Common use of CONTINUING SECURITY INTEREST; TRANSFER OF LOANS Clause in Contracts

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 11 contracts

Samples: Credit Agreement (Blackbaud Inc), Credit Agreement (Express Scripts Inc), Credit Agreement (Bell Industries Inc)

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CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party willshall, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 7 contracts

Samples: Credit Agreement (Aurora Foods Inc /De/), Credit Agreement (Bell Industries Inc), Security Agreement (MBW Foods Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its Pledgors and their respective successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgorthe applicable Pledgors. Upon any such termination Secured Party will, at Pledgor's Pledgors' expense, execute and deliver to Pledgor Pledgors such documents as Pledgor Pledgors shall reasonably request to evidence such termination and Pledgor Pledgors shall be entitled to the return, upon its their request and at its their expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 5 contracts

Samples: Credit Agreement (DMW Worldwide Inc), Credit Agreement (Aurora Foods Inc /De/), Security Agreement (MBW Foods Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon PledgorGrantor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorGrantor. Upon any such termination Secured Party will, at PledgorGrantor's expense, execute and deliver to Pledgor Grantor such documents as Pledgor Grantor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 5 contracts

Samples: Credit Agreement (Andros Holdings Inc), Credit Agreement (Bell Industries Inc), Subsidiary Security Agreement (Pantry Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its Grantors and their respective successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgorthe applicable Grantors. Upon any such termination Secured Party will, at Pledgor's Grantors' expense, execute and deliver to Pledgor Grantors such documents as Pledgor Grantors shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 5 contracts

Samples: Credit Agreement (DMW Worldwide Inc), Security Agreement (Aurora Foods Inc /Md/), Security Agreement (Outsourcing Solutions Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This ----------------------------------------------- Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon PledgorGrantor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorGrantor. Upon any such termination Secured Party will, at PledgorGrantor's expense, execute and deliver to Pledgor Grantor such documents as Pledgor Grantor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 4 contracts

Samples: Company Trademark Security Agreement (Sandhills Inc), Company Security Agreement (Sandhills Inc), Subsidiary Security Agreement (Sandhills Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This ----------------------------------------------- Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 3 contracts

Samples: Subsidiary Pledge Agreement (Diamond Brands Operating Corp), Subsidiary Pledge Agreement (Diamond Brands Operating Corp), Holdings Pledge Agreement (Diamond Brands Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall assign and create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its Grantors and their respective successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest assigned and granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgorthe applicable Grantors. Upon any such termination Secured Party will, at Pledgor's Grantors' expense, execute and deliver to Pledgor Grantors such documents as Pledgor Grantors shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 3 contracts

Samples: Credit Agreement (Aurora Foods Inc /De/), Security Agreement (Aurora Foods Inc /Md/), Security Agreement (Outsourcing Solutions Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This ----------------------------------------------- Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party willshall, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 3 contracts

Samples: Credit Agreement (Varco International Inc), Credit Agreement (Varco International Inc), Collateral Account Agreement (Sandhills Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest Lien in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or Obligations (except for contingent obligations that survive termination of the Commitments Loan Documents), the termination of the obligations of Lenders to advance Borrowings or issue Letters of Credit under the Loan Documents, and the cancellation or expiration of all outstanding Letters of CreditCredit and all Swap Contracts, (b) be binding upon each Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its each Lender, and their respective successors, transferees transferees, and assigns. Without limiting the generality of the foregoing clause (c), but subject to the relevant provisions of subsection 10.1 of the Credit AgreementLoan Documents, any Lender may assign or otherwise transfer any Loans Secured Obligations held by it to any other PersonPerson to the extent permitted by the Credit Agreement, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders such Lender herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, the cancellation or Obligations (except for contingent obligations that survive termination of the Commitments Loan Documents), the termination of the obligations of Lenders to advance Borrowings or issue Letters of Credit under the Loan Documents, and the cancellation or expiration of all outstanding Letters of CreditCredit and all Swap Contracts, the security interest Lien granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorPledgors (provided that, if an Event of Default then exists, such termination and reversion shall not occur until such time as no Event of Default is continuing). Upon any such termination Secured Party will, at Pledgor's Pledgors’ expense, execute and deliver to Pledgor Pledgors such documents as Pledgor Pledgors shall reasonably request to evidence such termination and Pledgor Pledgors shall be entitled to the return, upon its their request and at its their expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 2 contracts

Samples: Pledge Agreement (Sunstone Hotel Investors, Inc.), Pledge Agreement (Sunstone Hotel Investors, Inc.)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the indefeasible payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon PledgorGrantor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorGrantor. Upon any such termination Secured Party will, at PledgorGrantor's expense, execute and deliver to Pledgor Grantor such documents as Pledgor Grantor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 2 contracts

