Common use of Other Proceeds and Products Clause in Contracts

Other Proceeds and Products. All proceeds and products of the foregoing and all insurance of the foregoing and proceeds thereof, whether now existing or hereafter arising; provided that, in the case of a lien and security interest on the voting stock or other similar voting equity interests of a corporation, limited liability company, partnership or other entity which is a “controlled foreign corporation” as defined under Section 957 of the Internal Revenue Code (herein, a “Foreign Company”), if granting a security interest of more than 65% of the total combined voting stock or other voting equity interests of any such Foreign Company would cause adverse tax consequences to such Company, then such lien and security interest on the voting stock or other voting equity interests shall be limited to 65% of the total combined voting stock or other voting equity interests of such Foreign Company. TO HAVE AND TO HOLD the Collateral, WITH POWER OF SALE and right of entry and possession, unto the Collateral Agent, its successors and assigns, forever; IN TRUST NEVERTHELESS, upon the terms and trust herein set forth, for the equal and proportionate benefit, security and protection of all present and future Secured Creditors; provided always, however, that these presents are upon the express condition that if the Companies shall irrevocably pay or cause to be irrevocably paid all the Secured Indebtedness and all obligations to extend Secured Indebtedness have expired or otherwise terminated, then these presents and the estate hereby granted and conveyed shall cease and this Agreement shall become null and void; otherwise this Agreement shall remain in full force and effect.

Appears in 1 contract

Samples: Security Agreement, Pledge and Indenture of Trust (World Acceptance Corp)

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Other Proceeds and Products. All proceeds and products of the foregoing and all insurance of the foregoing and proceeds thereof, whether now existing or hereafter arising; provided that, in the case of a lien and security interest on the voting stock or other similar voting equity interests of a corporation, limited liability company, partnership or other entity which is a “controlled foreign corporation” as defined under Section 957 of the Internal Revenue Code (herein, a “Foreign Company”), if granting a security interest of more than 65% of the total combined voting stock or other voting equity interests of any such Foreign Company would cause adverse tax consequences to such Companythe Borrower, then such lien and security interest on the voting stock or other voting equity interests shall be limited to 65% of the total combined voting stock or other voting equity interests of such Foreign Company. TO HAVE AND TO HOLD To Have and to Hold the Collateral, WITH POWER OF SALE With Power of Sale and right of entry and possession, unto the Collateral Agent, its successors and assigns, forever; IN TRUST NEVERTHELESSin Trust Nevertheless, upon the terms and trust herein set forth, for the equal and proportionate benefit, security and protection of all present and future Secured Creditors; provided always, however, that these presents are upon the express condition that if the Companies Borrower shall irrevocably pay or cause to be irrevocably paid all the Secured Indebtedness and all obligations to extend Secured Indebtedness have expired or otherwise terminated, then these presents and the estate hereby granted and conveyed shall cease and this Agreement shall become null and void; otherwise this Agreement shall remain in full force and effect.

Appears in 1 contract

Samples: Security Agreement (World Acceptance Corp)

Other Proceeds and Products. All proceeds and products of the foregoing and all insurance of the foregoing and proceeds thereof, whether now existing or hereafter arising; provided that, in the case of a lien and security interest on the voting stock or other similar voting equity interests of a corporation, limited liability company, partnership or other entity which is a “controlled foreign corporation” as defined under Section 957 of the Internal Revenue Code (herein, a “Foreign Company”), if granting a security interest of more than 65% of the total combined voting stock or other voting equity interests of any such Foreign Company would cause adverse tax consequences to such Companythe Borrower, then such lien and security interest on the voting stock or other voting equity interests shall be limited to 65% of the total combined voting stock or other voting equity interests of such Foreign Company. TO HAVE AND TO HOLD the Collateral, WITH POWER OF SALE and right of entry and possession, unto the Collateral Agent, its successors and assigns, forever; IN TRUST NEVERTHELESS, upon the terms and trust herein set forth, for the equal and proportionate benefit, security and protection of all present and future Secured Creditors; provided always, however, that these presents are upon the express condition that if the Companies Borrower shall irrevocably pay or cause to be irrevocably paid all the Secured Indebtedness and all obligations to extend Secured Indebtedness have expired or otherwise terminated, then these presents and the estate hereby granted and conveyed shall cease and this Agreement shall become null and void; otherwise this Agreement shall remain in full force and effect.

