Pledge of Receivables. (a) The Trust hereby grants to the Collateral Agent, for the benefit and security of the Asset Pool One Noteholders, the Indenture Trustee, in its individual capacity and the Collateral Agent, in its individual capacity, a security interest in all of its right, title and interest, whether owned on the Addition Cut-Off Date or thereafter acquired, in the Receivables existing on the Addition Cut-Off Date or thereafter created in the Additional Asset Pool One Accounts, all Interchange and Recoveries related thereto, all monies due or to become due and all amounts received or receivable with respect thereto and the “proceeds” (including “proceeds” as defined in the applicable UCC) thereof and Insurance Proceeds relating thereto to secure the Asset Pool One Notes (and the obligations under the Indenture and the Asset Pool One Supplement), equally and ratably without prejudice, priority or distinction between any Asset Pool One Note by reason of difference in time of issuance or otherwise, except as otherwise expressly provided in the Indenture, or in the Indenture Supplement which establishes any Series, Class or Tranche of Asset Pool One Notes, and to secure (i) the payment of all amounts due on such Asset Pool One Notes in accordance with their respective terms, (ii) the payment of all other sums payable by the Trust under the Indenture, any Indenture Supplement and the Asset Pool One Supplement relating to the Asset Pool One Notes and (iii) compliance by the Trust with the provisions of the Indenture, any Indenture Supplement or the Asset Pool One Supplement relating to the Asset Pool One Notes. This Assignment constitutes a security agreement under the UCC.
(b) If necessary, the Trust agrees to record and file, at its own expense, financing statements (and continuation statements when applicable) with respect to the Asset Pool One Receivables in Additional Asset Pool One Accounts existing on the Addition Cut-Off Date and thereafter created meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect, and maintain perfection of, the sale and assignment of its interest in such Asset Pool One Receivables to the Collateral Agent, and to deliver a file-stamped copy of each such financing statement or other evidence of such filing to the Collateral Agent on or prior to the Addition Date. The Collateral Agent shall be under no obligation whatsoever to file such financing or continuation statements or to make...
Pledge of Receivables. Borrower has not pledged its Accounts as collateral security for any loan or Indebtedness other than, if applicable, the Loan.
Pledge of Receivables. Borrower will not, and will not allow any Facility Operator to, pledge any receivables arising from the operation of the Facility (or any Leases or Contracts under which such receivables arise) as collateral security for any other loan or indebtedness.
Pledge of Receivables. Borrower hereby agrees to pledge all Receivables and, if so requested by Lender, Borrower shall deliver to Lender all documents evidencing Receivables of Borrower, no less often than on the twentieth (20th) day of each calendar month during the term of this Agreement, together with the Schedule of Receivables and Assignment, as set forth in Section 3.2 hereof.
Pledge of Receivables. Borrower hereby agrees to pledge all Receivables and deliver documentation evidencing such Receivables (the original contract or agreement that evidences Account Debtor's primary payment obligation to Borrower ("Payment Agreement") and a certificate of title or application therefore in the name of Account Debtor, with the Borrower as the only secured party, of the collateral that secures such payment obligation to Lender ["Certificate of Title"]), no less often than on the twentieth (20th) day of each calendar month during the term of this Agreement. If such evidence of title of the collateral securing a pledged Receivable is not delivered to Lender with the original Receivable documentation, Borrower shall deliver evidence that such original title has been applied for in the name of the respective Account Debtor with Borrower as the only secured party ("White Slip"), in a form and substance satisfactory to Lender, and such evidence of title shall be delivered to Lender not later than fifteen (15) days after such evidence of title is received by Borrower. Any Receivable for which Borrower has not delivered the original Payment Obligation and the Certificate of Title or White Slip, such Receivables shall not be an Eligible Receivable hereunder, until such delivery is made. Borrower will deliver monthly, with the delivery of the documentation evidencing the Receivables above, a "Vehicle Title Exception Report" listing all Certificates of Titles which have not been received by Lender or are due from the appropriate state motor vehicle department.
Pledge of Receivables. 9 3.4. FAILURE TO DELIVER..................................................................9 3.5.
Pledge of Receivables. With the exception of the A/R Loan, Borrower has not pledged its Accounts as collateral security for any loan or Indebtedness other than, if applicable, the Loan.
Pledge of Receivables. 3.1 Each Pledgor grants to the Pledgee:
(a) a first priority undisclosed right of pledge (stil pandrecht eerste in rang) over all its Receivables which exist at the date of registration of this Deed; and
(b) to the extent the Receivables consist of future Receivables which will directly arise from legal relationships (rechtsverhoudingen) which exist at the date of registration of this Deed a first priority undisclosed right of pledge (stil pandrecht eerste in rang) is granted in advance (bij voorbaat) over all its future Receivables, as security for the Secured Obligations.
3.2 In respect of any Receivable not pledged pursuant to Clause 3.1 or pursuant to any Supplemental Deed of Pledge, each Pledgor undertakes to grant to the Pledgee:
(a) semi-annually or with such other frequency as the Pledgee may in its discretion reasonably designate in writing to the relevant Pledgor; and
(b) upon first request of the Pledgee, by means of a Supplemental Deed of Pledge:
(a) a first priority undisclosed right of pledge (stil pandrecht eerste in rang) over all its Receivables which exist at the date of registration of a Supplemental Deed of Pledge; and
(b) to the extent the Receivables consist of future Receivables which will directly arise from legal relationships (rechtsverhoudingen) which exist at the date of registration of a Supplemental Deed of Pledge a first priority undisclosed right of pledge (stil pandrecht eerste in rang) is granted in advance (bij voorbaat) over all its future Receivables, as security for the Secured Obligations.
3.3 The Right of Pledge includes all accessory rights (afhankelijke rechten) and all ancillary rights (nevenrechten) attached to the Receivables.
3.4 To the extent that the Receivables are (or shall be) subject to an encumbrance or right of pledge taking priority over the Right of Pledge, nevertheless the Right of Pledge will have been (or will be) created with the highest possible rank available at that time.
3.5 Each Pledgor undertakes to promptly provide the Pledgee with a copy of any executed Supplemental Deed of Pledge.
3.6 Each Pledgor irrevocably and unconditionally authorises the Pledgee to accept on behalf of each Pledgor any right of pledge envisaged to be created under any Supplemental Deed of Pledge, which authorisation permits the Pledgee to act as a Pledgor’s counterparty (Selbsteintritt) within the meaning of Section 3:68 of the Dutch Civil Code or as a representative of a Pledgor’s counterparty.
Pledge of Receivables. Borrower will not encumber or pledge any of its right to receive payment, accounts receivable, jobs in progress or retainage.
Pledge of Receivables. [Intentionally Deleted] ---------------------
