Common use of Delivery of Instruments, Certificated Securities and Chattel Paper Clause in Contracts

Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any Instrument, Certificated Security or Chattel Paper, immediately deliver, or cause any other applicable Loan Party to immediately deliver, such Instrument, Certificated Security or Chattel Paper to Lender, duly indorsed in a manner satisfactory to Lender, to be held as Collateral pursuant to this Agreement and, in the case of Electronic Chattel Paper, cause Lender to have control thereof within the meaning set forth in Section 9-105 of the UCC, provided, that, except in the case of the Pledged Equity and subject to the applicable provisions of Section 9.12, this sentence shall only apply if the fair market value of such Instruments, Certificated Securities and/or Chattel Paper exceeds $2,500,000 (in the aggregate). If an Event of Default shall have occurred and be continuing, upon the request of Lender, any Instrument, Certificated Security or Chattel Paper of any Loan Party not theretofore delivered to Lender and at such time being held by any Loan Party shall be immediately delivered to Lender, duly indorsed in a manner satisfactory to Lender, to be held as Collateral pursuant to this Agreement and, in the case of Electronic Chattel Paper, the applicable Loan Party shall cause Lender to have control thereof within the meaning set forth in Section 9-105 of the UCC.

Appears in 2 contracts

Samples: Loan and Security Agreement (Kinsale Capital Group, Inc.), Loan and Security Agreement (Kinsale Capital Group, Inc.)

AutoNDA by SimpleDocs

Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral in excess of $10,000 individually or $25,000 in the aggregate shall be or become evidenced by any Instrument, Certificated Security certificated security or Chattel Paper, immediately deliver, or cause any other applicable Loan Party to immediately deliver, such Instrument, Certificated Security certificated security or Chattel Paper shall (unless Lenders have agreed in writing that such delivery will not be required) be promptly (and, in any event, within five (5) Business Days) delivered to LenderLenders, duly indorsed in a manner reasonably satisfactory to LenderLenders, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paperelectronic chattel paper, Borrower shall (unless Lenders have agreed in writing that such control will not be required) cause Lender Lenders to have control thereof within the meaning set forth in Section 9-105 of the UCC, provided, that, except in STA. In the case of the Pledged Equity and subject to the applicable provisions of Section 9.12, this sentence shall only apply if the fair market value of such Instruments, Certificated Securities and/or Chattel Paper exceeds $2,500,000 (in the aggregate). If event that an Event of Default shall have occurred and be continuing, upon the request of LenderLenders, any Instrument, Certificated Security certificated security or Chattel Paper of any Loan Party not theretofore delivered to Lender Lenders and at such time being held by any Loan Party Borrower shall be immediately promptly (and, in any event, within five (5) Business Days) delivered to LenderLenders, duly indorsed in a manner satisfactory to LenderLenders, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paperelectronic chattel paper, the applicable Loan Party Borrower shall cause Lender Lenders to have control thereof within the meaning set forth in Section 9-105 of the UCCSTA.

Appears in 1 contract

Samples: Security Agreement (IMRIS Inc.)

Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral in excess of $100,000.00 (in the aggregate for all Loan Parties) shall be or become evidenced by any Instrument, Certificated Security or Chattel Paper, immediately deliver, or cause any other applicable Loan Party to immediately deliver, such Instrument, Certificated Security or Chattel Paper shall be immediately delivered to Lender, duly indorsed in a manner satisfactory to Lender, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Loan Party shall cause Lender to have control thereof within the meaning set forth in Section 9-105 of the UCC, provided, that, except in . In the case event that an Unmatured Event of the Pledged Equity and subject to the applicable provisions of Section 9.12, this sentence shall only apply if the fair market value of such Instruments, Certificated Securities and/or Chattel Paper exceeds $2,500,000 (in the aggregate). If an Default or Event of Default shall have occurred and be continuing, upon the request of Lender, any Instrument, Certificated Security or Chattel Paper of any Loan Party not theretofore delivered to Lender and at such time being held by any Loan Party shall be immediately delivered to Lender, duly indorsed in a manner satisfactory to Lender, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Loan Party shall cause Lender to have control thereof within the meaning set forth in Section 9-105 of the UCC.