Appears in 1 contract

Samples: Security Agreement, Pledge and Indenture of Trust (World Acceptance Corp)

Other Proceeds and Products. All proceeds and products of the foregoing and all insurance of the foregoing and proceeds thereof, whether now existing or hereafter arising; provided that, in the case of a lien and security interest on the voting stock or other similar voting equity interests of a corporation, limited liability company, partnership or other entity which is a “controlled foreign corporation” as defined under Section 957 of the Internal Revenue Code (herein, a “Foreign Company”), if granting a security interest of more than 65% of the total combined voting stock or other voting equity interests of any such Foreign Company would cause adverse tax consequences to such Companythe Borrower, then such lien and security interest on the voting stock or other voting equity interests shall be limited to 65% of the total combined voting stock or other voting equity interests of such Foreign Company. TO HAVE AND TO HOLD On and after the Grant Date, to Have and to Hold the Collateral, WITH POWER OF SALE With Power of Sale and right of entry and possession, unto the Collateral Agent, its successors and assigns, forever; IN TRUST NEVERTHELESSin Trust Nevertheless, upon the terms and trust herein set forth, for the equal and proportionate benefit, security and protection of all present and future Secured Creditors; provided always, however, that these presents are upon the express condition that if the Companies Borrower shall irrevocably pay or cause to be irrevocably paid all the Secured Indebtedness and all obligations to extend Secured Indebtedness have expired or otherwise terminated, then these presents and the estate hereby granted and conveyed shall cease and this Agreement shall become null and void; otherwise this Agreement shall remain in full force and effect.

Appears in 1 contract

Samples: Subordinated Security Agreement (World Acceptance Corp)

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Other Proceeds and Products. All proceeds and products of the foregoing and all insurance of the foregoing and proceeds thereof, whether now existing or hereafter arising; provided that, in the case of a lien and security interest on the voting stock or other similar voting equity interests of a corporation, limited liability company, partnership or other entity which is a “controlled foreign corporation” as defined under Section 957 of the Internal Revenue Code (herein, a “Foreign Company”), if granting a security interest of more than 65% of the total combined voting stock or other voting equity interests of any such Foreign Company would cause adverse tax consequences to such Company, then such lien and security interest on the voting stock or other voting equity interests shall be limited to 65% of the total combined voting stock or other voting equity interests of such Foreign Company. TO HAVE AND TO HOLD To Have and to Hold the Collateral, WITH POWER OF SALE With Power of Sale and right of entry and possession, unto the Collateral Agent, its successors and assigns, forever; IN TRUST NEVERTHELESSin Trust Nevertheless, upon the terms and trust herein set forth, for the equal and proportionate benefit, security and protection of all present and future Secured Creditors; provided always, however, that these presents are upon the express condition that if the Companies shall irrevocably pay or cause to be irrevocably paid all the Secured Indebtedness and all obligations to extend Secured Indebtedness have expired or otherwise terminated, then these presents and the estate hereby granted and conveyed shall cease and this Agreement shall become null and void; otherwise this Agreement shall remain in full force and effect.

Appears in 1 contract

Samples: Security Agreement (World Acceptance Corp)

Other Proceeds and Products. All proceeds and products of the foregoing and all insurance of the foregoing and proceeds thereof, whether now existing or hereafter arising; provided that, in the case of a lien and security interest on the voting stock or other similar voting equity interests of a corporation, limited liability company, partnership or other entity which is a “controlled foreign corporation” as defined under Section 957 of the Internal Revenue Code (herein, a “Foreign Company”), if granting a security interest of more than 65% of the total combined voting stock or other voting equity interests of any such Foreign Company would cause adverse tax consequences to such Company, then such lien and security interest on the voting stock or other voting equity interests shall be limited to 65% of the total combined voting stock or other voting equity interests of such Foreign Company. ON AND AFTER THE GRANT DATE, TO HAVE AND TO HOLD the Collateral, WITH POWER OF SALE and right of entry and possession, unto the Collateral Agent, its successors and assigns, forever; IN TRUST NEVERTHELESS, upon the terms and trust herein set forth, for the equal and proportionate benefit, security and protection of all present and future Secured Creditors; provided always, however, that these presents are upon the express condition that if the Companies shall irrevocably pay or cause to be irrevocably paid all the Secured Indebtedness and all obligations to extend Secured Indebtedness have expired or otherwise terminated, then these presents and the estate hereby granted and conveyed shall cease and this Agreement shall become null and void; otherwise this Agreement shall remain in full force and effect.

Appears in 1 contract

Samples: Security Agreement Supplement (World Acceptance Corp)

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