Security Pledge. The Issuer hereby pledges to the Payee, and grants to the Payee a security interest in, the Option Shares as security for the prompt and complete payment on the Maturity Date of the unpaid amounts payable by the Issuer under or in respect of this Note (the "Obligations"). For the avoidance of doubt, the Payee shall hold all certificates representing the Option Shares until the Issuer has paid the Obligations in full. Upon payment in full of the Obligations, the Payee shall surrender the Option Shares to the Issuer.
Security Pledge. If any conversion hereunder is made prior to the end of the three year period following the date hereof and would result in the principal amount outstanding under the Note to fall below $10 million, or if any conversion hereunder is made at any time and would result in the principal amount outstanding under the Note to fall below the aggregate amount of all outstanding, unpaid and unresolved claims for indemnification made by Xxxxxx under Section 6.9 of the Purchase Agreement, then a number of the Conversion Shares shall be pledged to Xxxxxx to secure Holder's and/or the other Selling Companies' indemnification and other obligations under the Purchase Agreement, such that the amount of principal remaining under this Note and the value of the Conversion Shares so pledged (valued at the offering price) shall total the greater of $10 million or the aggregate amount of all such claims if conversion occurs during such three-year period, or the aggregate amount of all such claims if conversion occurs after such three-year period. Such shares shall be pledged pursuant to a pledge agreement with terms and conditions reasonably acceptable to each of Holder and Xxxxxx, in any event providing that obligations of Holder to Xxxxxx may be satisfied by Xxxxxx'x reacquisition of an appropriate number of the Conversion Shares, valued at the average of the closing market price for such shares during the five trading days prior thereto. The parties shall negotiate in good faith to agree upon the terms and conditions of such pledge agreement as soon as possible following the conversion election. All shares remaining under pledge at the end of such three year period shall be released to Holder, except such shares as may be required to cover outstanding claims by Xxxxxx under the indemnification provisions of the Purchase Agreement.
Security Pledge. NSC shall (a) deliver to lender, on or prior to the Closing Date, a certified copy of the Security Pledge as in effect on such date and (b) shall not thereafter amend or agree to amend the Security Pledge, without the prior written consent of Lender.
Security Pledge. As security for WINSTAR's Five Million ($5,000,000) dollar payment (less Services credited against the Five Million ($5,000,000) dollar payment) as described in Paragraph 5.2(a), DIGEX hereby pledges its assets (current and hereinafter acquired) to WINSTAR, provided however, that upon the successful conclusion of DIGEX's initial public offering or fulfillment of DIGEX's Twenty Million ($20,000,000) financing objective, this Security/ Pledge shall automatically termi nate. DIGEX will cooperate with WINSTAR to execute and provide to WINSTAR a UCC financing statement and any other documentation reasonably requested by WINSTAR to perfect WINSTAR's security interest.
Security Pledge. Within forty-five (45) days of the Closing, the Major Shareholder shall cause the charge over shares evidenced by the a stock pledge agreement relating to up to 51% of the outstanding equity in Haoyan to be approved by the Zhaoqing MOFCOM and the Foreign Trade and Economic Bureau in Zhaoqing High-and-New Technology Development Zone and to be registered with the local branch of SAIC.
Security Pledge. Each of the Major Shareholder and the Investors shall have executed and delivered the Pledge Agreement.
Security Pledge. NSC shall not amend or agree to amend the Security Pledge, without the prior written consent of Lender.
Security Pledge. As security for the full and punctual payment and performance of the Manager’s and/or the Company’s obligations under this Agreement, the Senior Loan, the Loan Documents and/or such other related documents thereto, as applicable, the Common Member, by execution of this Agreement, hereby pledges to Norhart Invest, a continuing first priority lien on and security interest in all of the Common Units and/or other ownership interests in Company, and all rights in and to each, held by the Common Member (collectively, the “Pledged Collateral”), and in the event of a default by the Common Member pursuant to this SECTION 5.1(a)(iv), the Common Member shall assist with and take all reasonable actions, including, but not limited to, providing Norhart Invest with any documentation related to such Pledged Collateral, necessary for Norhart Invest to perfect its interest in the Pledged Collateral in accordance with the Uniform Commercial Code (such pledge, the “Common Member Pledge”).
Security Pledge. 9.1 The Company has a first and paramount lien and on every Share for the amounts due to it by the holder of such Share whether payment has become due or not. The amounts so due to the Company shall include the costs of any acts performed or proceedings instituted by the Company in its efforts to recover such amounts.
