Common use of Collateral Pledged Clause in Contracts

Collateral Pledged. For valuable consideration received to the full satisfaction of the Pledgor, the Pledgor hereby pledges, assigns and grants a security interest in and sets over to the Bank the entire interest (beneficial, equitable or otherwise) of the Pledgor in (i) the outstanding shares of stock of the Borrower evidenced by certificates for such shares delivered by the Pledgor to the Bank and (ii) all options and rights to purchase and all rights to profits and distributions from the Borrower by virtue of such shares of stock, and any cash or other securities derived therefrom, substituted therefor, or otherwise subjected to the lien hereof, pursuant to any provision hereof, together with all proceeds thereof (all of which shares of stock, partnership interests, options, cash, securities and proceeds are herein called the "Collateral"). Certificates, and all other documentation of the Pledgor evidencing ownership of such shares of stock of the Borrower pledged under this Agreement and any evidence of options to purchase comprised in the Collateral, shall be delivered to the Bank, accompanied by assignments (with signatures guaranteed) sufficient to transfer the title thereto to the Bank. The 43 Bank is hereby authorized to hold any and all of the Collateral delivered to it in its name or at its option to cause such items to be transferred to and held in the name of its nominee(s). The Collateral pledged, assigned and set over under this Pledge Agreement secures the following: (a) The payment by the Borrower of the principal, interest and any other amounts owing under the promissory note entered into by the Borrower pursuant to the Loan Agreement (the "Note"); (b) The payment of any and all amounts due or which hereafter may become due to the Bank pursuant to the Loan Agreement, the other documents to be entered into by the Borrower pursuant to such Agreements (collectively with the Note and this Agreement, referred to as the "Documents", and each as a "Document"), whether from the Borrower or any other party thereto; (c) The payment by the Borrower of all costs and expenses incurred in the collection of the Note and in the enforcement of the rights of the Bank hereunder and under any other Document; and (d) The performance by the Borrower of all of its respective obligations, covenants and agreements under any Document.

Collateral Pledged. For valuable consideration received to the full satisfaction of the Pledgor, the The Pledgor hereby pledges, assigns and grants a security interest in and sets over to the Bank the entire interest (beneficialCompany, equitable or otherwise) its successors and assigns all of the Pledgor in (i) the outstanding shares of stock Common Stock, par value $0.01 per share, of the Borrower evidenced by certificates for such shares delivered Company (the "Stock") purchased by the Pledgor with the proceeds of the Loan made by the Company pursuant to the Bank and (ii) all options and rights to purchase and all rights to profits and distributions from the Borrower by virtue of such shares of stockLoan Agreement, and together with any cash or other securities or property derived therefrom, substituted therefor, therefor or otherwise subjected to the lien hereof, hereof pursuant to any provision hereof, together with all proceeds thereof hereof (all of which shares of stock, partnership interests, optionsStock, cash, securities and proceeds property which have not been released from the Suspense Account (as provided below) are herein called the "Collateral"). Certificates, and all other documentation of the Pledgor evidencing ownership of such shares of stock of the Borrower pledged under this Agreement and any evidence of options to purchase comprised in the Collateral, shall be delivered to the Bank, accompanied by assignments (with signatures guaranteed) sufficient to transfer the title thereto to the Bank. The 43 Bank is hereby authorized to hold any and all of the Collateral delivered to it in its name or at its option to cause such items to be transferred to and held in the name of its nominee(s). The Collateral pledged, assigned and set over under this Pledge Agreement secures the followingas security for: (a) The the punctual and full payment of the principal of and interest on the Note referred to in the Loan Agreement; and (b) the prompt observance and performance by the Borrower Pledgor of all of the principalcovenants, interest agreements and other provisions in the Note and Loan Agreement and herein to be performed on its part. The Stock and any other amounts owing under securities that are part of the promissory note entered into Collateral and that are "employer securities" within the meaning of Section 409(1) of the Internal Revenue Code of 1986, as amended (the "US Code"), and Section 1165(h)(2) of the Puerto Rico Internal Revenue Code of 1994, as amended (the "PR Code"), shall be held by the Borrower pursuant to Pledgor in a "Suspense Account" for the benefit of the Company as "Qualifying Collateral." As of the last day of each Plan Year (as defined in the ESOP) of the Pledgor, a portion of the Qualifying Collateral held in the Suspense Account, determined in accordance with the following formula, shall be released from the Suspense Account and shall not thereafter be deemed Collateral for any purpose under this Pledge Agreement, the Loan Agreement (or the "Note"); (b) The payment : For each Plan Year of any and all amounts due or which hereafter may become due to the Bank pursuant to Pledgor during 2 the Loan duration of this Pledge Agreement, the other documents number of shares of Stock released shall equal the aggregate number of such shares remaining pledged before such release multiplied by a fraction, the numerator of which is the amount of principal and interest paid by the Pledgor on the Loan during the Plan Year in question, and the denominator of which fraction is the sum of the numerator plus the aggregate amount of the principal of and interest on the Loan to be entered into by the Borrower pursuant to such Agreements (collectively with paid in all future Plan Years during which the Note remains outstanding and this Agreementunpaid as calculated as of such date. If the interest rate under the Note is variable, referred the interest to as be paid in future years shall be computed by using the "Documents", and each as a "Document"), whether from the Borrower or any other party thereto; (c) The payment by the Borrower of all costs and expenses incurred in the collection interest rate of the Note and in the enforcement as of the rights end of the Bank hereunder applicable Plan Year. If the ESOP has more than one loan outstanding at the end of any Plan Year, the loans shall be aggregated for purposes of determining the amount of collateral released by all loan payments for that Plan Year, and under any other Document; and (dthe collateral released shall be attributed to each loan in proportion to the principal and interest paid on that loan for the Plan Year, unless each lender agrees in writing that the release of collateral shall be determined separately for each loan. If the Qualifying Collateral includes more than one class of employer securities as defined in Section 409(1) The performance of the US Code and Section 1165(h)(2) of the PR Code, the number of shares of each class of employer securities to be released for such Plan Year must be determined by applying the Borrower same fraction to each class of employer securities. Once all of its respective obligationsCollateral is released pursuant to this Section 1, covenants and agreements under any Documentthis Pledge Agreement shall terminate.