Samples: Partnership Interest Security Agreement (Players International Inc /Nv/), Membership Interest Security Agreement (Players International Inc /Nv/)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured ObligationsObligations (other than inchoate indemnification obligations with respect to claims, losses or liabilities which have not yet arisen and are not yet due and payable) and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditCommitments, (b) be binding upon Pledgoreach Grantor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 terms of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured ObligationsObligations (other than inchoate indemnification obligations with respect to claims, losses or liabilities which have not yet arisen and are not yet due and payable) and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditCommitments, the security interest granted hereby shall terminate hereunder and of record and all rights to the Pledged Collateral shall revert to PledgorGrantor. Upon any such termination Secured Party will, at Pledgor's Grantors' expense, execute and deliver to Pledgor Grantors such documents as Pledgor Grantors shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 2 contracts

Samples: Credit Agreement (Allegiance Telecom Inc), Credit Agreement (Allegiance Telecom Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This ----------------------------------------------- Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party Agent hereunder, to the benefit of Secured Party Agent and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but any Bank may, subject to the provisions of subsection 10.1 terms of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it its interest in the Credit Agreement in whole or in part to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders Banks herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party Agent will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured PartyAgent, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 2 contracts

Samples: Pledge Agreement (Cb Commercial Real Estate Services Group Inc), Pledge Agreement (Cb Richard Ellis Services Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the indefeasible payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender Bank may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders Banks herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense.expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 2 contracts

Samples: Borrower Pledge Agreement (American Homepatient Inc), Subsidiary Pledge Agreement (American Homepatient Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest Lien in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or Obligations (except for contingent obligations that survive termination of the Commitments Loan Documents), the termination of the obligations of the Credit Parties to advance Borrowings or issue Letters of Credit under the Loan Documents, and the cancellation or expiration of all outstanding Letters of Credit, and all Secured Hedge Agreements, (b) be binding upon each Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its each other Credit Party, and their respective successors, transferees transferees, and assigns. Without limiting the generality of the foregoing clause (c), but subject to the relevant provisions of subsection 10.1 of the Credit AgreementLoan Documents and the Secured Hedge Agreements, any Lender Credit Party may assign or otherwise transfer any Loans Secured Obligations held by it to any other PersonPerson to the extent permitted by the Credit Agreement or the relevant Secured Hedge Agreement, as applicable, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders such Credit Party herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, the cancellation or Obligations (except for contingent obligations that survive termination of the Commitments Loan Documents), the termination of the obligations of the Credit Parties to advance Borrowings or issue Letters of Credit under the Loan Documents, and the cancellation or expiration of all outstanding Letters of Credit, and all Secured Hedge Agreements, the security interest Lien granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorPledgors. Upon any such termination Secured Party will, at Pledgor's Pledgors’ expense, execute and deliver to Pledgor Pledgors such documents as Pledgor Pledgors shall reasonably request to evidence such termination and Pledgor Pledgors shall be entitled to the return, upon its their request and at its their expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 2 contracts

Samples: Credit Agreement (Ashford Hospitality Prime, Inc.), Credit Agreement (Ashford Hospitality Prime, Inc.)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This ----------------------------------------------- Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon each Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party Agent hereunder, to the benefit of Secured Party Agent and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but any Bank may, subject to the provisions of subsection 10.1 terms of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it its interest in the Credit Agreement in whole or in part to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders Banks herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to each Pledgor. Upon any such termination Secured Party Agent will, at each Pledgor's expense, execute and deliver to each Pledgor such documents as each Pledgor shall reasonably request to evidence such termination and each Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured PartyAgent, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 2 contracts

Samples: Pledge Agreement (Cb Richard Ellis Services Inc), Pledge Agreement (Cb Commercial Real Estate Services Group Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its permitted successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 2 contracts

Samples: Credit Agreement (FWT Inc), Company Pledge Agreement (FWT Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured ObligationsObligations under the Credit Agreement, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon each Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns; PROVIDED that upon a release of any Pledged Collateral in accordance with the terms of the Credit Agreement, the security interest created hereby in and with respect to such released Pledged Collateral shall terminate. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured ObligationsObligations under the Credit Agreement, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorPledgors. Upon any such termination Secured Party will, at Pledgor's Pledgors' expense, execute and deliver to Pledgor Pledgors such documents as Pledgor Pledgors shall reasonably request to evidence such termination and Pledgor Pledgors shall be entitled to the return, upon its their request and at its their expense, against receipt and without recourse to Secured PartyParty or the Secured Parties, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 2 contracts

Samples: Credit Agreement (Alliance Imaging Inc /De/), Credit Agreement (Alliance Imaging Inc /De/)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the indefeasible payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon PledgorGrantor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorGrantor. Upon any such termination Secured Party will, at Pledgor's Grantor’s expense, execute and deliver to Pledgor Grantor such documents as Pledgor Grantor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 2 contracts

Samples: Security Agreement (Eldorado Resorts LLC), Guarantor Security Agreement (Eldorado Resorts LLC)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This ----------------------------------------------- Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successorssucces sors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwiseother wise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 2 contracts

Samples: Subsidiary Pledge Agreement (Sandhills Inc), Company Pledge Agreement (Sandhills Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This ----------------------------------------------- Agreement shall assign and create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon PledgorGrantor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest assigned and granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorGrantor. Upon any such termination Secured Party will, at PledgorGrantor's expense, execute and deliver to Pledgor Grantor such documents as Pledgor Grantor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 2 contracts

