Common use of PLEDGE OF SUBORDINATED LOAN DOCUMENTS Clause in Contracts

PLEDGE OF SUBORDINATED LOAN DOCUMENTS. In order to secure the due and punctual payment and performance of the Senior Liabilities, the Subordinate Lender hereby pledges, transfers, assigns, and grants to the Bank a continuing security interest in and lien upon the Subordinated Loan Documents. The Subordinate Lender has endorsed and delivered to the Bank physical possession of any of the Subordinated Loan Documents which are instruments, including the Subordinated Note and has executed Uniform Commercial Code financing statements and such other documents and/or instruments as may be necessary or convenient to perfect the security interests granted herein. Bank shall hold the Subordinated Note and any other Subordinated Loan Documents which are instruments delivered to the Bank as security for the due and punctual payment and performance of the Senior Liabilities and notwithstanding the possession of the Subordinated Note or such other Subordinated Loan Documents by the Bank, the Subordinate Lender shall be entitled to receive payments thereunder to the extent expressly permitted by the terms of this Agreement. Upon payment in full of the Senior Liabilities, the Bank will deliver to the Subordinate Lender in care of Xxxxx X. Xxxxx the Subordinated Note and any other Subordinated Loan Documents in its possession.

PLEDGE OF SUBORDINATED LOAN DOCUMENTS. In order to secure the due and punctual payment and performance of the Senior Liabilities, the Subordinate Lender hereby pledges, transfers, assigns, and grants to the Bank a continuing security interest in and lien upon the Subordinated Loan Documents. The Subordinate Lender has endorsed and delivered to the Bank physical possession of any of the Subordinated Loan Documents which are instruments, including the Subordinated Note and has executed Uniform Commercial Code financing statements and such other documents and/or instruments as may be necessary or convenient to perfect the security interests granted herein. Bank shall hold the Subordinated Note and any other Subordinated Loan Documents which are instruments delivered to the Bank as security for the due and punctual payment and performance of the Senior Liabilities and notwithstanding the possession of the Subordinated Note or such other Subordinated Loan Documents by the Bank, the Subordinate Lender shall be entitled to receive payments thereunder to the extent expressly permitted by the terms of this Agreement. Upon payment in full of the Senior Liabilities, the Bank will deliver to the Subordinate Lender in care of Xxxxx Xxxx X. Xxxxx the Subordinated Note and any other Subordinated Loan Documents in its possession.

PLEDGE OF SUBORDINATED LOAN DOCUMENTS. In order to secure the due and punctual payment and performance of the Senior Liabilities, the Subordinate Lender Creditors hereby pledgespledge, transferstransfer, assignsassign, and grants grant to the Bank Agent a continuing security interest in and lien upon the Subordinated Loan Documents, all income therefrom and proceeds thereof. The Subordinate Lender has Creditors have endorsed and delivered to the Bank Agent physical possession of any of the Subordinated Loan Documents which are instruments, including the Subordinated Note and has have executed Uniform Commercial Code financing statements and such other documents and/or instruments as may be necessary or convenient to perfect the security interests granted herein. Bank Agent shall hold the Subordinated Note and any other Subordinated Loan Documents which are instruments delivered to the Bank Agent as security for the due and punctual payment and performance of the Senior Liabilities and notwithstanding the possession of the Subordinated Note or such other Subordinated Loan Documents by the BankAgent, the Subordinate Lender shall be entitled to receive payments thereunder to the extent expressly permitted by the terms of this Agreementunder paragraph B.1 above. Upon payment in full of the Senior Liabilities, the Bank Agent will deliver to the Subordinate Lender in care of Xxxxx X. Xxxxx the Subordinated Note and any other Subordinated Loan Documents in its possession.

PLEDGE OF SUBORDINATED LOAN DOCUMENTS. In order to secure the due and punctual payment and performance of the Senior Liabilities, the Subordinate Lender Creditors hereby pledgespledge, transferstransfer, assignsassign, and grants grant to the Bank Agent a continuing security interest in and lien upon the Subordinated Loan Documents, all income therefrom and proceeds thereof. The Subordinate Lender has Creditors have endorsed and delivered to the Bank Agent physical possession of any of the Subordinated Loan Documents which are instruments, including the Subordinated Note Notes and has have executed Uniform Commercial Code financing statements and such other documents and/or instruments as may be necessary or convenient to perfect the security interests granted herein. Bank Agent shall hold the Subordinated Note Notes and any other Subordinated Loan Documents which are instruments delivered to the Bank Agent as security for the due and punctual payment and performance of the Senior Liabilities and notwithstanding the possession of the Subordinated Note Notes or such other Subordinated Loan Documents by the BankAgent, the Subordinate Lender shall be entitled to receive payments thereunder to the extent expressly permitted by the terms of this Agreementunder paragraph B.1 above. Upon payment in full of the Senior Liabilities, the Bank Agent will deliver to the Subordinate Lender in care of Xxxxx X. Xxxxx the Subordinated Note Notes and any other Subordinated Loan Documents in its possession.