Appears in 1 contract

Samples: Loan and Security Agreement (Kingsway Financial Services Inc)

Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral in excess of $10,000 owned by such Grantor shall be or become evidenced by any Instrument, Certificated Security or Chattel Paper, immediately deliver, or cause any other applicable Loan Party to immediately deliverin each case, such Instrument, Certificated Security or Chattel Paper shall be promptly delivered to LenderCollateral Agent, duly indorsed endorsed in a manner reasonably satisfactory to LenderCollateral Agent, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Grantor shall cause Lender Collateral Agent to have control thereof within the meaning set forth in Section 9-105 of the UCC, provided, that, except ; provided that the foregoing requirements of this Section 5.1 shall not apply to (a) Excluded Property or (b) any drafts deposited in the case ordinary course of business. In the Pledged Equity and subject to the applicable provisions of Section 9.12, this sentence shall only apply if the fair market value of such Instruments, Certificated Securities and/or Chattel Paper exceeds $2,500,000 (in the aggregate). If an event that a Default or Event of Default shall have occurred and be continuing, upon the request of LenderCollateral Agent, any Instrument, Certificated Security or Chattel Paper of any Loan Party not theretofore delivered to Lender Collateral Agent and at such time being held by any Loan Party Grantor shall promptly be immediately (but in no event later than within three (3) Business Days of any such request) delivered to LenderCollateral Agent, duly indorsed endorsed in a manner reasonably satisfactory to LenderCollateral Agent, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Loan Party Grantor shall cause Lender Collateral Agent to have control thereof within the meaning set forth in Section 9-105 of the UCC.

Appears in 1 contract

Samples: Guaranty and Collateral Agreement (Numerex Corp /Pa/)

Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral in excess of $50,000 individually or $100,000 in the aggregate shall be or become evidenced by any Instrument, Certificated Security certificated security or Chattel Paper, immediately deliver, or cause any other applicable Loan Party to immediately deliver, such Instrument, Certificated Security certificated security or Chattel Paper shall (unless Lenders have agreed in writing that such delivery will not be required) be promptly (and, in any event, within five (5) Business Days) delivered to LenderLenders, duly indorsed in a manner reasonably satisfactory to LenderLenders, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, Grantor shall (unless Lenders have agreed in writing that such control will not be required) cause Lender Lenders to have control thereof within the meaning set forth in Section 9-105 of the UCC, provided, that, except in . In the case of the Pledged Equity and subject to the applicable provisions of Section 9.12, this sentence shall only apply if the fair market value of such Instruments, Certificated Securities and/or Chattel Paper exceeds $2,500,000 (in the aggregate). If event that an Event of Default shall have occurred and be continuing, upon the request of LenderLenders, any Instrument, Certificated Security certificated security or Chattel Paper of any Loan Party not theretofore delivered to Lender Lenders and at such time being held by any Loan Party Grantor shall be immediately promptly (and, in any event, within five (5) Business Days) delivered to LenderLenders, duly indorsed in a manner satisfactory to LenderLenders, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Loan Party Grantor shall cause Lender Lenders to have control thereof within the meaning set forth in Section 9-105 of the UCC.

Appears in 1 contract

Samples: Guaranty and Security Agreement (IMRIS Inc.)

Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any Instrument, Certificated Security or Chattel Paper, immediately deliver, or cause any other applicable Loan Party to immediately deliver, such Instrument, Certificated Security or Chattel Paper shall be immediately delivered to Lender, duly indorsed in a manner satisfactory to Lender, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Loan Party shall cause Lender to have control thereof within the meaning set forth in Section 9-105 of the UCC, provided, that, except in . In the case of the Pledged Equity and subject to the applicable provisions of Section 9.12, this sentence shall only apply if the fair market value of such Instruments, Certificated Securities and/or Chattel Paper exceeds $2,500,000 (in the aggregate). If an event that a Default or Event of Default shall have occurred and be continuing, upon the request of Lender, any Instrument, Certificated Security or Chattel Paper of any Loan Party not theretofore delivered to Lender and at such time being held by any Loan Party shall be immediately delivered to Lender, duly indorsed in a manner satisfactory to Lender, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Loan Party shall cause Lender to have control thereof within the meaning set forth in Section 9-105 of the UCC.

Appears in 1 contract

Samples: Loan and Security Agreement (Pernix Group, Inc.)

Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any Instrument, Certificated Security or Chattel Paper, immediately deliver, or cause any other applicable Loan Party to immediately deliver, such Instrument, Certificated Security or Chattel Paper shall be immediately delivered to Lender, duly indorsed in a manner satisfactory to Lender, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Loan Party shall cause Lender to have control thereof within the meaning set forth in Section 9-105 of the UCC, provided, that, except in . In the case event that an Unmatured Event of the Pledged Equity and subject to the applicable provisions of Section 9.12, this sentence shall only apply if the fair market value of such Instruments, Certificated Securities and/or Chattel Paper exceeds $2,500,000 (in the aggregate). If an Default or Event of Default shall have occurred and be continuingcontinuing and not been waived in accordance with Section 14.1, upon the request of Lender, any Instrument, Certificated Security or Chattel Paper of any Loan Party not theretofore delivered to Lender and at such time being held by any Loan Party shall be immediately delivered to Lender, duly indorsed in a manner satisfactory to Lender, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Loan Party shall cause Lender to have control thereof within the meaning set forth in Section 9-105 of the UCC.

Appears in 1 contract

Samples: Loan and Security Agreement (Lifeway Foods Inc)

Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral in excess of $10,000 individually or $25,000 in the aggregate for all Grantors shall be or become evidenced by any Instrument, Certificated Security certificated security or Chattel Paper, immediately deliver, or cause any other applicable Loan Party to immediately deliver, such Instrument, Certificated Security certificated security or Chattel Paper shall (unless the Collateral Agent has agreed in writing that such delivery will not be required) be promptly (and, in any event, within five (5) Business Days) delivered to Lenderthe Collateral Agent, duly indorsed in a manner reasonably satisfactory to Lenderthe Collateral Agent, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Grantor shall (unless the Collateral Agent has agreed in writing that such control will not be required) cause Lender the Collateral Agent to have control thereof within the meaning set forth in Section 9-105 of the UCC, provided, that, except in . In the case of the Pledged Equity and subject to the applicable provisions of Section 9.12, this sentence shall only apply if the fair market value of such Instruments, Certificated Securities and/or Chattel Paper exceeds $2,500,000 (in the aggregate). If event that an Event of Default shall have occurred and be continuing, upon the request of Lenderthe Collateral Agent, any Instrument, Certificated Security certificated security or Chattel Paper of any Loan Party not theretofore delivered to Lender Lenders and at such time being held by any Loan Party Grantor shall be immediately promptly (and, in any event, within five (5) Business Days) delivered to Lenderthe Collateral Agent, duly indorsed in a manner satisfactory to Lenderthe Collateral Agent, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Loan Party Grantor shall cause Lender the Collateral Agent to have control thereof within the meaning set forth in Section 9-105 of the UCC.