Samples: Subsidiary Trademark Security Agreement (Diamond Brands Operating Corp), Subsidiary Trademark Security Agreement (Diamond Brands Operating Corp)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the indefeasible payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender Bank may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders Banks herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense’s .expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 2 contracts

Samples: Subsidiary Pledge Agreement (American Homepatient Inc), Borrower Pledge Agreement (American Homepatient Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the termination, cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the termination, cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 2 contracts

Samples: Company Pledge Agreement (Players International Inc /Nv/), Company Pledge Agreement (Players International Inc /Nv/)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments Commitments, and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, Grantor and its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorGrantor. Upon any such termination Secured Party will, at PledgorGrantor's expense, execute and deliver to Pledgor Grantor such documents as Pledgor Grantor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 1 contract

Samples: Credit Agreement (Blackbaud Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This ----------------------------------------------- Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured ObligationsObligations (other than inchoate indemnification obligations with respect to claims, losses or liabilities which have not yet arisen), the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Pledge Agreement (Afc Enterprises Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon each Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), (A) but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise and (B) any Hedge Agreement Counterparty may assign or otherwise transfer any Secured Hedge Agreement to which it is a party to any other Person in accordance with the terms of such Secured Hedge Agreement, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to the Hedge Agreement Counterparty herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorPledgors. Upon any such termination Secured Party will, at Pledgor's Pledgors’ expense, execute and deliver to Pledgor Pledgors such documents as Pledgor Pledgors shall reasonably request to evidence such termination and Pledgor shall be entitled to the returntermination. In addition, upon its request and at its expensethe proposed sale, against receipt and without recourse transfer or other disposition of any Collateral by a Pledgor in accordance with the Credit Agreement for which such Pledgor desires to obtain a security interest release from Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied a security interest release may be obtained pursuant to the terms hereofprovisions of subsection 10.16 of the Credit Agreement.

Appears in 1 contract

Samples: Credit Agreement (Sybron Dental Specialties Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Pledge Agreement shall create a continuing security interest in the Pledged Collateral Property and shall (a) remain in full force and effect until the payment in full of all Secured Guaranteed Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditL/C's, (b) be binding upon each Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party Lender Group hereunder, to the benefit of Secured Party Lender Group and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 Section 14 of the Credit Loan Agreement, any Lender may assign or otherwise transfer any Loans of the Guaranteed Obligations, the Commitments and the other rights and obligations held by it under the Loan Agreement and the other Loan Documents to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full in cash of all Secured ObligationsGuaranteed Obligations (other than inchoate indemnification obligations with respect to claims, losses or liabilities which have not yet arisen), the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditL/C's, the security interest granted hereby shall terminate and all rights to the Pledged Collateral Property of a Pledgor shall revert to such Pledgor. Upon any such termination Secured Party Agent will, at Pledgor's Pledgors' expense, execute and deliver to Pledgor Pledgor' such documents as Pledgor Pledgors shall reasonably request to evidence such termination and Pledgor Pledgors shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured PartyAgent, of such of the Pledged Collateral Property as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Stock Pledge and Security Agreement (Communications & Power Industries Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall assign and create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon PledgorGrantor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its permitted successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest assigned and granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorGrantor. Upon any such termination Secured Party will, at PledgorGrantor's expense, execute and deliver to Pledgor Grantor such documents as Pledgor Grantor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 1 contract

Samples: Credit Agreement (FWT Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall assign and create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon PledgorGrantor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest assigned and granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorGrantor. Upon any such termination Secured Party will, at PledgorGrantor's expense, execute and deliver to Pledgor Grantor such documents as Pledgor Grantor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 1 contract

Samples: Security Agreement (Diamond Brands Operating Corp)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon each Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party Collateral Agent hereunder, to the benefit of Secured Party Collateral Agent and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to the applicable Pledgor. Upon any such termination Secured Party willCollateral Agent shall, at Pledgor's Pledgors' expense, execute and deliver to Pledgor each Pledgors such documents as such Pledgor shall reasonably request to evidence such termination and such Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured PartyCollateral Agent, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Collateral Account Agreement (Dominos Pizza Government Services Division Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the indefeasible payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgoreach Grantor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 11.05 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise, and each Grantor waives and will not assert against any assignee any claims, defenses or set-offs which such Grantor could assert against Secured Party, except defenses which cannot be waived. Upon the indefeasible payment in full of all Secured Obligations, the cancellation or termination of the Commitments Commitments, and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgorthe Grantor in whom title to the Collateral exists. Upon any such termination Secured Party will, at Pledgor's Grantors' expense, execute and deliver to Pledgor Grantor in whom title to the Collateral exists such documents as Pledgor Grantor in whom title to the Collateral exists shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 1 contract

Samples: Subsidiary Security Agreement (American Homepatient Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments Commitments, and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, any Grantor and its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgorsuch Grantor. Upon any such termination Secured Party will, at Pledgorsuch Grantor's expense, execute and deliver to Pledgor such Grantor such documents as Pledgor such Grantor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 1 contract

