Effect of Grant. If any circumstance described in Section 11.01 occurs, (a) this Agreement shall also be deemed to be a security agreement as defined in the UCC, (b) Buyer shall have all of the rights and remedies provided to a secured party by Requirements of Law (including the rights and remedies of a secured party under the UCC and the right to set off any mutual debt and claim) and under any other agreement between Buyer and Seller, (c) without limiting the generality of the foregoing, Buyer shall be entitled to set off the proceeds of the liquidation of the Purchased Assets against all of the Repurchase Obligations, without prejudice to Buyer’s right to recover any deficiency, (d) the possession by Buyer or any of its agents, including Custodian, of the Mortgage Loan Documents, the Purchased Assets and such other items of property as constitute instruments, money, negotiable documents, securities or chattel paper shall be deemed to be possession by the secured party for purposes of perfecting such security interest under the UCC and Requirements of Law, and (e) notifications to Persons (other than Buyer) holding such property, and acknowledgments, receipts or confirmations from Persons (other than Buyer) holding such property, shall be deemed notifications to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents of the secured party for the purpose of perfecting such security interest under the UCC and Requirements of Law. The assignment, pledge and grant of security interest contained herein shall be, and Seller hereby represents and warrants to Buyer that it is, a first priority perfected security interest. For the avoidance of doubt, (x) each Purchased Asset secures the Repurchase Obligations of Seller with respect to all other Transactions and all other Purchased Assets, including any Purchased Assets that are junior in priority to the Purchased Asset in question, and (y) if an Event of Default exists, no Purchased Asset relating to a Purchased Asset will be released from Buyer’s Lien or transferred to Seller until the Repurchase Obligations are indefeasibly paid in full. Notwithstanding the foregoing, the Repurchase Obligations shall be full recourse to Seller.
Effect of Grant. If any circumstance described in Section 11.01 occurs, (a) this Agreement shall also be deemed to be a security agreement as defined in the UCC, (b) Buyer shall have all of the rights and remedies provided to a secured party by Requirements of Law (including the rights and remedies of a secured party under the UCC and the right to set off any mutual debt and claim) and under any other agreement between Buyer and Seller or between any Affiliated Hedge Counterparty and Seller, (c) without limiting the generality of the foregoing, Buyer shall be entitled to set off the proceeds of the liquidation of the Purchased Assets against all of the Repurchase Obligations, without prejudice to Buyer’s right to recover any deficiency, (d) the possession by Buyer or any of its agents, including Custodian, of the Purchased Asset Documents, the Purchased Assets and such other items of property as constitute instruments, money, negotiable documents, securities or chattel paper shall be deemed to be possession by the secured party for purposes of perfecting such security interest under the UCC and Requirements of Law, and (e) notifications to Persons (other than Buyer) holding such property, and acknowledgments, receipts or confirmations from Persons (other than Buyer) holding such property, shall be deemed notifications to, or acknowledgments, receipts or confirmations from, securities intermediaries, bailees or agents (as applicable) of the secured party for the purpose of perfecting such security interest under the UCC and
Effect of Grant. Participant shall not earn any Options granted hereunder ---------------- until such time as all the conditions put forth herein and in the Plan which are required to be met in order to exercise the Option have been fully satisfied.
Effect of Grant. Optionholder shall not earn any Options granted hereunder until such time as all the conditions set forth herein and in the Plan which are required to be met in order to exercise the Option have been fully satisfied.
Effect of Grant. The pledge of Collateral granted to Avangard by Dealer hereunder shall not be rendered void by the fact that no obligations exist as of a particular date, but shall continue in full force and effect until such a time, when parties agree to end this agreement.
Effect of Grant. The security interests in and liens on the Collateral granted to Lender by Obligor hereunder shall not be rendered void by the fact that no DVI Indebtedness exists as of a particular date, but shall continue in full force and effect until all DVI Indebtedness has been paid in full, Lender has no agreement or commitment outstanding pursuant to which Lender may extend credit to or on behalf of Obligor and Lender has executed and delivered termination statements and/or releases with respect to the Collateral.
Effect of Grant. 4.1 The granting of the Option shall not impose upon Optimal or Optimal Robotics Inc., any obligation to retain the Optionee as a consultant for any period.
Effect of Grant. The security interests in and liens on the Collateral granted to Bank by Obligor hereunder shall not be rendered void by the fact that no Bank Indebtedness exists as of a particular date, but shall continue in full force and effect until all Bank Indebtedness has been paid in full, Bank has no agreement or commitment outstanding pursuant to which Bank may extend credit to or on behalf of Obligor and Bank has executed and delivered termination statements and/or releases of Bank with respect to the Collateral.
Effect of Grant. 4.1 The granting of an option hereunder shall not impose upon Tagalder or the Corporations any obligation whatsoever to retain the Optionee in its employ or as a director of Tagalder.
Effect of Grant. The pledge of Collateral granted to Bank by Pledgor hereunder shall not be rendered void by the fact that no Bank Indebtedness exists as of a particular date, but shall continue in full force and effect until all Bank Indebtedness have been paid in full and Bank has no agreement or commitment outstanding pursuant to which Bank may extend credit to or on behalf of Borrower or Pledgor and Bank has executed and delivered termination statements and/or releases.