Appears in 1 contract

Samples: Guaranty and Security Agreement (Kempharm, Inc)

Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral with a value in excess of $1,000,000 individually or $3,500,000 in the aggregate for all Grantors at any time shall be or become evidenced by any Instrument, Certificated Security or Chattel Paper, immediately deliver, or cause any other applicable Loan Party to immediately deliverthan checks for deposit, such Instrument, Certificated Security or Chattel Paper shall be promptly (within five (5) Business Days) following receipt thereof delivered to Lender, duly indorsed in a manner reasonably satisfactory to Lender, to be held as Collateral pursuant to this Agreement and, and in the case of such Chattel Paper constituting Electronic Chattel Paper, the applicable Grantor shall cause Lender to have control thereof within the meaning set forth in Section 9-105 of the UCC, provided, that, except in . In the case of the Pledged Equity and subject to the applicable provisions of Section 9.12, this sentence shall only apply if the fair market value of such Instruments, Certificated Securities and/or Chattel Paper exceeds $2,500,000 (in the aggregate). If event that an Event of Default shall have occurred and be continuing, upon the request of Lender, any Instrument, Certificated Security or Chattel Paper of any Loan Party not theretofore delivered to Lender and at such time being held by any Loan Party Grantor shall be immediately promptly (within five (5) Business Days of a written request) delivered to Lender, duly indorsed in a manner reasonably satisfactory to Lender, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Loan Party Grantor shall cause Lender to have control thereof within the meaning set forth in Section 9-105 of the UCC.

Appears in 1 contract

Samples: Guarantee and Collateral Agreement (Obalon Therapeutics Inc)

Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral in excess of $100,000 individually or $250,000 in the aggregate for all Grantors shall be or become evidenced by any Instrument, Certificated Security certificated security or Chattel Paper, immediately deliver, or cause any other applicable Loan Party to immediately deliver, such Instrument, Certificated Security certificated security or Chattel Paper shall (unless Lenders have agreed in writing that such delivery will not be required) be promptly (and, in any event, within 10 Business Days) delivered to LenderLenders, duly indorsed in a manner reasonably satisfactory to LenderLenders, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Grantor shall (unless Lenders have agreed in writing that such control will not be required) cause Lender Lenders to have control thereof within the meaning set forth in Section 9-105 of the UCC, provided, that, except in . In the case of the Pledged Equity and subject to the applicable provisions of Section 9.12, this sentence shall only apply if the fair market value of such Instruments, Certificated Securities and/or Chattel Paper exceeds $2,500,000 (in the aggregate). If event that an Event of Default shall have occurred and be continuing, upon the request of LenderLenders, any Instrument, Certificated Security certificated security or Chattel Paper of any Loan Party not theretofore delivered to Lender Lenders and at such time being held by any Loan Party Grantor shall be immediately promptly (and, in any event, within 10 Business Days) delivered to LenderLenders, duly indorsed in a manner satisfactory to LenderLenders, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Loan Party Grantor shall cause Lender Lenders to have control thereof within the meaning set forth in Section 9-105 of the UCC.

Appears in 1 contract

Samples: Guaranty and Security Agreement (Infinity Pharmaceuticals, Inc.)

AutoNDA by SimpleDocs

Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any InstrumentInstrument (other than the Diagnostic Company Note) (other than, for greater certainty, a license agreement), Certificated Security or Chattel Paper, immediately deliver, or cause any other applicable Loan Party to immediately deliver, such Instrument, Certificated Security or Chattel Paper shall be promptly delivered to LenderAgent, duly indorsed in a manner reasonably satisfactory to LenderAgent, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Grantor shall cause Lender Agent to have control thereof within the meaning set forth in Section 9-105 of the UCC, Code; provided, thathowever, that Grantor shall not be required to deliver any Certificated Securities with respect to any Immaterial Subsidiaries except as otherwise may be required in the case of Post-Closing Agreement. In the Pledged Equity and subject to the applicable provisions of Section 9.12, this sentence shall only apply if the fair market value of such Instruments, Certificated Securities and/or Chattel Paper exceeds $2,500,000 (in the aggregate). If event that a Default or an Event of Default shall have occurred and be continuing, upon the request of LenderAgent, any Instrument, Certificated Security or Chattel Paper of any Loan Party not theretofore delivered to Lender Agent and at such time being held by any Loan Party Grantor shall be immediately delivered to LenderAgent, duly indorsed in a manner satisfactory to LenderAgent, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Loan Party Grantor shall cause Lender Agent to have control thereof within the meaning set forth in Section 9-105 of the UCCCode.

