Common use of Continuing Security Interest; Transfer of Collateral Clause in Contracts

Continuing Security Interest; Transfer of Collateral. This Agreement shall create a continuing Lien and security interest in the Collateral and shall (i) unless otherwise provided in the Indenture or this Agreement remain in full force and effect until payment in full of (A) the Secured Notes under the terms of the Indenture and (B) all Obligations then due and owing under the Indenture and the Security Agreements; PROVIDED, HOWEVER, that after receipt from the Issuer by the Collateral Agent of a request for a release of any Collateral permitted under the Indenture upon the sale, transfer, assignment, exchange or other disposition of such Collateral not prohibited by the Indenture and upon receipt by the Collateral Agent of all proceeds of such sale, transfer, assignment, exchange or other disposition required to be remitted to the Collateral Agent or the Trustee or the Collateral constituting the proceeds of such sale, transfer, assignment, exchange or other disposition being made subject to a Lien and security interest in favor of the Collateral Agent for the benefit of the Trustee and the equal and ratable benefit of the Holders of the Secured Notes, which Lien has the same priority as had the Lien on the Collateral being sold, assigned or otherwise disposed of, such Collateral shall be released from the Lien and security interest created hereunder and no longer constitute Collateral. Upon the payment in full of (A) the Secured Notes under the terms of the Indenture and (B) all Obligations then due and owing under the Indenture and the Security Agreements, the Issuer shall be entitled to the return (and release of any Lien), upon its request and at its expense, of such of the Collateral pledged by it as shall not have been sold or otherwise applied pursuant to the terms hereof. This Agreement shall be binding upon the Issuer, its successors and assigns, and inure, together with the rights and remedies of the Trustee hereunder, to the benefit of the Collateral Agent, the Trustee, the Holders of the Secured Notes and their respective successors, transferees and assigns.

Appears in 1 contract

Samples: Senior Secured Note Security and Pledge Agreement (Pride International Inc)

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Continuing Security Interest; Transfer of Collateral. This Security Agreement shall create a continuing Lien and security interest in the Collateral and shall (i) unless otherwise provided in the Convertible Note Indenture, the Senior Note Indenture or this Agreement Security Agreement, remain in full force and effect until payment in full of (A) the Secured Convertible Notes under the terms of the Indenture and Convertible Note Indenture, (B) all Obligations then due and owing under the Convertible Note Indenture, the Convertible Note Guarantees and the Convertible Note Collateral Documents, (C) the Senior Notes under the terms of the Senior Note Indenture and (D) all Obligations then due and owing under the Security AgreementsSenior Note Indenture, the Senior Note Guarantees and the Senior Note Collateral Documents; PROVIDEDprovided, HOWEVERhowever, that after receipt from the Issuer Company by the Collateral Agent of a request for a release of any Collateral permitted under the Convertible Note Indenture and the Senior Note Indenture upon the sale, transfer, assignment, exchange or other disposition of such Collateral not prohibited by the Convertible Note Indenture and the Senior Note Indenture and (upon receipt by the Collateral Agent of all proceeds of such sale, transfer, assignment, exchange or other disposition required to be remitted to the Collateral Agent or the Convertible Note Trustee (or the Senior Note Trustee if the Convertible Notes are no longer outstanding and the Convertible Note Indenture has been satisfied and discharged) and any such Collateral constituting the proceeds of such sale, transfer, assignment, exchange or other disposition being made subject to a Lien and security interest in favor of the Collateral Agent for the benefit of the Senior Note Trustee and the equal and ratable benefit of the Holders of the Secured Senior Notes and for the benefit of the Convertible Note Trustee and the equal and ratable benefit of the Holders of the Convertible Notes, which Lien has the same priority as had the Lien on the such Collateral being sold, assigned or otherwise disposed of, such Collateral shall be released from the Lien and security interest created hereunder and no longer constitute Collateral. Upon the payment in full of (A) the Secured Convertible Notes under the terms of the Indenture and Convertible Note Indenture, (B) all Obligations then due and owing under the Convertible Note Indenture, the Convertible Note Guarantees and the Convertible Note Collateral Documents, (C) the Senior Notes under the terms of the Senior Note Indenture and (D) all Obligations then due and owing under the Security AgreementsSenior Note Indenture, the Issuer Senior Note Guarantees and the Senior Note Collateral Documents, the Company shall be entitled to the return (and release of any Lien)return, upon its request and at its expense, of such of the Collateral pledged by it as shall not have been sold or otherwise applied pursuant to the terms hereof. This Security Agreement shall be binding upon the IssuerCompany, its successors and assigns, and inure, together with the rights and remedies of the Trustee Trustees hereunder, to the benefit of the Collateral Agent, the Trustee, Convertible Note Trustee and the Holders of the Secured Convertible Notes, and the Senior Note Trustee and the Holders of the Senior Notes and their respective successors, transferees and assigns.

