Pledge and Grant of Security Interest/Hypothec Sample Clauses

Pledge and Grant of Security Interest/Hypothec. As collateral security for the prompt payment and performance of your Obligations, you hereby pledge, hypothecate (in case of a hypothec without delivery, for an amount equal to the initial Credit Limit) and grant to Neo a security interest in and over the security funds provided by you to us as collateral for payment of the Obligations (such pledge, hypothec without delivery, security interest and hypothec with delivery below, the “Collateral Security”). This Collateral Security applies regardless of when security funds are provided to Neo, and this Collateral Security may be an express condition for your Card Account. You agree to take any actions we request to evidence, perfect, render opposable to third parties or protect the first ranking security/lien position of our Collateral Security in the security funds. If you are a resident of the province of Quebec, you consent to all present and future monetary claims (within the meaning of Article 2713.1 of the Civil Code of Québec) that you may have against us relating to such security funds securing the performance of the Obligations by way of a hypothec with delivery on such monetary claims as contemplated by Articles 2713.1 and 2713.3 of the Civil Code of Québec.
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Pledge and Grant of Security Interest/Hypothec. As collateral security for the prompt payment and performance of your Obligations, you hereby pledge, hypothecate (in case of a hypothec without possession, for an amount equal to the Credit Limit) and grant to Neo a security interest in and over the security funds provided by you to us as collateral for payment of your Obligations (such pledge, hypothec and security interest, the “Collateral Security”). This Collateral Security applies regardless of when security funds are provided to Neo, and this Collateral Security may be an express condition for your Card Account. You agree to take any actions we request to evidence, perfect, render opposable to third parties or protect the first ranking security/lien position of our Collateral Security in the security funds. If you are a resident of the province of Quebec, you also agree that (i) all security funds shall secure the prompt payment and performance of your Obligations, and that (ii) should we make a recording at the applicable register of a hypothec without possession in and over the security funds in our favour, that does not (and shall not) mean that we do not (or shall not) also hold a pledge (hypothec with possession) in and over the security funds for an unlimited amount as security for the prompt payment and performance of your Obligations.
Sample 1

Related to Pledge and Grant of Security Interest/Hypothec

  • Grant of Security Interest/Remedies To secure its obligations under this Agreement and to the extent Seller delivers the Collateral Requirement, as applicable, hereunder, Seller hereby grants to Buyer, as the secured party, a first priority security interest in, and lien on (and right of setoff against), and assignment of, all such Collateral Requirement posted with Buyer in the form of cash or Letter of Credit and any and all proceeds resulting therefrom or the liquidation thereof, whether now or hereafter held by, on behalf of, or for the benefit of, Buyer. Within thirty (30) days of the delivery of the Collateral Requirement, Seller agrees to take such action as Buyer reasonably requires in order to perfect a first-priority security interest in, and lien on (and right of setoff against), such Collateral Requirement and any and all proceeds resulting therefrom or from the liquidation thereof. Upon or any time after the occurrence of an Event of Default, an Early Termination Date or an occasion provided for in this Agreement where Buyer is authorized to retain all or a portion of the Collateral Requirement, Buyer may do any one or more of the following: (a) exercise any of the rights and remedies of a secured party with respect to the Collateral Requirement, as applicable, including any such rights and remedies under Law then in effect; (b) exercise its rights of setoff against any and all property of Seller in the possession of the Buyer or Buyer’s agent; (c) draw on any outstanding Letter of Credit issued for its benefit or retain any cash deposit; and (d) liquidate the Collateral Requirement then held by or for the benefit of Buyer free from any claim or right of any nature whatsoever of Seller, including any equity or right of purchase or redemption by Seller. Buyer shall apply the proceeds of the collateral realized upon the exercise of any such rights or remedies to reduce Seller’s obligations under the Agreement (Seller remaining liable for any amounts owing to Buyer after such application), subject to the Buyer’s obligation to return any surplus proceeds remaining after such obligations are satisfied in full.

  • Creation of Security Interest Notwithstanding any other provision set forth in this Agreement, the Note, the Mortgage or any of the other Loan Documents, Lender may at any time create a security interest in all or any portion of its rights under this Agreement, the Note, the Mortgage and any other Loan Document (including the advances owing to it) in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System.

  • Security Interest This Agreement creates a valid and continuing security interest (as defined in the UCC) in the Receivables in favor of the Issuer, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Seller.

  • Credit Union Lien and Security Interest To the extent you owe the Credit Union money as a borrower, guarantor, indorser or otherwise, the Credit Union has a lien on any or all of the funds in any account in which you have an ownership interest at the Credit Union, regardless of the source of the funds. The Credit Union may apply these funds in any order to pay off your indebtedness without further notice to you. If the Credit Union chooses not to enforce its lien, the Credit Union does not waive its right to enforce the lien at a later time. In addition, you grant the Credit Union a consensual security interest in your accounts and agree the Credit Union may use the funds from your accounts to pay any debt or amount owed the Credit Union, except obligations secured by your dwelling, unless prohibited by applicable law. All accounts are nonassignable and nontransferable to third parties.

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