Common use of FURTHER ASSURANCES OF PLEDGE OF SUBORDINATED LIABILITIES Clause in Contracts

FURTHER ASSURANCES OF PLEDGE OF SUBORDINATED LIABILITIES. The Subordinate Lender will (i) promptly notify the Bank of the creation of any Subordinated Liabilities and of the issuance of any promissory note or other instrument to evidence any Subordinated Liabilities; (ii) cause any Subordinated Liabilities which are not already evidenced by a promissory note or other instrument of the Obligors to be so evidenced; (iii) as collateral security for the Senior Liabilities, endorse, deliver and pledge to the Bank any and all promissory notes and/or other instruments evidencing Subordinated Liabilities, and otherwise assign and/or pledge to the Bank any or all Subordinated Liabilities and the Subordinated Loan Documents, all in a manner satisfactory to the Bank in its sole discretion, and (iv) promptly give the Bank written notice of any default by any Obligor under the Subordinated Note or any agreement securing Obligors' obligations under any of the other Subordinated Loan Documents. FURTHER ASSURANCES OF BANK. Bank will endeavor to deliver to the Subordinate Lender in care of Xxxxx X. Xxxxx prompt notice of any Event of Default or Financial Covenant Default under the Loan Agreement or any of the other Loan Documents of which the Bank becomes aware but the failure of the Bank to promptly deliver any such notice will not affect any of the rights or obligations of the parties under this Agreement.

FURTHER ASSURANCES OF PLEDGE OF SUBORDINATED LIABILITIES. The Subordinate Lender will (i) promptly notify the Bank of the creation of any Subordinated Liabilities and of the issuance of any promissory note or other instrument to evidence any Subordinated Liabilities; (ii) cause any Subordinated Liabilities which are not already evidenced by a promissory note or other instrument of the Obligors to be so evidenced; (iii) as collateral security for the Senior Liabilities, endorse, deliver and pledge to the Bank any and all promissory notes and/or other instruments evidencing Subordinated Liabilities, and otherwise assign and/or pledge to the Bank any or all Subordinated Liabilities and the Subordinated Loan Documents, all in a manner satisfactory to the Bank in its sole discretion, and (iv) promptly give the Bank written notice of any default by any Obligor under the Subordinated Note or any agreement securing Obligors' obligations under any of the other Subordinated Loan Documents. FURTHER ASSURANCES OF BANK. Bank will endeavor to deliver to the Subordinate Lender in care of Xxxxx Xxxx X. Xxxxx prompt notice of any Event of Default or Financial Covenant Default under the Loan Agreement or any of the other Loan Documents of which the Bank becomes aware but the failure of the Bank to promptly deliver any such notice will not affect any of the rights or obligations of the parties under this Agreement.