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.
2.2 Debtor shall deliver, upon the execution of this Agreement, certificate(s) representing 80,238.75 Shares, endorsed in blank or with appropriate stock powers duly executed in blank, to be held by Xxxxxxxx, Xxxxx & Xxxxxxxx, P.L.C., 0000 Xxxxx 00xx Xxxxxx, 00xx Xxxxx, Xxxxxxx, XX 00000, Attention: Xxxx Xxxxxxx, Esq., as Security Agent, subject to the terms hereof.
2.3 Simultaneously with the delivery of the Shares pursuant to this Agreement, Debtor shall record the pledge of the Shares to Secured Party on ITG's corporate records and provide Secured Party with evidence of the same.
2.4 Upon any Event of Default, Secured Party shall receive in connection with any of the Shares, any:
(a) stock certificate, including, but without limitation, any certificate representing a stock dividend or in connection with any increase or reduction of capital, reclassification, merger, consolidation, or sale of assets, combination of shares or stock splits;
(b) option, warrant, or right, whether as an addition to or in substitution or in exchange for any of the Shares, or otherwise; and
(c) dividend or distribution payable in property (i.e., other than cash), including securities issued by any party other than ITG and received by the Debtor prior to an Event of Default; then, and in such event, the Debtor shall accept the same as the Secured Party's agent, in trust for the Secured Party, and shall deliver them forthwith to the Security Agent in the exact form received with, as applicable, its endorsements when necessary, or appropriate stock powers duly executed in blank, to be held by the Security Agent, subject to the terms hereof, as part of the Shares.
2.5 Unless an Event of Default shall have occurred, the Debtor shall be entitled to vote the Shares.
2.6 Any and all cash dividends and other distributions by ITG to the Debtor on the Shares shall be delivered to the Secured Party as additional security hereunder, or applied toward the satisfaction of the Obligations, at the Secured Party's sole option.
2.7 At each Installment Date (as defined in the No...
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 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. 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. (a) The Authority hereby grants to the Lender a Lien on and pledge of Net Pledged Revenues to secure the payment of all Reimbursement Obligations
(b) The Authority hereby grants to the Lender a Lien on and pledge of the Net Pledged Revenues to secure all Obligations of the Authority under this Agreement (other than Reimbursement Obligations and the payment of principal of and interest on the Notes) which such Lien on and pledge of the Net Pledged Revenues shall be junior and subordinate in all respects to the Liens on, security interests in and the pledges of the Net Pledged Revenues set forth in the Trust Agreement and this Agreement, as applicable, for the equal and proportionate benefit of and security of the Reimbursement Obligations, the Notes and all Subordinate Obligations. No filing, registration, recording or publication of this Agreement or the Trust Agreement or any other instrument nor any prior separation or physical delivery of the Net Pledged Revenues is required to establish the pledge provided for under this Agreement or the Trust Agreement or to perfect, protect or maintain the Lien created thereby on the Net Pledged Revenues to secure the Obligations hereunder.
(c) Neither the faith and the credit nor the taxing power of the County of Los Angeles, the State or any political subdivision or any public agency, other than the Authority to the extent of the Net Pledged Revenues, is pledged to the payment of the Obligations and the principal of and interest on the Notes. The Obligations and the Notes and the interest thereon is junior and subordinate in all respects to the Senior Xxxx Xxxxx and the funding of reserves for the Senior Xxxx Xxxxx as to lien on and source and security for payment from the Pledged Revenues.
Security and Pledge. (a) To the extent permitted by law, and if required by us for better securing payment of the Contract Price plus any costs or charges, you will hereby pledge all of your movable and incorporeal property, both present and future, in favour of us.
(b) You acknowledge and agree that this Agreement constitutes a pledge in terms of South African law, and that the Security by Means of Movable Property Act (SMPA) applies to this pledge and to our separate security interests set out in clause 8 and 9(a) above.
(c) You also acknowledge and agree that the specified and described property over which a notarial bond has been registered in accordance with the SMPA, shall be deemed to have been delivered to us as security.
(d) You consent to:
i. execute any other document or instrument required to give effect to the pledge created by this Agreement; and
ii. the registration with the relevant authority or public register of any pledge created by this Agreement or any other document required to give effect to a pledge created by this Agreement.
(e) You must pay all costs of and incidental to the preparation, execution and registration of any instrument which is executed for the purposes of giving effect to this clause and must also pay all costs incidental to the withdrawal, discharge, or release of such instrument.
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. Joinder Agreement”) shall thereupon become a party hereto and obligated hereunder as a Grantor and shall have thereupon pursuant to Section 2 granted a security interest in and collaterally assigned to the Administrative Agent for the benefit of the Secured Parties all Collateral, including, without limitation, all Pledged Collateral pursuant to Section 3, in which it has at its Applicable Date or thereafter acquires any interest or the power to transfer, and all references herein and in the other Loan Documents to the Grantors or to the parties to this Agreement shall be deemed to include such Person as a Grantor hereunder. Each U.S. Security and Pledge Joinder Agreement shall be accompanied by the Supplemental Schedules referred to therein, appropriately completed with information relating to the Grantor executing such U.S. Security and Pledge Joinder Agreement and its property. Each of the applicable Schedules attached hereto shall be deemed amended and supplemented without further action by such information reflected on the Supplemental Schedules.
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:
(i) The Authority hereby pledges to the Bank, and grants to the Bank a security interest in, the Pledged Security.
(ii) The pledge and security interest granted the Bank in the Pledged Security shall be on parity with the pledge and security interest granted by the Authority to Note Owners (as defined in the Resolution) in the Pledged Security pursuant to the Resolution to secure payment of amounts due under the Notes.
(iii) The Authority shall take such steps as the Bank shall reasonably request to perfect and secure such pledge and security interest. Chapter 1208, Texas Government Code, as amended, applies to the issuance of the Notes and the pledge of and security interest in the Pledged Security granted by the Authority herein, and such pledge and security interest is therefore valid, effective and perfected. If Texas law is amended at any time while the Notes are outstanding and unpaid such pledge of security interest in the Pledged Security is to be subject to filing requirements of Chapter 9, Texas Business and Commerce Code, as amended, then in order to preserve the Bank’s perfection of the security interest in the Pledged Security, the Authority agrees to take such measures as it determines are reasonable and necessary under Texas law to comply with the applicable provisions of Chapter 9, Texas Business and Commerce Code, as amended, and enable a filing to perfect the security interest in the Pledged Security to occur.
(iv) As part of the Pledged Security and at the time, or prior to, the financing or refinancing of Projects with the proceeds of the Notes, the Authority will assign to the Bank and Note Owners equally and ratable as security for the obligations of the Authority to the Bank under this Agreement and the Notes, Lease Supplements for the Projects, which Lease Supplements shall have unpaid Rent Payments (as defined in the Resolution) coming due sufficient to pay when due the principal of, and interest on, the portions of the Notes that were used to provide funds for the financing or refinancing of such Projects.
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
(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, the Revolving Note or the Term 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, the Revolving Note or the Term Note, (ii) borrowings under this Agreement, (iii) amounts held in the Note Payment Account or the Project Account (as defined in the Resolution) after use for authorized purposes (as defined in Section 2.01 of the Resolution) and (iv) the funds available pursuant to the Constitutional Provisions.