Appears in 1 contract

Samples: Company Convertible Note Security and Pledge Agreement (PLD Telekom Inc)

Continuing Security Interest; Transfer of Collateral. This Security Agreement shall create a continuing Lien and security interest in the Collateral and shall (i) unless otherwise provided in the Senior Note Indenture, the Convertible Note Indenture or this Agreement Security Agreement, remain in full force and effect until payment in full of (A) the Secured Senior Notes under the terms of the Indenture and Senior Note Indenture, (B) all Obligations then due and owing under the Senior Note Indenture, the Senior Note Guarantees and the Senior Note Collateral Documents, (C) the Convertible Notes under the terms of the Convertible Note Indenture and (D) all Obligations then due and owing under the Security AgreementsConvertible Note Indenture, the Convertible Note Guarantees and the Convertible Note Collateral Documents; PROVIDEDprovided, HOWEVERhowever, that after receipt from the Issuer Leasing Company by the Collateral Agent of a request for a release of any Collateral permitted under the Senior Note Indenture and the Convertible Note Indenture upon the sale, transfer, assignment, exchange or other disposition of such Collateral not prohibited by the Senior Note Indenture and the Convertible Note Indenture and upon receipt by the Collateral Agent of all proceeds of such sale, transfer, assignment, exchange or other disposition required to be remitted to the Collateral Agent or the Senior Note Trustee (or the Convertible Note Trustee if the Senior Notes are no longer outstanding and the Senior Note Indenture has been satisfied and discharged) or the Collateral constituting the proceeds of such sale, transfer, assignment, exchange or other disposition being made subject to a Lien and security interest in favor of the Collateral Agent for the benefit of the Senior Note Trustee and the equal and ratable benefit of the Holders of the Secured Senior Notes and for the benefit of the Convertible Note Trustee and the equal and ratable benefit of the Holders of the Convertible Notes, which Lien has the same priority as had the Lien on the Collateral being sold, assigned or otherwise disposed of, such Collateral shall be released from the Lien and security interest created hereunder and no longer constitute Collateral. Upon the payment in full of (A) the Secured Senior Notes under the terms of the Indenture and Senior Note Indenture, (B) all Obligations then due and owing under the Senior Note Indenture, the Senior Note Guarantees and the Senior Note Collateral Documents, (C) the Convertible Notes under the terms of the Convertible Note Indenture and (D) all Obligations then due and owing under the Security AgreementsConvertible Note Indenture, the Issuer Convertible Note Guarantees and the Convertible Note Collateral Documents, the Leasing Company shall be entitled to the return (and release of any Lien)return, upon its request and at its expense, of such of the Collateral pledged by it as shall not have been sold or otherwise applied pursuant to the terms hereof. This Security Agreement shall be binding upon the IssuerLeasing Company, its successors and assigns, and inure, together with the rights and remedies of the Trustee Trustees hereunder, to the benefit of the Collateral Agent, the Trustee, Senior Note Trustee and the Holders of the Secured Senior Notes, and the Convertible Note Trustee and the Holders of the Convertible Notes and their respective successors, transferees and assigns.

Appears in 1 contract

Samples: Leasing Company Security and Pledge Agreement (PLD Telekom Inc)

