Security and Pledge. To secure the payment of all Payment Obligations and the Bank Note, the City hereby pledges, places a first Lien upon and assigns to the Bank the Surplus Revenues held in the Subordinated Debt Account of the Surplus Revenue Fund, including the earnings on such Surplus Revenues. The City has previously pledged and assigned the Net General Airport Revenues and granted a Lien upon the Net General Airport Revenues to secure all Senior Xxxx Xxxxx, whenever issued, including Senior Xxxx Xxxxx issued subsequent to the execution and delivery of this Agreement and the other Senior Lien Parity Debt. The pledge, assignment and Lien on the Net General Airport Revenues granted to secure the Senior Xxxx Xxxxx and the other Senior Lien Parity Debt shall, in all respects, be prior to the pledge, assignment and Lien granted hereby. This pledge of and Lien upon the Surplus Revenues shall be for the equal and proportionate benefit and security of the Covered Notes, the Payment Obligations, the Bank Note and the Parity Debt, all of which shall be of equal rank without preference, priority or distinction as to Lien or otherwise. The pledge and Lien hereby granted shall remain effective for so long as any Outstanding Covered Note, the Bank Note, any Payment Obligation, any Unreimbursed Drawing or any Term Loan remains unpaid. No filing, registering, or recording of the Master Bond Resolution, this Agreement or any other instrument is required to establish the pledge of or to perfect, protect or maintain the Lien on the Surplus Revenues, the Subordinated Debt Account, the Surplus Revenue Fund or the Net General Airport Revenues.
Security and Pledge. 2.1 As security for the prompt and full satisfaction of all terms, conditions, covenants, recitals, stipulations and agreements contained in the Obligations, Debtor hereby pledges and assigns the Shares to Secured Party and grants Secured Party a security interest therein. Upon an Event of Default, Secured Party is entitled to the use and possession of the Shares to the full extent necessary to protect its lien hereunder.
Security and Pledge. To provide security for the payment of the principal of and interest on the Notes, the Bank Note and any other amounts due under this Agreement as the same shall become due and payable, the Authority has granted a lien on and pledge of (subject only to the provisions of the Resolution permitting the application thereof for purposes and on the terms and conditions set forth therein): (i) the proceeds from (A) the sale of the Refunding Notes and other Notes from time to time hereafter issued and to be used to pay outstanding principal amounts of the Notes or the Bank Note and (B) the sale of general obligation bonds issued by the Authority from time to time hereafter for the purpose of paying the outstanding principal amounts of or interest on the Notes or the Bank Note, (ii) borrowings under this Agreement, (iii) amounts held in the Note Payment Account or the Project Fund (as defined in the Resolution) after use for authorized purposes set forth in Section 2.01 of the Resolution) and (iv) the funds available pursuant to the Constitutional Provisions.
Security and Pledge. Pursuant to the Act, including § 2799-gg thereof, the Authority assigns and pledges to the Trustee in trust upon the terms hereof (a) the Revenues, (b) all rights to receive the Revenues (including the Statutory Revenues) and the proceeds of such rights, (c) all Accounts and assets thereof, including money, contract rights, general intangibles or other personal property, held by the Trustee hereunder, (d) the covenants of the City and the State herein, in the Agreement, in the Assignment and in the Act and (e) any and all other property of every kind and nature from time to time hereafter, by delivery or by writing of any kind, conveyed, pledged, assigned or transferred as and for additional security hereunder. Except as specifically provided herein, this assignment and pledge does not include: (i) the rights of the Authority pursuant to provisions for consent or other action by the Authority, notice to the Authority, indemnity or the filing of documents with the Authority, or otherwise for its benefit and not for that of the Beneficiaries, or (ii) any right or power reserved to the Authority pursuant to the Act or other law. The Authority will implement, protect and defend this assignment and pledge by all appropriate legal action, the cost thereof to be an operating expense. The preceding, and all pledges and security interests made and granted by the Authority pursuant hereto, are immediately valid, binding and perfected to the full extent provided by the Act. The foregoing collateral is hereby pledged and a security interest is therein granted, to secure the payment of Bonds, Notes, and payments in respect of Senior Agreements and Subordinate Agreements; provided, however, that the pledge and security interest herein granted to secure the Authority’s obligation to pay Subordinate Bonds and Subordinate Agreements shall be subject and subordinate to the pledge and security interest herein granted to secure Debt Service, and all Revenues, including the Building Aid, shall be applied in accordance herewith. The lien of such pledge and the obligation to perform the contractual provisions hereby made shall have priority over any or all other obligations and liabilities of the Authority secured by the Revenues. The Authority shall not incur any obligations, except as authorized hereby, secured by a lien on the Revenues or Accounts equal or prior to the lien hereof.
Security and Pledge. To secure the payment of all Payment Obligations, the Agency hereby pledges, grants and assigns in favor of the Bank: (i) a subordinate lien on the Net Revenues, subject only to the prior lien and security interest granted therein to secure the Senior Debt and the parity lien and security interest granted therein to secure the Subordinate Debt;
Security and Pledge. To provide security for the payment of the principal of and interest on the Notes, the Bank Note and any other amounts due under this Agreement as the same shall become due and payable:
Security and Pledge. To provide security for the payment of the principal of and interest on the Notes, the Revolving Note and the Term Note and any other amounts due under this Agreement as the same shall become due and payable, the Authority has granted a lien on and pledge of (subject only to the provisions of the applicable Authority resolutions authorizing the following obligations and permitting the application of proceeds there from for purposes and on the terms and conditions set forth therein): (i) the proceeds from
Security and Pledge. For value received, the Customer hereby assigns, transfers and sets over, and grants a security interest in and pledge of (the "Security Interest"), the Collateral to Alberta Treasury Branches ("ATB").
Security and Pledge. 2.1 As security for the prompt and full satisfaction and payment of the Obligations, the Borrower hereby pledges and assigns the Shares to the Secured Party and grants the Secured Party a security interest therein.
Security and Pledge. To secure payment of the Guarantor’s obligations under this Guaranty, concurrently with the execution of this Guaranty, Guarantor has entered into a Pledge Agreement pursuant to which the Guarantor has pledged to Agent, for the benefit of the Lending Parties, certain financial assets owned by Guarantor, all as more specifically set forth in such Pledge Agreement.
