonably request to evidence such terminationhad on any other occasion.

Continuing Security Interest: Assignments under Credit Agreement. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (i) remain in full force and effect until the later of (x) the payment in full of the Obligations Note and all other amounts payable under this Agreement and (y) the expiration or termination of the CommitmentsCommitment, (ii) be binding upon the Pledgor, his its successors and assigns, and (iii) inure, together with the rights and remedies of the Agent hereunder, inure to the benefit of, and be enforceable by, the Agent, the Banks Lender and their respective its successors, transferees and assigns. Without limiting the generality of the foregoing clause (iii), any Bank the Lender may assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement (including, without limitation, all or any portion of its Commitment, the Loans owing to it, its interest in any Letter of Credit and any Note held by itthe Note) to any other person or entity, and such other person or entity shall thereupon become vested with all the benefits in respect thereof granted to such Bank the Lender herein or otherwise, subject, however, to the provisions of Article 10 (concerning the Agent) of the Credit Agreement. Upon the later of the payment in full of the Obligations Note and all other amounts payable under this Agreement and the expiration or termination of the CommitmentsCommitment, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to the Pledgor. Upon any such termination, the Agent Lender will, at the Pledgor's expense, return to the Pledgor such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof and execute and deliver to the Pledgor such documents as the Pledgor shall reasonably request to evidence such termination.

Continuing Security Interest: Assignments under Credit Agreement. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (i) remain in full force and effect until the Pledgor’s payment in full of of, or his express written release by Secured Party from, the Obligations and all other amounts payable under this Agreement and the termination of the CommitmentsAgreement, (ii) be binding upon and inure to the benefit of Pledgor, his and Xxxxxxx’s respective heirs, legal representatives, successors and assigns, and (iii) inure, together with the rights and remedies of the Agent hereunder, inure to the benefit of, and be enforceable by, the Agentand be binding upon Secured Party and Secured Party’s heirs, the Banks and their respective legal representatives, successors, transferees and assigns. Without limiting the generality of the foregoing clause (iii), any Bank Secured Party may assign or otherwise transfer all or any portion of its Secured Party’s rights and obligations under the Credit Agreement (including, without limitation, all or any portion of the Loans owing to it, its interest in any Letter of Credit and any Note held by it) Loan Documents to any other person or entity, and such other person or entity shall thereupon become vested with all the benefits in respect thereof granted to such Bank Secured Party herein or otherwise, subject, however, to otherwise and charged with the provisions obligations and responsibilities of Article 10 (concerning the Agent) of the Credit AgreementPledgor thereunder. Upon the later of payment in full of the Obligations all amounts due and all other amounts payable under this Agreement and the termination release of Pledgor from the CommitmentsObligations, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to the Pledgor. Upon any such termination, the Agent Secured Party will, at the Pledgor's Xxxxxxx’s expense, promptly return to the Pledgor such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof and execute and deliver to the Pledgor such documents as the Pledgor shall reasonably request to evidence such termination.

Continuing Security Interest: Assignments under Credit Agreement. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (i) remain in full force and effect until the Pledgor’s payment in full of of, or his express written release by Secured Party from, the Obligations and all other amounts payable under this Agreement and the termination of the CommitmentsAgreement, (ii) be binding upon and inure to the benefit of Pledgor, his and Pledgor’s respective heirs, legal representatives, successors and assigns, and (iii) inure, together with the rights and remedies of the Agent hereunder, inure to the benefit of, and be enforceable by, the Agentand be binding upon Secured Party and Secured Party’s heirs, the Banks and their respective legal representatives, successors, transferees and assigns. Without limiting the generality of the foregoing clause (iii), any Bank Secured Party may assign or otherwise transfer all or any portion of its Secured Party’s rights and obligations under the Credit Agreement (including, without limitation, all or any portion of the Loans owing to it, its interest in any Letter of Credit and any Note held by it) Loan Documents to any other person or entity, and such other person or entity shall thereupon become vested with all the benefits in respect thereof granted to such Bank Secured Party herein or otherwise, subject, however, to otherwise and charged with the provisions obligations and responsibilities of Article 10 (concerning the Agent) of the Credit AgreementPledgor thereunder. Upon the later of payment in full of the Obligations all amounts due and all other amounts payable under this Agreement and the termination release of Pledgor from the CommitmentsObligations, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to the Pledgor. Upon any such termination, the Agent Secured Party will, at the Pledgor's ’s expense, promptly return to the Pledgor such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof and execute and deliver to the Pledgor such documents as the Pledgor shall reasonably request to evidence such termination.