Continuing Security Interest; Transfer of Collateral. This Security Agreement shall create a continuing Lien and security interest in the Collateral and shall (i) unless otherwise provided in the Senior Note Indenture, the Convertible Note Indenture or this Agreement Security Agreement, remain in full force and effect until payment in full of (A) the Secured Senior Notes under the terms of the Indenture and Senior Note Indenture, (B) all Obligations then due and owing under the Senior Note Indenture, the Senior Note Guarantees and the Senior Note Collateral Documents, (C) the Convertible Notes under the terms of the Convertible Note Indenture and (D) all Obligations then due and owing under the Security AgreementsConvertible Note Indenture, the Convertible Note Guarantees and the Convertible Note Collateral Documents; PROVIDEDprovided, HOWEVERhowever, that after receipt from the Issuer Leasing Company by the Collateral Agent of a request for a release of any Collateral permitted under the Senior Note Indenture and the Convertible Note Indenture upon the sale, transfer, assignment, exchange or other disposition of such Collateral not prohibited by the Senior Note Indenture and the Convertible Note Indenture and upon receipt by the Collateral Agent of all proceeds of such sale, transfer, assignment, exchange or other disposition required to be remitted to the Collateral Agent or the Senior Note Trustee (or the Convertible Note Trustee if the Senior Notes are no longer outstanding and the Senior Note Indenture has been satisfied and discharged) or the Collateral constituting the proceeds of such sale, transfer, assignment, exchange or other disposition being is made subject to a Lien and security interest in favor of the Collateral Agent for the benefit of the Senior Note Trustee and the equal and ratable benefit of the Holders of the Secured Senior Notes and for the benefit of the Convertible Note Trustee and the equal and ratable benefit of the Holders of the Convertible Notes, which Lien has the same priority as had the Lien on the Collateral being sold, assigned or otherwise disposed of, such Collateral shall be released from the Lien and security interest created hereunder and no longer constitute Collateral. Upon the payment in full of (A) the Secured Senior Notes under the terms of the Indenture and Senior Note Indenture, (B) all Obligations then due and owing under the Senior Note Indenture, the Senior Note Guarantees and the Senior Note Collateral Documents, (C) the Convertible Notes under the terms of the Convertible Note Indenture and (D) all Obligations then due and owing under the Security AgreementsConvertible Note Indenture, the Issuer Convertible Note Guarantees and the Convertible Note Collateral Documents, the Leasing Company shall be entitled to the return (and release of any Lien)return, upon its request and at its expense, of such of the Collateral pledged by it as shall not have been sold or otherwise applied pursuant to the terms hereof. This Security Agreement shall be binding upon the IssuerLeasing Company, its successors and assigns, and inure, together with the rights and remedies of the Trustee Trustees hereunder, to the benefit of the Collateral Agent, the Trustee, Senior Note Trustee and the Holders of the Secured Senior Notes, and the Convertible Note Trustee and the Holders of the Convertible Notes and their respective successors, transferees and assigns.

Appears in 1 contract

Samples: Leasing Company Security and Pledge Agreement (PLD Telekom Inc)

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Continuing Security Interest; Transfer of Collateral. This Security Agreement shall create a continuing Lien and security interest in the Collateral and shall (i) unless otherwise provided in the Senior Note Indenture, the Convertible Note Indenture or this Agreement Security Agreement, remain in full force and effect until payment in full of (A) the Secured Senior Notes under the terms of the Indenture and Senior Note Indenture, (B) all Obligations then due and owing under the Senior Note Indenture, the Senior Note Guarantees and the Senior Note Collateral Documents, (C) the Convertible Notes under the terms of the Convertible Note Indenture and (D) all Obligations then due and owing under the Security AgreementsConvertible Note Indenture, the Convertible Note Guarantees and the Convertible Note Collateral Documents; PROVIDEDprovided, HOWEVERhowever, that after receipt from the Issuer Leasing Company by the Collateral Agent of a request for a release of any Collateral permitted under the Senior Note Indenture and the Convertible Note Indenture upon the sale, transfer, assignment, exchange or other disposition of such Collateral not prohibited by the Senior Note Indenture and the Convertible Note Indenture and upon receipt by the Collateral Agent of all proceeds of such sale, transfer, assignment, exchange or other disposition required to be remitted to the Collateral Agent or the Senior Note Trustee (or the Convertible Note Trustee if the Senior Notes are no longer outstanding and the Senior Note Indenture has been satisfied and discharged) or the Collateral constituting the proceeds of such sale, transfer, assignment, exchange or other disposition being is made subject to a Lien and security interest in favor of the Collateral Agent for the benefit of the Senior Note Trustee and the equal and ratable benefit of the Holders of the Secured Senior Notes and for the benefit of the Convertible Note Trustee and the equal and ratable benefit of the Holders of the Convertible Notes, which Lien has the same priority as had the Lien on the Collateral being sold, assigned or otherwise disposed of, such Collateral shall be released from the Lien and security interest created hereunder and no longer constitute Collateral. Upon the payment in full of (A) the Secured Senior Notes under the terms of the Indenture and Senior Note Indenture, (B) all Obligations then due and owing under the Senior Note Indenture, the Senior Note Guarantees and the Senior Note Collateral Documents, (C) the Convertible Notes under the terms of the Convertible Note Indenture and 24 26 (D) all Obligations then due and owing under the Security AgreementsConvertible Note Indenture, the Issuer Convertible Note Guarantees and the Convertible Note Collateral Documents, the Leasing Company shall be entitled to the return (and release of any Lien)return, upon its request and at its expense, of such of the Collateral pledged by it as shall not have been sold or otherwise applied pursuant to the terms hereof. This Security Agreement shall be binding upon the IssuerLeasing Company, its successors and assigns, and inure, together with the rights and remedies of the Trustee Trustees hereunder, to the benefit of the Collateral Agent, the Trustee, Senior Note Trustee and the Holders of the Secured Senior Notes, and the Convertible Note Trustee and the Holders of the Convertible Notes and their respective successors, transferees and assigns.

Appears in 1 contract

Samples: Leasing Company Security and Pledge Agreement (PLD Capital Asset Us Inc)

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