FIRST RANKING PLEDGE Sample Clauses
A First Ranking Pledge is a legal provision that grants a lender the highest priority security interest over specific assets of a borrower. In practice, this means that if the borrower defaults, the lender with the first ranking pledge has the first claim to the pledged assets before any other creditors. For example, in a loan agreement, the lender may require a first ranking pledge over the borrower's inventory or receivables. The core function of this clause is to protect the lender by ensuring they have the strongest possible claim to certain assets, thereby reducing their risk in the event of the borrower's insolvency.
POPULAR SAMPLE Copied 86 times
FIRST RANKING PLEDGE. 2.1 As security for the due performance, payment and discharge in full of the Secured Obligations, the Pledgor hereby irrevocably grants to the benefit of the Beneficiary, which has accepted it, a first ranking pledge (nantissement de premier rang) over the Credit Balance in accordance with Article 2360 of the French Civil Code (Code civil)) and Article L. 521-I and sequitur of the French Commercial Code (Code de commerce) (hereinafter the “Accounts Pledge”).
2.2 Any right of the Pledgor on the amount credited on any of the Pledged Accounts shall immediately become part of the Accounts Pledge.
2.3 In case of enforcement of the Pledge Agreement, the Pledgor agrees that the Beneficiary will enforce the Pledge as security for the Secured Obligations, pursuant to the terms of this Pledge Agreement and shall have no recourse over the assets of the Pledgor other than the Credit Balance, in accordance with the provisions of article 2334 of the French Civil Code (Code civil).
2.4 This Pledge Agreement shall be notified upon signature by the Beneficiary to the Accounts Holder(s) solely for perfection purposes as provided in Article 2362 of the French Civil code (Code civil), but without triggering any obligation for the Accounts Holder to pay off in the hands of the Beneficiary until the issuance of a Blocking Notice, by way of exception to the provisions of Article 2363 of the French Civil code (Code civil).
2.5 The security interest constituted by virtue of the Pledge Agreement will not be considered extinguished and will not be affected by the punctual instalments made for payment and/or partial reimbursement of the Secured Obligations.
2.6 The Pledgor irrevocably and definitively waives, by the execution of this Pledge Agreement, its right to require from the Beneficiary to perform or exercise any other right or security interest towards any other person, before exercising its rights under the Pledge Agreement and any right to require the Beneficiary to exercise its rights in a specific order.
FIRST RANKING PLEDGE. The execution of this Agreement and its registration with the Registration Authority will establish in favor of the Pledgeholder a first ranking pledge over the Pledged Property. For the avoidance of doubt, the priority ranking contemplated by this Section 7.01 shall also apply to the Amendment Agreement, any other amendment agreement entered into pursuant to Section 14.02 (Entire Agreement; Amendment and Waiver) and any Additional Pledge Agreement.
FIRST RANKING PLEDGE. (a) As security for the due performance, payment and discharge in full of the Secured Obligations, the Pledgor hereby irrevocably grants to the benefit of the Beneficiary the Pledged IP Rights, in accordance with article 2355 of the French Civil Code and with articles L. 521-1 et seq. of the French Commercial Code.
(b) In case of enforcement of the Pledge Agreement, the Pledgor agrees that the Beneficiary will enforce the Pledge as security for the Secured Obligations, pursuant to the terms of this Pledge Agreement and shall have no recourse over the assets of the Pledgor other that the Pledged Claims, in accordance with the provisions of article 2334 of the French Civil Code.
(c) The Pledgor undertakes:
(i) to disclose to the Beneficiary the existence and/or creation of any Future Pledged IP Rights once they become subject to a deposit filed with any Intellectual Property Office or public notary, bailiffs or Agence de Protection des Programmes (A.P.P.), as set forth in Section 4.1 of this Pledge Agreement;
(ii) to execute any Confirmation of Pledge of New IP Rights relating to any Future Pledged IP Rights which shall be included in the scope of the Pledge after the date hereof in accordance with paragraph (a) above, as soon as practicable upon the date upon which the Pledgor files such Future Pledged IP Rights; and
(iii) to carry out any formalities relating to the Pledge with respect to such Pledged IP Rights and Future Pledged IP Rights in accordance with Article 8 (Perfection).
FIRST RANKING PLEDGE. The Pledgor shall within ten (10) days after the registration of the Pledge with the Registration Authority and/or with any other Authority deliver to the Pledgeholder and permit the Pledgeholder during the Security Period to retain, at the expense and risk of the Pledgor, at any office of the Pledgeholder or with any correspondents or other agents of the Pledgeholder, whether in the United Kingdom, Kazakhstan, or elsewhere, the originals of all related certificates, documents and filings, including this Agreement bearing the registration m▇▇▇ and the certificate of registration of a movable property pledge, confirming such registration.
FIRST RANKING PLEDGE. To the extent that there is no other legal basis for the creation of the Pledge, Pan Fish and the Pledgors hereby agree with the Pledgee to create in favour of the Pledgee, as security for the payment of the Secured Liabilities, the Pledge.
FIRST RANKING PLEDGE. The Parties to this Agreement hereby acknowledge that upon registration of the Pledge with the relevant registration authority of the Republic of Kazakhstan (the "Registration Authority"), the Pledge shall become a first ranking pledge over the Pledged Assets and shall give first ranking priority to the claims of the Pledgeholder over the claims of any other person or entity in respect of the Pledged Assets, other than claims which are preferred by operation of law over the claim of the Pledgeholder. For the avoidance of doubt, the priority ranking contemplated by this Section 3.04 shall also apply to any Amendment Agreement entered into pursuant to Section 6.08 (Replacement of the Bank Accounts) or Section 12.02 (Entire Agreement; Amendment and Waiver).
FIRST RANKING PLEDGE. The Pledgor and the Pledgeholder hereby acknowledge that upon the registration of the Pledge with the relevant registration authority of the Republic of Kazakhstan (the "Registration Authority"), the Pledge shall become a first ranking pledge over the Pledged Property and shall give the first ranking priority to the claims of the Pledgeholder over the claims of any other person or entity in respect of the Pledged Property, other than claims which are preferred by operation of law over the claim of the Pledgeholder. For the avoidance of doubt, the priority ranking contemplated by this Section 3.04 shall also apply to the Amendment Agreement (as defined below), any other amendment agreement entered into pursuant to Section 14.02 (Entire Agreement; Amendment and Waiver) and any Additional Pledge Agreement (as defined below).
FIRST RANKING PLEDGE. The Parties to this Agreement hereby acknowledge that upon registration of the Pledge with (i) the relevant registration authority of the Republic of Kazakhstan, and (ii) the relevant registration authority of the British Virgin Islands (each a "Registration Authority"), the Pledge shall become a first ranking pledge over the Pledged Assets and shall give first ranking priority to the claims of the Pledgeholder over the claims of any other person or entity in respect of the Pledged Assets, other than claims which are preferred by operation of law over the claim of the Pledgeholder. For the avoidance of doubt, the priority ranking contemplated by this Section 3.04 shall also apply to any Amendment Agreement entered into pursuant to Section 6.08 (Replacement of the Bank Account) or Section 12.02 (Entire Agreement; Amendment and Waiver).