Holdings Pledged Collateral definition
Examples of Holdings Pledged Collateral in a sentence
Subject to the release of any Collateral as contemplated by any of the Loan Documents, the Administrative Agent shall, to the extent required by applicable Gaming Laws, retain possession of all Holdings Pledged Collateral delivered to it at a location within the State of Nevada designated to the Gaming Authorities.
The Holdings Pledge Agreement creates a first priority valid security interest in the Holdings Pledged Collateral and all action necessary to perfect the security interest so created has been taken and completed.
If the proceeds of sale, collection or other realization of or upon the Holdings Pledged Collateral pursuant to Section 4.05 are insufficient to cover the costs and expenses of such realization and the payment in full of the Secured Obligations, the Obligor shall remain liable for any deficiency to the extent the Obligor is obligated under this Agreement.
Without limiting the generality of the foregoing, so long as the Holdings Collateral Agent shall be entitled under this Section 4 to make collections in respect of the Holdings Pledged Collateral, the Holdings Collateral Agent shall have the right and power to receive, endorse and collect all checks made payable to the order of the Obligor representing any dividend, payment or other distribution in respect of the Holdings Pledged Collateral or any part thereof and to give full discharge for the same.
Without at least 30 days' prior written notice to the Holdings Collateral Agent, the Obligor shall not (i) maintain any of its books and records with respect to the Holdings Pledged Collateral at any office, or maintain its principal place of business at any place other than at the address indicated beneath its signature hereto or (ii) change its corporate name, or the name under which it does business, from the name shown on the signature pages hereto.
The powers conferred on the Administrative Agent hereunder are solely to protect the interests of the Secured Parties in the Collateral and the Holdings Pledged Collateral and shall not impose any duty upon the Administrative Agent or any Secured Party to exercise any such powers.
The parties hereto agree that any such private sale shall be made in a commercially reasonable manner and that the Holdings Collateral Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any Holdings Pledged Collateral for the period of time necessary to permit Midwest or the issuer thereof to register it for public sale.
In the event the purchaser fails to pay for the Collateral or the Holdings Pledged Collateral, as applicable, Administrative Agent may resell the Collateral or the Holdings Pledged Collateral, as such Grantor or Holdings, as applicable, shall be credited with proceeds of the sale.
The Administrative Agent shall not be obligated to make any sale of Collateral or Holdings Pledged Collateral regardless of notice of sale having been given.
This procedure will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral or the Holdings Pledged Collateral, as applicable.