Appears in 1 contract

Samples: Guarantee and Collateral Agreement (Pdi Inc)

Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral in excess of $25,000 individually or $100,000 in the aggregate at any time owned by such Grantor shall be or become evidenced by any Instrument, Certificated Security or Chattel Paper, immediately deliver, or cause any other applicable Loan Party to immediately deliverin each case, such Instrument, Certificated Security or Chattel Paper shall be promptly delivered to LenderPurchaser, duly indorsed endorsed in a manner reasonably satisfactory to LenderPurchaser, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Grantor shall cause Lender Purchaser to have control thereof within the meaning set forth in Section 9-105 of the UCC, provided, that, except ; provided that the foregoing requirements of this Section 5.1 shall not apply to any drafts deposited in the case ordinary course of business. In the Pledged Equity and subject to the applicable provisions of Section 9.12, this sentence shall only apply if the fair market value of such Instruments, Certificated Securities and/or Chattel Paper exceeds $2,500,000 (in the aggregate). If an event that a Default or Event of Default shall have occurred and be continuing, upon the request of LenderPurchaser, any Instrument, Certificated Security or Chattel Paper of any Loan Party not theretofore delivered to Lender Purchaser and at such time being held by any Loan Party Grantor shall promptly be immediately (but in no event later than within three (3) Business Days of any such request) delivered to LenderPurchaser, duly indorsed endorsed in a manner reasonably satisfactory to LenderPurchaser, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Loan Party Grantor shall cause Lender Purchaser to have control thereof within the meaning set forth in Section 9-105 of the UCC.

Appears in 1 contract

Samples: Guaranty and Collateral Agreement (Clearone Inc)

Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any Instrument, Certificated Security or Chattel Paper, immediately deliver, or cause any other applicable Loan Party to immediately deliver, such Instrument, Certificated Security or Chattel Paper shall be immediately delivered to Lender, duly indorsed in a manner satisfactory to Lender, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, Borrower shall cause Lender to have control thereof within the meaning set forth in Section 9-105 of the UCC, provided, that, except in . In the case of the Pledged Equity and subject to the applicable provisions of Section 9.12, this sentence shall only apply if the fair market value of such Instruments, Certificated Securities and/or Chattel Paper exceeds $2,500,000 (in the aggregate). If event that an Event of Default shall have occurred and be continuing, upon the request of Lender, any Instrument, Certificated Security or Chattel Paper of any Loan Party not theretofore delivered to Lender and at such time being held by any Loan Party Borrower shall be immediately delivered to Lender, duly indorsed in a manner satisfactory to Lender, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Loan Party Borrower shall cause Lender to have control thereof within the meaning set forth in Section 9-105 of the UCC.

Appears in 1 contract

Samples: Loan and Security Agreement (Camping World Holdings, Inc.)

Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral in excess of $150,000 individually or $300,000 in the aggregate for all Grantors shall be or become evidenced by any Instrument, Certificated Security certificated security or Chattel Paper, immediately deliver, or cause any other applicable Loan Party to immediately deliver, such Instrument, Certificated Security certificated security or Chattel Paper shall (unless Secured Creditors have agreed in writing that such delivery will not be required) be promptly (and, in any event, within ten (10) Business Days) delivered to LenderSecured Creditors, duly indorsed in a manner reasonably satisfactory to LenderSecured Creditors, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Grantor shall (unless Secured Creditors have agreed in writing that such control will not be required) cause Lender Secured Creditors to have control thereof within the meaning set forth in Section 9-105 of the UCC, provided, that, except in . In the case of the Pledged Equity and subject to the applicable provisions of Section 9.12, this sentence shall only apply if the fair market value of such Instruments, Certificated Securities and/or Chattel Paper exceeds $2,500,000 (in the aggregate). If event that an Event of Default shall have occurred and be continuing, upon the request of LenderSecured Creditors, any Instrument, Certificated Security certificated security or Chattel Paper of any Loan Party not theretofore delivered to Lender Purchasers and at such time being held by any Loan Party Grantor shall be immediately promptly (and, in any event, within ten (10) Business Days) delivered to LenderSecured Creditors, duly indorsed in a manner satisfactory to LenderPurchasers, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Loan Party Grantor shall cause Lender Secured Creditors to have control thereof within the meaning set forth in Section 9-105 of the UCC.

