Pledge of Pledged Collateral. (a) As collateral security for the due and punctual payment and performance in full of the Obligations, as and when due, each Grantor hereby assigns and pledges to the Collateral Agent, its successors and permitted assigns, and hereby grants to the Collateral Agent, its successors and permitted assigns, for the ratable benefit of the Collateral Agent and the Noteholders, a continuing Lien on and security interest in, all of such Grantor’s right, title and interest in, to and under all of the following, wherever located and whether now or hereafter existing and whether now owned or hereafter acquired: (i) the Pledged Equity; (ii) all Promissory Notes, Security and Instruments evidencing debt now owned or at any time hereafter acquired by it (including, without limitation, those listed opposite the name of such Grantor on Schedule IV) (the “Pledged Debt”); (iii) subject to Section 2(g) and 2(h), all payments of principal or interest, dividends, distributions, cash, Promissory Notes, Securities, Instruments and other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in respect of, the Pledged Equity and the Pledged Debt; (iv) all rights and privileges of such Grantor with respect to the Securities and other property referred to in clauses (i), (ii), and (iii) above; and (v) all Proceeds of, and Security Entitlements in respect of, any of the foregoing (the items referred to in clauses (a) through (v) above being collectively referred to as the “Pledged Collateral”); provided that the Pledged Collateral shall not include any item referred to in clauses (a) through (f) above if, for so long as and to the extent such item constitutes Excluded Collateral.
(b) On the Closing Date (in the case of any Grantor that grants a Lien on any of its assets hereunder on the Closing Date) or on the date on which it becomes a party to this Agreement pursuant to Section 6(m) (in the case of any other Grantor), each Grantor shall deliver or cause to be delivered to the Collateral Agent any and all Pledged Securities (other than any Uncertificated Securities, but only for so long as such Securities remain uncertificated) to the extent such Pledged Securities, in the case of Promissory Notes and other Instruments evidencing debt, are required to be delivered pursuant to Section 2(c). Thereafter, whenever such Grantor acquires any other Pledged Security (other than any U...
Pledge of Pledged Collateral. RIGHTS OF THE PROGRAM AGENT
Pledge of Pledged Collateral. The Company hereby pledges to the Secured Parties and each of them and grants to Secured Parties and each of them a security interest in and to all Pledged Collateral for the benefit of the Secured Parties, together with all products, proceeds, dividends, redemption payments, liquidation payments, cash, instruments and other property, and any and all rights, titles, interests, privileges, benefits and preferences appertaining or incidental to the Pledged Collateral. The security interest and pledge created by this Section 2.1 shall continue in effect so long as any Obligation is owed to any Secured Party.
Pledge of Pledged Collateral. Borrower does hereby pledge, hypothecate, assign, transfer, set over, deliver and grant a security interest in and to the Agent in all membership interests in Avondale Funding, LLC held by it (which the Borrower represents and warrants constitutes 100% of the membership interests therein), which shall constitute Receivables Subsidiary Pledged Stock, as defined in the Credit Agreement, together with any and all other securities, cash or other property at any time and from time to time receivable or otherwise distributed in respect of or in exchange for any or all of such pledged stock, and together with the proceeds thereof (hereinafter said property being collectively referred to as the "Pledged Collateral"), all as security for the payment of all of the Obligations in existence from time to time. In the event the Borrower receives from the Receivables Subsidiary a Purchase Money Note, it will deliver such Purchase Money Note to the Agent and it shall also constitute Pledged Collateral.
Pledge of Pledged Collateral. To secure the payment and performance of the Secured Obligations of the Grantor as and when due, effective upon receipt of the approval of the Nevada Gaming Commission, the Grantor hereby conveys, pledges, assigns and transfers to the Collateral Agent, and grants to the Collateral Agent, as agent and representative for the benefit of the Secured Parties, a security interest (the “Security Interest”) in, all right, title, claim and interest of the Grantor in and to the Pledged Collateral. Subject to Section 3.3 of this Agreement, the Security Interest created by this Section 3.1 shall continue in effect so long as any Note Obligation is owed to Collateral Agent or any of the Notes remain outstanding. Upon receipt of the approval of the Nevada Gaming Commission, the Secured Obligations will be secured by a valid and enforceable Security Interest in the Pledged Interests, and upon the delivery to Collateral Agent or its agent of Certificates representing the Pledged Interests, the Security Interest and the related Lien will be perfected and superior to and prior to the Liens of all third persons.
Pledge of Pledged Collateral. Each Grantor hereby pledges to Agent on behalf of Secured Party and grants to Agent on behalf of Secured Party a security interest in and to all Pledged Collateral for the benefit of Secured Party, together with all products, proceeds, Distributions, Cash, instruments and other Property, and any and all rights, titles, interests, privileges, benefits and preferences appertaining or incidental to the Pledged Collateral. The security interest and pledge created by this Section 3.1 shall continue in effect so long as any Obligation is owed to Secured Party or any commitment to extend credit to Borrower remains outstanding from Secured Party.
Pledge of Pledged Collateral. The Debtor hereby pledges to Secured Party and grant to Secured Party a security interest in and to the Membership Interest (the "Pledged Membership Interest"), and any and all securities now or hereafter issued in substitution, exchange or replacement therefor, together with any and all dividends, distributions, redemption payments or liquidation payments with respect to, and any and all rights, titles, interests, privileges, benefits and preferences appertaining or incidental to, any of the foregoing (collectively, the "Pledged Collateral").
Pledge of Pledged Collateral. Grantor hereby pledges to Bank and grants to Bank a security interest in and to all Pledged Collateral, together with all products, proceeds, dividends, redemption payments, liquidation payments, cash, instruments and other property, and any and all rights, titles, interests, privileges, benefits and preferences appertaining or incidental to the Pledged Collateral. The security interest and pledge created by this Agreement shall continue in effect so long as any obligation is owed to Bank by Grantor under the Loan Agreement.
Pledge of Pledged Collateral. Grantor hereby pledges to Administrative Agent on behalf of Secured Party and grants to Administrative Agent on behalf of Secured Party a security interest in and to all Pledged Collateral for the benefit of Secured Party as security for the Obligations specified in Section 4 below, together with any and all rights, titles, interests, privileges, benefits and preferences appertaining or incidental to the Pledged Collateral. Grantor represents and warrants that the security interests and pledge granted herein are in material compliance with all applicable Laws, including without limitation all Gaming Laws, and that any non-compliance with such Laws does not affect the Liens granted hereby. The security interest and pledge created by this Section 3.1 shall continue in effect so long as any Obligation is owed to Secured Party or any commitment to extend credit to Borrower remains outstanding from Secured Party.
Pledge of Pledged Collateral. The Company hereby pledges, and grants to Secured Party a security interest in and to, all Pledged Collateral, together with all products, proceeds, dividends, redemption payments, liquidation payments, cash, instruments and other property, and any and all rights, titles, interests, privileges, benefits and preferences appertaining or incidental to the Pledged Collateral. The security interest and pledge created by this Section 2.1 shall continue in effect so long as any Obligation is owed to Secured Party.