Samples: Credit Agreement (Blackbaud Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the indefeasible payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon PledgorGrantor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 11.05 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise, and Grantor waives and will not assert against any assignee any claims, defenses or set-offs which Grantor could assert against Secured Party, except defenses which cannot be waived. Upon the indefeasible payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorGrantor. Upon any such termination Secured Party will, at PledgorGrantor's expense, execute and deliver to Pledgor Grantor such documents as Pledgor Grantor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 1 contract

Samples: Borrower Security Agreement (American Homepatient Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the latest of payment in full of all the Secured Obligations, the cancellation or termination of the Commitments Commitments, and the cancellation or expiration of all outstanding Letters of CreditCredit and the reimbursement of all drawings thereunder and the payment of agreed fees, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditCredit and the reimbursement of all drawings thereunder, the security interest granted hereby shall terminate automatically and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party willshall, at Pledgor's expense, promptly execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence or effect such termination and Pledgor shall be entitled to the prompt return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Security Agreement (Arterial Vascular Engineering Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall automatically terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence or effect such termination termination, and Pledgor shall be entitled to the prompt return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Security Agreement (Arterial Vascular Engineering Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the indefeasible payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party willshall, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Collateral Account Agreement (Players International Inc /Nv/)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This ----------------------------------------------- Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured ObligationsObligations (other than inchoate indemnification obligations with respect to claims, losses or liabilities which have not yet arisen), the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party willshall, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Collateral Account Agreement (Afc Enterprises Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Outstanding Letters of Credit, (b) be binding upon Pledgoreach Grantor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party the Joint Collateral Agent hereunder, to the benefit of Secured Party the Joint Collateral Agent and its successors, transferees and assigns, for the benefit and on behalf of the Secured Parties. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreementforegoing, any Lender Secured Party may assign or otherwise transfer any Loans Secured Obligations held by it to any other PersonPerson subject to and in compliance with the terms of the Credit Agreement or the Rollover Note Indenture, as applicable, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders the Secured Parties herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Outstanding Letters of Credit, the security interest and Liens granted hereby shall terminate hereunder and of record and all rights to the Pledged Collateral shall revert to PledgorGrantors. Upon any such termination Secured Party willthe Joint Collateral Agent shall, at Pledgor's Grantors' expense, execute and deliver to Pledgor Grantors such documents as Pledgor Grantors shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 1 contract

Samples: Pledge and Security Agreement (Mariner Health Care Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the indefeasible payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Security Agreement (Diamond Brands Operating Corp)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon each Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations (other than Unasserted Obligations), the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorPledgors. Upon any such termination Secured Party will, at Pledgor's Pledgors’ expense, execute and deliver to Pledgor Pledgors such documents as Pledgor Pledgors shall reasonably request to evidence such termination and Pledgor shall be entitled to the returntermination. In addition, upon its request and at its expensethe proposed sale, against receipt and without recourse transfer or other disposition of any Pledged Collateral by a Pledgor in accordance with the Credit Agreement for which such Pledgor desires to obtain a security interest release from Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied a security interest release may be obtained pursuant to the terms hereofprovisions of subsection 10.14 of the Credit Agreement.

Appears in 1 contract

Samples: Credit Agreement (Urs Corp /New/)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the indefeasible payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon each Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 9.6 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorPledgors. Upon any such termination Secured Party will, at Pledgor's Pledgors' expense, execute and deliver to the applicable Pledgor such documents as such Pledgor shall reasonably request to evidence such termination and Pledgor Pledgors shall be entitled to the return, upon its their request and at its their expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof. SECTION 16.

Appears in 1 contract

Samples: Security Agreement (Smith Corona Corp)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditCommitments, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees transferees, and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 SECTION 9.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditCommitments, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Credit Agreement (Trammell Crow Co)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon each Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of the Secured Party hereunder, to the benefit of the Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 Section 10.07 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to the Lenders herein or otherwise. Upon the payment in full of all Secured ObligationsObligations (other than contingent indemnification obligations), the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgorthe Pledgors. Upon any such termination the Secured Party will, at Pledgor's the Pledgors’ expense, execute and deliver to Pledgor the Pledgors such documents as Pledgor the Pledgors shall reasonably request to evidence such termination and termination. In addition, (i) upon the proposed sale, transfer or other disposition of any Pledged Collateral by a Pledgor shall be entitled in accordance with the Credit Agreement for which such Pledgor desires to obtain a security interest release from the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied a security interest release may be obtained pursuant to the terms hereofprovisions of Section 10.11(a) of the Credit Agreement and (ii) any security interest that is deemed released pursuant to Section 10.11(b) of the Credit Agreement shall be deemed released for all purposes of this Agreement.

Appears in 1 contract

Samples: Pledge Agreement (Apogent Technologies Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full earliest of (i) all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement Obligations are paid in full (other than such obligations relating to the Secured Hedge Agreements and any contingent indemnity or expense reimbursement obligations in respect of which no claim has been made), (ii) the Liens in all of the Collateral are released in accordance with Section 9.10 of the Credit Agreement (or any successor provision) and (iii) after the execution of this Agreement, if Pledgor’s Debt Rating by both Xxxxx’x and S&P shall be Investment Grade for a period of not less than three consecutive calendar months and if no Event of Default has occurred and is continuing at such time. Each of the Representatives and the Secured Parties hereby irrevocably authorizes the Pledgee, at its option and in its discretion, to release any Lender may assign Lien on any Collateral in accordance with the previous sentence or otherwise transfer in accordance with Section 9.10 of the Credit Agreement (or any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwisesuccessor provision). Upon the payment in full of all Secured Obligations, the cancellation or such termination of the Commitments and the cancellation or expiration of all outstanding Letters of Creditthis Agreement, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party Pledgee will, at Pledgor's ’s expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Partythe Pledgee, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.. Form of Pledge and Security Agreement

Appears in 1 contract

Samples: Credit Agreement (International Game Technology)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the indefeasible payment in full in cash of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon each Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party the Collateral Agent hereunder, to the benefit of Secured Party the Collateral Agent and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Note and Warrant Purchase Agreement, any Lender Holder may assign or otherwise transfer any Loans all or a portion of its rights and related outstanding Note held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders Holders herein or otherwise. Upon the indefeasible payment in full in cash of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgorthe Pledgor entitled thereto. Upon any such termination Secured Party will, at Pledgor's expense, the Collateral Agent will authorize and/or execute and deliver to such Pledgor such documents as such Pledgor shall reasonably request to evidence such termination termination; provided, that all such documents (including UCC-3 Financing Statements) shall be prepared by and at the expense of such Pledgor, and such Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Partythe Collateral Agent, of such of the Pledged Collateral pledged by it hereunder as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Pledge Agreement (Artistdirect Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured the Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgoreach Grantor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party the Collateral Trustee hereunder, to the benefit of Secured Party the Collateral Trustee and its successors, transferees and assigns, for the benefit and on behalf of the Secured Parties. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreementforegoing, any Lender Secured Party may assign or otherwise transfer any Loans Secured Obligations held by it to any other PersonPerson subject to and in compliance with the terms of the Credit Agreement, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders the Secured Parties herein or otherwise. Upon the payment in full of all Secured the Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Outstanding Letters of Credit, the security interest granted hereby shall terminate hereunder and of record and all rights to the Pledged Collateral shall revert to PledgorGrantors. Notwithstanding the foregoing, the Collateral Trustee shall release, at the request of the applicable Grantor, the security interest granted hereby on any Collateral described in Section 9.8(a)(i) of the Credit Agreement. Upon any such termination Secured Party willthe Collateral Trustee shall, at Pledgor's Grantors’ expense, execute and deliver to Pledgor Grantors such documents as Pledgor Grantors shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereofrelease.

Appears in 1 contract

Samples: Pledge and Security Agreement (Houghton Mifflin Co)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This ----------------------------------------------- Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon PledgorGrantor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its permitted successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorGrantor. Upon any such termination Secured Party will, at PledgorGrantor's expense, execute and deliver to Pledgor Grantor such documents as Pledgor Grantor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 1 contract

Samples: Security Agreement (Diamond Brands Operating Corp)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured ObligationsObligations other than those referred to in Section 12.9 of the Credit Agreement, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 12.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured ObligationsObligations other than those referred to in Section 12.9 of the Credit Agreement and any others which survive the payment of principal and interest on the Loans, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Credit Agreement (Manufacturers Services LTD)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured ObligationsObligations other than those referred to in Section 12.9 of the Credit Agreement, and any others which survive the payment of principal and interest on the Loans, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 12.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured ObligationsObligations other than those referred to in Section 12.9 of the Credit Agreement, and any others which survive the payment of principal and interest on the Loans, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Credit Agreement (Manufacturers Services LTD)

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CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral Equity and shall (a) remain in full force and effect until the Termination Conditions have been satisfied and the payment in full of all Secured Obligations, the cancellation Obligations arising under any Secured Hedge Agreement or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditSecured Cash Management Agreement, (b) be binding upon each Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party Administrative Agent hereunder, to the benefit of Administrative Agent, the other Secured Party Parties and its their respective successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 Section 11.06 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the satisfaction of the Termination Conditions and the payment in full of all Secured Obligations, the cancellation Obligations arising under any Secured Hedge Agreement or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditSecured Cash Management Agreement, the security interest granted hereby shall terminate and all rights to the Pledged Collateral Equity shall revert to PledgorPledgors. Upon any such termination Secured Party Administrative Agent will, at Pledgor's Pledgors’ expense, execute and deliver to Pledgor Pledgors such documents as Pledgor Pledgors shall reasonably request to evidence such termination and Pledgor shall be entitled to the returntermination. In addition, upon its request and at its expensethe proposed sale, against receipt and without recourse transfer or other disposition of any Pledged Equity by a Pledgor in accordance with the Credit Agreement for which such Pledgor desires to Secured Partyobtain a security interest release from Administrative Agent, of such of the Pledged Collateral as shall not have been sold or otherwise applied a security interest release may be obtained pursuant to the terms hereofprovisions of Section 10.10 of the Credit Agreement.

Appears in 1 contract

Samples: Pledge Agreement (MGM Resorts International)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditClosing Date, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditClosing Date, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor; PROVIDED that no Event of Default or Potential Event of Default has occurred and is continuing. Upon any such termination Secured Party willshall, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Collateral Account Agreement (Regent Communications Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditTotal Commitment, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees transferees, and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 Section 9.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditTotal Commitment, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's Plxxxxx'x expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Credit Agreement (Trammell Crow Co)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, each Pledgor and its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorPledgors. Upon any such termination Secured Party willshall, at Pledgor's Pledgors' expense, execute and deliver to Pledgor Pledgors such documents as Pledgor Pledgors shall reasonably request to evidence such termination and Pledgor Pledgors shall be entitled to the return, upon its their request and at its their expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Credit Agreement (Blackbaud Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall ----------------------------------------------- create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditCommitments, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees transferees, and assigns. Without limiting the generality of the foregoing clause CLAUSE (cC), but subject to the provisions of subsection 10.1 SECTION 13.11 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it of its Rights and obligations to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditCommitments, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Credit Agreement (Prologis Trust)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon PledgorPledgors, its their successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorPledgors. Upon any such termination Secured Party will, at Pledgor's Pledgors' expense, execute and deliver to Pledgor Pledgors such documents as Pledgor Pledgors shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Credit Agreement (Blackbaud Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the expiration or cancellation of each Letter of Credit and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditCommitments, (b) be binding upon Pledgoreach Grantor, its successors and assigns, and (c) inure, together with the rights and remedies of the Secured Party hereunder, to the benefit of the Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 9.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the expiration or cancellation of each Letter of Credit and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditCommitments, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorGrantor without the necessity of further action or documentation. Upon any such termination the Secured Party will, at Pledgorsuch Grantor's expense, execute and deliver to Pledgor such Grantor such documents as Pledgor such Grantor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination. ANNEX E-21 63 SECTION 24. SECURED PARTY AS AGENT.

Appears in 1 contract

Samples: Security Agreement (Wyndham Hotel Corp)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon PledgorGrantors, its their respective successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgorthe applicable Grantor. Upon any such termination Secured Party will, at Pledgor's Grantors' expense, execute and deliver to Pledgor Grantors such documents as Pledgor Grantors shall reasonably request to evidence or effect such termination termination, and Pledgor Grantor shall be entitled to the return, promptly upon its request and at its expense, against receipt and without recourse of such Collateral which shall previously have been delivered to Secured Party, of such of the Pledged Collateral Party as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Security Agreement (Arterial Vascular Engineering Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon PledgorGrantor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its permitted successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorGrantor. Upon any such termination Secured Party will, at PledgorGrantor's expense, execute and deliver to Pledgor Grantor such documents as Pledgor Grantor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 1 contract

Samples: Security Agreement (Diamond Brands Operating Corp)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its permitted successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate automatically and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party willshall, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Collateral Account Agreement (FWT Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditTotal Commitment, (b) be binding upon each Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees transferees, and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 Section 9.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditTotal Commitment, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorPledgors. Upon any such termination Secured Party will, at each Pledgor's expense, execute and deliver to such Pledgor such documents as such Pledgor shall reasonably request to evidence such termination and such Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Credit Agreement (Trammell Crow Co)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 10.04 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the returntermination. In addition, upon its request and at its expensethe proposed sale, against receipt and without recourse transfer or other disposition of any Pledged Collateral by a Pledgor in accordance with the Credit Agreement for which Pledgor desires to obtain a security interest release from Secured Party, of such of Pledgor shall deliver an Officers' Certificate, which shall be true and correct, (x) stating that the Pledged Collateral as shall not have been sold subject to such disposition is being sold, transferred or otherwise applied pursuant to disposed of in compliance with the terms hereofof the Credit Agreement and (y) specifying the Pledged Collateral being sold, transferred or otherwise disposed of in the proposed transaction. Upon the receipt of such Officers' Certificate, Secured Party shall, at Pledgor's expense, so long as Secured Party has no reason to believe that the Officers' Certificate delivered by Pledgor with respect to such sale is not true and correct, execute and deliver such releases of its security interest in such Pledged Collateral which is to be so sold, transferred or disposed of, as may be reasonably requested by Pledgor.

Appears in 1 contract

Samples: Borrower Pledge Agreement (Apartment Investment & Management Co)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall automatically terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence or effect such termination and Pledgor shall be entitled to the prompt return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Security Agreement (Arterial Vascular Engineering Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, Secured Party or any Lender other Noteholder may assign or otherwise transfer any Loans the Note held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders Secured Party herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's ’s expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Parent Pledge Agreement (Ascendant Solutions Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured the Credit Facility Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgoreach Grantor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party the Collateral Trustee hereunder, to the benefit of Secured Party the Collateral Trustee and its successors, transferees and assigns, for the benefit and on behalf of the Secured Parties. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreementforegoing, any Lender Secured Party may assign or otherwise transfer any Loans Secured Obligations held by it to any other PersonPerson subject to and in compliance with the terms of the Credit Agreement or the HM Indenture, as applicable, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders the Secured Parties herein or otherwise. Upon the payment in full of all Secured the Credit Facility Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Outstanding Letters of Credit, the security interest granted hereby shall terminate hereunder and of record and all rights to the Pledged Collateral shall revert to PledgorGrantors. Notwithstanding the foregoing, the Collateral Trustee shall release, at the request of the applicable Grantor, the security interest granted hereby on any Collateral described in Section 9.8(a)(i) of the Credit Agreement. Upon any such termination Secured Party willthe Collateral Trustee shall, at Pledgor's Grantors’ expense, execute and deliver to Pledgor Grantors such documents as Pledgor Grantors shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereofrelease.

