Holding Pledged Collateral; Exchanges Clause Samples
The "Holding Pledged Collateral; Exchanges" clause defines the responsibilities and procedures for the safekeeping and management of collateral that has been pledged under an agreement. It typically outlines who holds the collateral, the conditions under which the collateral may be exchanged or substituted, and the process for recording such exchanges. For example, it may specify that the collateral must be held by a third-party custodian or detail how parties can request the substitution of one form of collateral for another. This clause ensures that the collateral is properly managed and protected, reducing the risk of loss or misappropriation and providing clear rules for handling changes to the collateral during the term of the agreement.
Holding Pledged Collateral; Exchanges. The Secured Party may hold any of the Pledged Collateral, endorsed or assigned in blank, and may deliver any of the Pledged Collateral to the issuer thereof for the purpose of making denominational exchanges or registrations or transfers or for such other reasonable purpose in furtherance of this Agreement as the Secured Party may deem desirable. The Secured Party shall have the right, if necessary to perfect its security interest, to transfer to or register in the name of the Secured Party or any of its nominees, any or all of the Pledged Collateral; provided that notwithstanding the foregoing, until any transfer of beneficial ownership with respect to the Pledged Collateral pursuant to any exercise of remedies under Section 8 hereof, Pledgor shall continue to be the beneficial owner of the Pledged Collateral. In addition, the Secured Party shall have the right at any time to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations.
Holding Pledged Collateral; Exchanges. The Pledgee may hold any of the Pledged Collateral, endorsed or assigned in blank, and following an Event of Default, may make denominational exchanges or registrations or transfers or for such other reasonable purpose in furtherance of this Agreement as the Pledgee may deem desirable. The Pledgee shall have the right, if necessary to perfect its security interest, to transfer to or register in the name of the Pledgee or any of its nominees, any or all of the Pledged Collateral; provided that notwithstanding the foregoing, until any transfer of beneficial ownership with respect to the Pledged Collateral pursuant to any exercise of remedies under Section 8 hereof, Pledgor shall continue to be the beneficial owner of the Pledged Collateral. In addition, the Pledgee shall have the right at any time following the occurrence and continuance of an Event of Default to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations.
Holding Pledged Collateral; Exchanges. The Agent may hold any of the Pledged Collateral, endorsed or assigned in blank, and may deliver any of the Pledged Collateral to the issuer thereof for the purpose of making denominational exchanges or registrations or transfers or for such other reasonable purpose in furtherance of this Agreement as the Agent may deem desirable. The Agent shall have the right, in its discretion and without notice to the Pledgor, if necessary to perfect its security interest or at any time after the occurrence of an Event of Default, to transfer to or register in the name of the Agent or any of its nominees, any or all of the Pledged Collateral; provided that notwithstanding the foregoing, until any transfer of beneficial ownership with respect to the Pledged Collateral pursuant to any exercise of remedies under Section 8 hereof, Pledgor shall continue to be the beneficial owner of the Pledged Collateral. In addition, the Agent shall have the right at any time to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations.
Holding Pledged Collateral; Exchanges. The Agent may hold any of the Pledged Collateral, endorsed or assigned in blank, and following the occurrence and continuation of an Event of Default, may deliver any of the Pledged Collateral to any Issuer thereof for the purpose of making denominational exchanges or registrations or transfers or for such other reasonable purpose in furtherance of this Agreement as the secured party may deem desirable. The Agent shall have the right, if necessary to perfect its security interest, to transfer to or register in the name of the Agent or any of its respective nominees, any or all of the Pledged Collateral; provided that notwithstanding the foregoing, until any transfer of beneficial ownership with respect to the Pledged Collateral pursuant to any exercise of remedies under Section 8 hereof, Pledgor shall continue to be the beneficial owner of the Pledged Collateral. In addition, the Agent shall have the right at any time after an Event of Default has occurred and is continuing, to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations.
Holding Pledged Collateral; Exchanges. The Collateral Agent may hold any of the Pledged Collateral, endorsed or assigned in blank, and, during the existence of an Event of Default, may deliver any of the Pledged Collateral to the issuer thereof for the purpose of making denominational exchanges or registrations or transfers or for such other reasonable purpose in furtherance of this Agreement as the Collateral Agent may deem desirable (subject to the rights of the Junior Creditors’ Agent with respect to the stock of Non-Canadian Foreign Subsidiaries prior to the repayment in full of the Subordinated Debt). The Collateral Agent shall have the right, if necessary to perfect its security interest, to transfer to or register in the name of the Collateral Agent or any of its nominees, any or all of the Pledged Collateral (subject to the rights of the Junior Creditors’ Agent with respect to the stock of Non-Canadian Foreign Subsidiaries prior to the repayment in full of the Subordinated Debt); provided that notwithstanding the foregoing, until any transfer of beneficial ownership with respect to the Pledged Collateral pursuant to any exercise of remedies under Section 8 hereof, Pledgor shall continue to be the beneficial owner of the Pledged Collateral.
Holding Pledged Collateral; Exchanges. The Secured Party may hold any of the Pledged Collateral, endorsed or assigned in blank, and following the occurrence and during the continuance of an Event of Default, may deliver any of the Pledged Collateral to the issuer thereof for the purpose of making denominational exchanges or registrations or transfers or for such other reasonable purpose in furtherance of this Agreement as the Secured Party may deem desirable. In addition, the Secured Party shall have the right at any time following the occurrence and during the continuance of an Event of Default to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations.