Common use of Security for Performance Clause in Contracts

Security for Performance. The Company and Purchaser hereby ------------------------ acknowledge (a) that Purchaser has agreed to pledge the Shares to secure the payment of all obligations existing under the Note whether for principal, interest, fees, expenses or otherwise and/or to ensure Purchaser's compliance with the terms and conditions of this Agreement and the Pledge Agreement and (b) that in connection with such pledge, Purchaser shall enter into the Pledge Agreement as of the Closing Date requiring that the certificates evidencing the Shares (the "Certificates") be held by the Company as security for the payment of all obligations existing under the Note, whether for principal, interest, fees, expenses or otherwise, and for Purchaser's compliance with the terms and conditions of this Agreement and the Pledge Agreement. Subject to compliance with the terms and conditions of this Agreement and of the Pledge Agreement, Purchaser shall exercise all rights and privileges of the registered holder of the Shares held by the Company pursuant to the Pledge Agreement and shall be entitled to receive any dividend or other distribution thereon.

Appears in 3 contracts

Samples: Stock Subscription Agreement (Laralev Inc), Senior Executive Stock Subscription Agreement (Laralev Inc), Stock Subscription Agreement (Advance Auto Parts Inc)

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Security for Performance. The Company and Purchaser hereby ------------------------ acknowledge (a) that Purchaser has agreed to pledge the Shares to secure the payment of all obligations existing under the Note whether for principal, interest, fees, expenses or otherwise and/or to ensure Purchaser's compliance with the terms and conditions of this Agreement and the Pledge Agreement and (b) that in connection with such pledge, Purchaser shall enter into the Pledge Agreement as of the Closing Date requiring that the certificates evidencing the Shares (the "Certificates") be held by the Company as security for the payment ------------ of all obligations existing under the Note, whether for principal, interest, fees, expenses or otherwise, and for Purchaser's compliance with the terms and conditions of this Agreement and the Pledge Agreement. Subject to compliance with the terms and conditions of this Agreement and of the Pledge Agreement, Purchaser shall exercise all rights and privileges of the registered holder of the Shares held by the Company pursuant to the Pledge Agreement and shall be entitled to receive any dividend or other distribution thereon.

Appears in 2 contracts

Samples: Stock Subscription Agreement (Galyans Trading Co Inc), Stock Subscription Agreement (Galyans Trading Co Inc)

Security for Performance. The Pursuant to Section 1 hereof, the ------------------------ Company and Purchaser Participant hereby ------------------------ acknowledge (a) that Purchaser has agreed to pledge the Shares will be automatically pledged to secure the payment of all obligations existing under the Note whether for principal, interest, fees, expenses or otherwise and/or to ensure PurchaserParticipant's compliance with the terms and conditions of this Agreement and the Pledge Agreement and (b) that in connection with such pledge, Purchaser shall enter into the Pledge Agreement as of the Closing Date requiring requires that the certificates evidencing the Shares (the "Certificates") be held by the Company as security for the payment of all obligations existing under the Note, whether for principal, interest, fees, expenses or otherwise, and for PurchaserParticipant's compliance with the terms and conditions of this Agreement and the Pledge Agreement. The Note and Pledge Agreement are currently held by the Partnership. Subject to compliance with the terms and conditions of this Agreement and of the Pledge Agreement, Purchaser Participant shall exercise all rights and privileges of the registered holder of the Shares while they are held by the Company pursuant to the Pledge Agreement and shall be entitled to receive any dividend or other distribution thereon.

Appears in 2 contracts

Samples: Management Stock Subscription Agreement (Brylane Inc), Stock Subscription Agreement (Brylane Inc)

Security for Performance. The Company and Purchaser hereby acknowledge ------------------------ acknowledge (a) that Purchaser has agreed to pledge the Shares to secure the payment of all obligations existing under the Note whether for principal, interest, fees, expenses or otherwise and/or to ensure Purchaser's compliance with the terms and conditions of this Agreement and the Pledge Agreement and (b) that in connection with such pledge, Purchaser shall enter into the Pledge Agreement as of the Closing Date requiring that the certificates evidencing the Shares (the "Certificates") be held by the Company as security for the payment of all obligations existing under the Note, whether for principal, interest, fees, expenses or otherwise, and for Purchaser's compliance with the terms and conditions of this Agreement and the Pledge Agreement. Subject to compliance with the terms and conditions of this Agreement and of the Pledge Agreement, Purchaser shall exercise all rights and privileges of the registered holder of the Shares held by the Company pursuant to the Pledge Agreement and shall be entitled to receive any dividend or other distribution thereon.

Appears in 1 contract

Samples: Senior Executive Stock Subscription Agreement (Advance Holding Corp)

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Security for Performance. The Company and Purchaser ------------------------ hereby ------------------------ acknowledge (a) that Purchaser has agreed to pledge the Shares to secure the payment of all obligations existing under the Note whether for principal, interest, fees, expenses or otherwise and/or to ensure Purchaser's compliance with the terms and conditions of this Agreement and the Pledge Agreement and (b) that in connection with such pledge, Purchaser shall enter into the Pledge Agreement as of the Closing Date requiring that the certificates evidencing the Shares (the "Certificates") be held by the Company as security for the payment ------------ of all obligations existing under the Note, whether for principal, interest, fees, expenses or otherwise, and for Purchaser's compliance with the terms and conditions of this Agreement and the Pledge Agreement. Subject to compliance with the terms and conditions of this Agreement and of the Pledge Agreement, Purchaser shall exercise all rights and privileges of the registered holder of the Shares held by the Company pursuant to the Pledge Agreement and shall be entitled to receive any dividend or other distribution thereon.

Appears in 1 contract

Samples: Stock Subscription Agreement (Galyans Trading Co Inc)

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