Appears in 1 contract

Samples: Pledge and Security and Collateral Trust Agreement (Houghton Mifflin Co)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditCommitments, (b) be binding upon PledgorPledgors, its their successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 10.04 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditCommitments, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorPledgors. Upon any such termination Secured Party will, at Pledgor's Pledgors' expense, execute and deliver to Pledgor Pledgors such documents as Pledgor Pledgors shall reasonably request to evidence such termination and Pledgor shall be entitled to the returntermination. In addition, upon its request and at its expensethe proposed sale, against receipt and without recourse transfer or other disposition of any Pledged Collateral by a Pledgor in accordance with the Credit Agreement for which such Pledgor desires to obtain a security interest release from Secured Party, of such of Pledgor shall deliver an Officers' Certificate, which shall be true and correct, (x) stating that the Pledged Collateral as shall not have been sold subject to such disposition is being sold, transferred or otherwise applied pursuant to disposed of in compliance with the terms hereofof the Credit Agreement and (y) specifying the Pledged Collateral being sold, transferred or otherwise disposed of in the proposed transaction. Upon the receipt of such Officers' Certificate, Secured Party shall, at Pledgors' expense, so long as Secured Party has no reason to believe that the Officers' Certificate delivered by a Pledgor with respect to such sale is not true and correct, execute and deliver such releases of its security interest in such Pledged Collateral which is to be so sold, transferred or disposed of, as may be reasonably requested by Pledgors.

Appears in 1 contract

Samples: Borrowers Pledge Agreement (Aimco Properties Lp)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditCommitments, (b) be binding upon Pledgor, its Pledgors and their respective successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality gener ality of the foregoing clause (c), but subject to the provisions of subsection 10.1 10.4 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditCommit ments, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgorthe applicable Pledgors. Upon any such termination Secured Party will, at Pledgor's Pledgors' expense, execute and deliver to Pledgor Pledgors such documents as Pledgor Pledgors shall reasonably request to evidence such termination and Pledgor Pledgors shall be entitled to the return, upon its their request and at its their expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Shareholder Pledge Agreement (Flag Telecom Holdings LTD)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditTotal Commitment, (b) be binding upon each Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees transferees, and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 Section 9.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditTotal Commitment, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorPledgors. Upon any such termination Secured Party will, at each Pledgor's ’s expense, execute and deliver to such Pledgor such documents as such Pledgor shall reasonably request to evidence such termination and such Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Credit Agreement (Trammell Crow Co)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments Obligations (other than contingent indemnification obligations) and the cancellation cancellation, termination or expiration of all outstanding Letters of Creditthe Commitments, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, permitted transferees and permitted assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 Section 9.04 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Personperson, and such other Person person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments Obligations (other than contingent indemnification obligations) and the cancellation cancellation, termination or expiration of all outstanding Letters of Creditthe Commitments, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's ’s expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Credit Agreement (Express Parent LLC)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditCommitments, (b) be binding upon each Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees transferees, and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 SECTION 9.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditCommitments, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorPledgors. Upon any such termination Secured Party will, at each Pledgor's expense, execute and deliver to such Pledgor such documents as such Pledgor shall reasonably request to evidence such termination and such Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Credit Agreement (Trammell Crow Co)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgoreach Grantor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorGrantors. Upon any such termination Secured Party will, at Pledgor's Grantors' expense, execute and deliver to Pledgor Grantors such documents as Pledgor Grantors shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 1 contract

Samples: Subsidiary Security Agreement (Zilog Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of 207 all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Credit Agreement (Bell Industries Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured ObligationsObligations (other than any Secured Obligations consisting of indemnity or similar obligations in respect of which no amounts are due and payable), the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon The Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party the Collateral Trustee hereunder, to the benefit of Secured Party the Collateral Trustee and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c)foregoing, but subject to the provisions of subsection 10.1 terms of the Credit AgreementPriority Lien Documents, any Lender Secured Party may assign or otherwise transfer any Loans Obligations held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders such Secured Party herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation Obligations (other than any Secured Obligations consisting of indemnity or termination similar obligations in respect of the Commitments which no amounts are due and the cancellation or expiration of all outstanding Letters of Creditpayable), the security interest granted hereby shall terminate hereunder and of record, all rights to the Pledged Collateral shall revert to the Pledgor and this Agreement (including any provision providing for the appointment of the Collateral Trustee as an attorney-in-fact for the Pledgor) shall terminate. Upon any such termination Secured Party willthe Collateral Trustee shall, at Pledgor's expense, execute and deliver to the Pledgor such documents as the Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 1 contract

