Delivery and Control. The Debtor agrees that with respect to any investment property in which it currently has rights, it shall comply with the provisions of this Section on or before the Closing Date, and with respect to any investment property hereafter acquired by the Debtor, it shall comply with the provisions of this Section immediately upon acquiring rights therein, in each case in form and substance satisfactory to the Secured Party. With respect to any investment property that is represented by a certificate or that is an “instrument” (other than any investment property credited to a Securities Account) it shall cause such certificate or instrument to be delivered to the Secured Party, indorsed in blank by an “effective indorsement” (as defined in the Code), regardless of whether such certificate constitutes a certificated security for purposes of the Code. With respect to any investment property that is an uncertificated security for purposes of the Code (other than any uncertificated securities credited to a Securities Account), it shall cause the issuer of such uncertificated security to either (i) register the Secured Party as the registered owner thereof on the books and records of the issuer or (ii) execute an agreement in form and substance satisfactory to the Secured Party, pursuant to which such issuer agrees to comply with the Secured Party’s instructions with respect to such uncertificated security without further consent by the Debtor.
Appears in 3 contracts
Samples: Security Agreement (Starboard Resources, Inc.), Security Agreement (Starboard Resources, Inc.), Security Agreement (Starboard Resources, Inc.)
Delivery and Control. The Debtor Each Grantor agrees that with respect to any investment property Investment Related Property in which it currently has rights, rights it shall comply with the provisions of this Section on or before the Closing Date, Date and with respect to any investment property Investment Related Property hereafter acquired by the Debtor, such Grantor it shall comply with the provisions of this Section immediately upon acquiring rights therein, in each case in form and substance satisfactory to the Secured Party. With respect to any investment property Investment Related Property that is represented by a certificate or that is an “"instrument” " (other than any investment property Investment Related Property credited to a Securities Account) it shall cause such certificate or instrument to be delivered to the Secured Party, indorsed in blank by an “"effective indorsement” " (as defined in Section 8-107 of the CodeUCC), regardless of whether such certificate constitutes a "certificated security security" for purposes of the CodeUCC. With respect to any investment property Investment Related Property that is an "uncertificated security security" for purposes of the Code UCC (other than any "uncertificated securities securities" credited to a Securities Account), it shall cause the issuer of such uncertificated security to either (i) register the Secured Party as the registered owner thereof on the books and records of the issuer or (ii) execute an agreement in form and substance satisfactory to the Secured Party, pursuant to which such issuer agrees to comply with the Secured Party’s 's instructions with respect to such uncertificated security without further consent by the Debtorsuch Grantor.
Appears in 2 contracts
Samples: Pledge and Security Agreement (Tekoil & Gas Corp), Pledge and Security Agreement (Pacific Energy Resources LTD)
