Common use of Delivery and Control Clause in Contracts

Delivery and Control. Each Grantor agrees that with respect to any Investment Related Property in which it currently has rights it shall comply with the provisions of this Section on or before the Closing Date and with respect to any Investment Related Property hereafter acquired by such Grantor it shall comply with the provisions of this Section immediately upon acquiring rights therein, in each case in form and substance satisfactory to the Secured Party. With respect to any Investment Related Property that is represented by a certificate or that is an “instrument” (other than any Investment Related Property credited to a Securities Account) it shall cause such certificate or instrument to be delivered to the Secured Party, indorsed in blank by an “effective indorsement” (as defined in Section 8-107 of the UCC), regardless of whether such certificate constitutes a “certificated security” for purposes of the UCC. With respect to any Investment Related Property that is an “uncertificated security” for purposes of the UCC (other than any “uncertificated securities” credited to a Securities Account), it shall cause the issuer of such uncertificated security to either (i) register the Secured Party as the registered owner thereof on the books and records of the issuer or (ii) execute an agreement in form and substance satisfactory to the Secured Party, pursuant to which such issuer agrees to comply with the Secured Party’s instructions with respect to such uncertificated security upon and during the continuation of an Event of Default without further consent by such Grantor.

Appears in 2 contracts

Samples: Pledge and Security Agreement (Foothills Resources Inc), Pledge and Security Agreement (Foothills Resources Inc)

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Delivery and Control. Each Grantor agrees that with respect to any Investment Related Property in which it currently has rights it shall comply with the provisions of this Section on or before the Closing Date and with respect to any Investment Related Property hereafter acquired by such Grantor it shall comply with the provisions of this Section immediately upon acquiring rights therein, in each case in form and substance satisfactory to the Secured Party. With respect to any Investment Related Property that is represented by a certificate or that is an "instrument" (other than any Investment Related Property credited to a Securities Account) it shall cause such certificate or instrument to be delivered to the Secured Party, indorsed in blank by an "effective indorsement" (as defined in Section 8-107 of the UCC), regardless of whether such certificate constitutes a "certificated security" for purposes of the UCC. With respect to any Investment Related Property that is an "uncertificated security" for purposes of the UCC (other than any "uncertificated securities" credited to a Securities Account), it shall cause the issuer of such uncertificated security to either (i) register the Secured Party as the registered owner thereof on the books and records of the issuer or (ii) execute an agreement in form and substance satisfactory to the Secured Party, pursuant to which such issuer agrees to comply with the Secured Party’s 's instructions with respect to such uncertificated security upon and during the continuation of an Event of Default without further consent by such Grantor.

Appears in 2 contracts

Samples: Pledge and Security Agreement (Tekoil & Gas Corp), Pledge and Security Agreement (Pacific Energy Resources LTD)

Delivery and Control. Each The Grantor agrees that with respect to any Investment Related Property Pledged Membership Interests in which it the Grantor currently has rights rights, it shall comply with the provisions of this Section on or before the Closing Date and with respect to any Investment Related Property Pledged Membership Interests hereafter acquired by such Grantor the Grantor, it shall comply with the provisions of this Section immediately upon acquiring rights therein, in each case in form and substance satisfactory to the Secured Party. With respect to any Investment Related Property Pledged Membership Interests that is represented by a certificate or that is an "instrument" (other than any Investment Related Property Pledged Membership Interests credited to a Securities Account) it ), the Grantor shall cause such certificate or instrument to be delivered to the Secured Party, indorsed in blank by an "effective indorsement" (as defined in Section 8-107 of the UCC), regardless of whether such certificate constitutes a "certificated security" for purposes of the UCC. With respect to any Investment Related Property Pledged Membership Interests that is an "uncertificated security" for purposes of the UCC (other than any "uncertificated securities" credited to a Securities Account), it the Grantor shall cause the issuer of such uncertificated security to either (i) register the Secured Party as the registered owner thereof on the books and records of the issuer or (ii) execute an agreement in form and substance satisfactory to the Secured Party, pursuant to which such issuer agrees to comply with the Secured Party’s 's instructions with respect to such uncertificated security upon and during the continuation of an Event of Default without further consent by such the Grantor.

Appears in 1 contract

Samples: Pledge Agreement (Tekoil & Gas Corp)

Delivery and Control. Each Grantor agrees that with respect to any Investment Related Property in which it currently has rights it shall comply with the provisions of this Section 4.4 on or before the Closing Date or Credit Date and with respect to any Investment Related Property hereafter acquired by such Grantor it shall comply with the provisions of this Section 4.4 immediately upon acquiring rights therein, in each case in form and substance satisfactory to the Secured Party. With respect to any Investment Related Property that is represented by a certificate or that is an “instrument” (other than any Investment Related Property credited to a Securities Account) it shall cause such certificate or instrument to be delivered to the Secured Party, indorsed in blank by an “effective indorsement” (as defined in Section 8-107 of the UCC), regardless of whether such certificate constitutes a “certificated security” for purposes of the UCC. With respect to any Investment Related Property that is an “uncertificated security” for purposes of the UCC (other than any “uncertificated securities” credited to a Securities Account), it shall cause the issuer of such uncertificated security to either (i) register the Secured Party as the registered owner thereof on the books and records of the issuer or (ii) execute an agreement Uncertificated Securities Control Agreement, substantially in a form and substance reasonably satisfactory to the Secured Party, pursuant to which such issuer agrees to comply with the Secured Party’s instructions with respect to such uncertificated security upon and during the continuation of an Event of Default without further consent by such Grantor.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Xo Communications Inc)

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Delivery and Control. Each Grantor agrees that that, with respect to any Investment Related Property in which it currently has rights it shall comply with the provisions of this Section 4.4 on or before the Closing Issue Date and that, with respect to any Investment Related Property hereafter acquired by such Grantor it shall comply with the provisions of this Section 4.4 immediately upon acquiring rights therein, in each case in form and substance satisfactory to the Secured Party. With respect to any Investment Related Property that is represented by a certificate or that is an "instrument" (other than any Investment Related Property credited to a Securities Account) it shall cause such certificate or instrument to be delivered to the Secured Party, indorsed in blank by an "effective indorsement" (as defined in Section 8-107 of the UCC), regardless of whether such certificate constitutes a "certificated security" for purposes of the UCC. With respect to any Investment Related Property that is an "uncertificated security" for purposes of the UCC (other than any "uncertificated securities" credited to a Securities Account), it shall cause the issuer of such uncertificated security to either (i) register the Secured Party as the registered owner thereof on the books and records of the issuer or (ii) execute an uncertificated securities control agreement in form and substance satisfactory acceptable to the Secured Party, pursuant to which such issuer agrees to comply with the Secured Party’s 's instructions with respect to such uncertificated security upon and during the continuation of an Event of Default without further consent by such Grantor.

Appears in 1 contract

Samples: Pledge and Security Agreement (Atlantic Coast Entertainment Holdings Inc)

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