Samples: Pledge Agreement (Belden & Blake Corp /Oh/)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the indefeasible payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party willshall, at Pledgor's ’s expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Collateral Account Agreement (Eldorado Resorts LLC)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement Agreeement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full ful force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions provsions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the te return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Company Pledge Agreement (Express Scripts Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Pledge Agreement shall create a continuing security interest in the Pledged Collateral Property and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditL/C's, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party the Lender Group hereunder, to the benefit of Secured Party the Lender Group and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 Section 14 of the Credit Loan Agreement, any Lender may assign or otherwise transfer any Loans of the Obligations, the Commitments and the other rights and obligations held by it under the Loan Agreement and the other Loan Documents to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full in cash of all Secured ObligationsObligations (other than inchoate indemnification obligations with respect to claims, losses or liabilities which have not yet arisen), the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditL/C's, the security interest granted hereby shall terminate and all rights to the Pledged Collateral Property shall revert to Pledgor. Upon any such termination Secured Party Agent will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured PartyAgent, of such of the Pledged Collateral Property as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Stock Pledge and Security Agreement (Communications & Power Industries Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its Grantors and their respective successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), (i) but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise and (ii) any Hedge Exchanger may assign or otherwise transfer any Lender Hedge Agreement to which it is a party to any other Person in accordance with the terms of such Lender Hedge Agreement, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Hedge Exchangers herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgorthe applicable Grantors. Upon any such termination Secured Party will, at Pledgor's Grantors' expense, execute and deliver to Pledgor Grantors such documents as Pledgor Grantors shall reasonably request to evidence such termination and Pledgor shall be entitled to the returntermination. In addition, upon its request and at its expensethe proposed sale, against receipt and without recourse transfer or other disposition of any Collateral by a Grantor in accordance with the Credit Agreement for which such Grantor desires to obtain a security interest release from Secured Party, such Grantor shall deliver an Officer's Certificate (x) stating that the Collateral subject to such disposition is being sold, transferred or otherwise disposed of in compliance with the terms of the Credit Agreement and (y) specifying the Collateral being sold, transferred or otherwise disposed of in the proposed transaction. Upon the receipt of such Officer's Certificate, Secured Party shall, at Grantor's expense, so long as Secured Party has no reason to believe that the Officer's Certificate delivered by such Grantor with respect to such sale is not true and correct, execute and deliver such releases of the Pledged its security interest in such Collateral which is to be so sold, transferred or disposed of, as shall not have been sold or otherwise applied pursuant to the terms hereofmay be reasonably requested by such Grantor.

Appears in 1 contract

Samples: Security Agreement (Autotote Corp)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This ----------------------------------------------- Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon PledgorGrantor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured ObligationsObligations (other than inchoate indemnification obligations with respect to claims, losses or liabilities which have not yet arisen), the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to PledgorGrantor. Upon any such termination Secured Party will, at PledgorGrantor's expense, execute and deliver to Pledgor Grantor such documents as Pledgor Grantor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 1 contract

Samples: Patent and Copyright Collateral Security Agreement (Afc Enterprises Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall assign and create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all the Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its Grantors and their respective successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 of the XI-16 Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest assigned and granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgorthe applicable Grantors. Upon any such termination Secured Party will, at Pledgor's Grantors' expense, execute and deliver to Pledgor Grantors such documents as Pledgor Grantors shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereoftermination.

Appears in 1 contract

Samples: Security Agreement (MBW Foods Inc)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the indefeasible payment in full of all the Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the 246 benefit of Secured Party and its Lenders and their respective successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 8.1 of the Credit Agreement, Secured Party or any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders Secured Party or such Lender, as the case may be herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditCommitments, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party willshall, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination (including the notice described in Section 9 of the Third-Party Account Agreement) and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Credit Agreement (Prime Hospitality Corp)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditTotal Commitment, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees transferees, and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 Section 9.1 of the Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, Obligations and the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of CreditTotal Commitment, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's ’s expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

Appears in 1 contract

Samples: Credit Agreement (Trammell Crow Co)

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Pledged Collateral and shall (a) remain in full force and effect until the indefeasible payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, (b) be binding upon Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of Secured Party and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), but subject to the provisions of subsection 10.1 9.6 of the DIP Credit Agreement, any Lender may assign or otherwise transfer any Loans held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to Lenders herein or otherwise. Upon the indefeasible payment in full of all Secured Obligations, the cancellation or termination of the Commitments and the cancellation or expiration of all outstanding Letters of Credit, the security interest granted hereby shall terminate and all rights to the Pledged Collateral shall revert to Pledgor. Upon any such termination Secured Party will, at Pledgor's expense, execute and deliver to Pledgor such documents as Pledgor shall reasonably request to evidence such termination and Pledgor shall be entitled to the return, upon its request and at its expense, against receipt and without recourse to Secured Party, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof. SECTION 16.

Appears in 1 contract

Samples: Security Agreement (Smith Corona Corp)

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