FCSA Equities Sample Clauses

FCSA Equities. Each party hereto acknowledges that FCSA has a statutory first lien on all of the Borrower’s stock and other equities in FCSA (the “FCSA Equities”) pursuant to 12 USC 2097. Accordingly, and notwithstanding any other provision of this Agreement or any other Financing Agreement to the contrary: (i) FCSA’s statutory lien on the FCSA Equities shall be for FCSA’s sole and exclusive benefit and shall not be subject to this Agreement or any other Financing Agreement nor shall the FCSA Equities (or the proceeds thereof) be subject to pro rata sharing hereunder; (ii) FCSA shall have no obligation to retire the FCSA equities upon the Borrowers’ default or at any other time, either for application to the Liabilities or otherwise; and (iii) the FCSA Equities shall not be offset against the Liabilities to FCSA or otherwise taken into consideration for purposes of determining the Lenders’ pro rata shares hereunder.