Common use of FURTHER ASSURANCES; SUBSTITUTION OF COLLATERAL Clause in Contracts

FURTHER ASSURANCES; SUBSTITUTION OF COLLATERAL. Beneficiary and Pledgor shall execute, acknowledge and deliver, upon written request of Pledgee, any and all further documents, agreements or other instruments, and take such further actions, as Pledgee may reasonably require for carrying out the purpose and intent of the covenants set forth in this Agreement. If at any time, the value of the Pledged Shares declines to such an extent that in the reasonable opinion of Pledgee such collateral is inadequate either to secure satisfaction of Beneficiary's Obligations or to satisfy the requirements of Federal Reserve Board Regulation G, Pledgee may require Pledgor to substitute reasonably equivalent collateral for some or all of the Pledged Shares as security for Beneficiary's satisfaction of the Obligations, which substituted collateral shall be acceptable to Pledgee in its sole discretion and shall be subject, in all respects, to the terms and conditions of this Agreement upon such substitution. Pledgor shall execute, acknowledge and deliver such additional documents, agreements and instruments with respect to such substituted collateral as Pledgee may require, including without limitation, mortgages, deeds of trust or financing statements, in form and content sufficient to perfect Pledgee's security interest in such substituted collateral.

FURTHER ASSURANCES; SUBSTITUTION OF COLLATERAL. Beneficiary and Pledgor shall execute, acknowledge and deliver, upon written request of Pledgee, any and all further documents, agreements or other instruments, and take such further actions, as Pledgee may reasonably require for carrying out the purpose and intent of the covenants set forth in this Agreement. If at any time, the value of the Pledged Shares declines to such an extent that in the reasonable opinion of Pledgee such collateral is inadequate either to secure satisfaction of BeneficiaryPledgor's Obligations or to satisfy the requirements of Federal Reserve Board Regulation G, Pledgee may require Pledgor to substitute reasonably equivalent collateral for some or all of the Pledged Shares as security for BeneficiaryPledgor's satisfaction of the Obligations, which substituted collateral shall be acceptable to Pledgee in its sole discretion and shall be subject, in all respects, to the terms and conditions of this Agreement upon such substitution. Pledgor shall execute, acknowledge and deliver such additional documents, agreements and instruments with respect to such substituted collateral as Pledgee may require, including without limitation, mortgages, deeds of trust or financing statements, in form and content sufficient to perfect Pledgee's security interest in such substituted collateral.