Delivery of Pledged Collateral; Transfer to Collateral Agent. All instruments and certificates representing or evidencing the Pledged Collateral shall be delivered to and held by or on behalf of the Collateral Agent for the ratable benefit of the Secured Creditors pursuant hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank and undated, all in form and substance satisfactory to the Collateral Agent. The Collateral Agent shall have the right, subject to applicable law, at any time in its discretion after the occurrence of an Event of Default, to transfer to or to register in the name of the Collateral Agent or any of its nominees any or all of such Pledged Collateral. Promptly after any such transfer or registration, the Collateral Agent shall give notice thereof to the Company that owns such Pledged Collateral, but the failure to give such notice shall not affect any of the rights or remedies of the Collateral Agent hereunder. The Collateral Agent shall have the right at any time to exchange instruments or certificates representing or evidencing such Pledged Collateral for instruments or certificates of smaller or larger denominations, subject to the terms thereof.
Appears in 2 contracts
Samples: Security Agreement, Pledge and Indenture of Trust (World Acceptance Corp), Security Agreement (World Acceptance Corp)
Delivery of Pledged Collateral; Transfer to Collateral Agent. All instruments and certificates representing or evidencing the Pledged Collateral shall be delivered to and held by or on behalf of the Collateral Agent for the ratable benefit of the Secured Creditors Lenders pursuant hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank and undated, all in form and substance satisfactory to the Collateral Agent. The Collateral Agent shall have the right, subject to applicable law, at any time in its discretion after the occurrence of an Event of Default, to transfer to or to register in the name of the Collateral Agent or any of its nominees any or all of such Pledged Collateral. Promptly after any such transfer or registration, the Collateral Agent shall give notice thereof to the Company that owns such Pledged CollateralBorrower, but the failure to give such notice shall not affect any of the rights or remedies of the Collateral Agent hereunder. The Collateral Agent shall have the right at any time to exchange instruments or certificates representing or evidencing such Pledged Collateral for instruments or certificates of smaller or larger denominations, subject to the terms thereof.
Appears in 2 contracts
Samples: Security Agreement, Pledge and Indenture of Trust (World Acceptance Corp), Security Agreement (World Acceptance Corp)
