Documents of Title. With respect to documents of title relating to any Collateral referred to in Section 1.01(a)(3) hereof: (a) All such documents of title shall be delivered to the Bank in form and substance satisfactory to the Bank so that title thereto passes to the Bank without further acts or documents. Upon the occurrence of any Event of Default, the Bank is hereby authorized, at its option and without any obligation to do so, to deliver to the issuer of any such Collateral or any other person pledge instructions, transfer instructions or both and notifications with respect thereto, and to transfer to itself all or any part of Collateral represented thereby; and (b) Upon an Event of Default, the Bank shall have the right to appoint one or more agents for the purpose of retaining physical possession of any such Collateral.
Appears in 10 contracts
Samples: Security Agreement (Synovics Pharmaceuticals), Security Agreement (Synovics Pharmaceuticals), Security Agreement (Synovics Pharmaceuticals)