Appears in 1 contract

Samples: Guaranty and Security Agreement (Mannkind Corp)

Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral in excess of $150,000 individually or $300,000 in the aggregate for all Grantors shall be or become evidenced by any Instrument, Certificated Security certificated security or Chattel Paper, immediately deliver, or cause any other applicable Loan Party to immediately deliver, such Instrument, Certificated Security certificated security or Chattel Paper shall (unless Secured Creditor have agreed in writing that such delivery will not be required) be promptly (and, in any event, within 10 Business Days) delivered to LenderSecured Creditor, duly indorsed in a manner reasonably satisfactory to LenderSecured Creditor, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Grantor shall (unless Secured Creditor have agreed in writing that such control will not be required) cause Lender Secured Creditor to have control thereof within the meaning set forth in Section 9-105 of the UCC, provided, that, except in . In the case of the Pledged Equity and subject to the applicable provisions of Section 9.12, this sentence shall only apply if the fair market value of such Instruments, Certificated Securities and/or Chattel Paper exceeds $2,500,000 (in the aggregate). If an event that a Specified Event of Default shall have occurred and be continuing, upon the request of LenderSecured Creditor, any Instrument, Certificated Security certificated security or Chattel Paper of any Loan Party not theretofore delivered to Lender Secured Creditor and at such time being held by any Loan Party Grantor shall be immediately promptly (and, in any event, within 10 Business Days) delivered to LenderSecured Creditor, duly indorsed in a manner satisfactory to Lender, Secured Creditor to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paper, the applicable Loan Party Grantor shall cause Lender Secured Creditor to have control thereof within the meaning set forth in Section 9-105 of the UCC.

Appears in 1 contract

Samples: Guaranty and Security Agreement (Mannkind Corp)

Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount payable under or in connection with any of the Collateral in excess of $10,000 individually or $25,000 in the aggregate for all Grantors shall be or become evidenced by any Instrument, Certificated Security certificated security or Chattel Paper, immediately deliver, or cause any other applicable Loan Party to immediately deliver, such Instrument, Certificated Security certificated security or Chattel Paper shall (unless Lenders have agreed in writing that such delivery will not be required) be promptly (and, in any event, within five (5) Business Days) delivered to LenderLenders, duly indorsed in a manner reasonably satisfactory to LenderLenders, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paperelectronic chattel paper, the applicable Grantor shall (unless Lenders have agreed in writing that such control will not be required) cause Lender Lenders to have control thereof within the meaning set forth in Section 9-105 of the UCC, provided, that, except in STA. In the case of the Pledged Equity and subject to the applicable provisions of Section 9.12, this sentence shall only apply if the fair market value of such Instruments, Certificated Securities and/or Chattel Paper exceeds $2,500,000 (in the aggregate). If event that an Event of Default shall have occurred and be continuing, upon the request of LenderLenders, any Instrument, Certificated Security certificated security or Chattel Paper of any Loan Party not theretofore delivered to Lender Lenders and at such time being held by any Loan Party Grantor shall be immediately promptly (and, in any event, within five (5) Business Days) delivered to LenderLenders, duly indorsed in a manner satisfactory to LenderLenders, to be held as Collateral pursuant to this Agreement and, and in the case of Electronic Chattel Paperelectronic chattel paper, the applicable Loan Party Grantor shall cause Lender Lenders to have control thereof within the meaning set forth in Section 9-105 of the UCCSTA.

Appears in 1 contract

Samples: Guaranty and Security Agreement (IMRIS Inc.)

Time is Money Join Law Insider Premium to draft better contracts faster.