Undertakings by Pledgor Clause Samples
The "Undertakings by Pledgor" clause sets out the specific promises and obligations that the pledgor (the party providing collateral) must fulfill under the agreement. These undertakings typically include maintaining the pledged assets in good condition, refraining from actions that could diminish their value, and providing necessary information or documentation to the pledgee upon request. By clearly outlining these responsibilities, the clause ensures the value and enforceability of the pledged collateral, thereby protecting the interests of the secured party and reducing the risk of loss or dispute.
Undertakings by Pledgor. The Pledgor severally and jointly agrees and undertakes to the Pledgee that:
9.1 Without prior written consent of the Pledgee, the Pledgor will not create or permit to be created any new pledge or any other security interest on the Pledged Equity and any pledge or other security interest created on all or any part of the Pledged Equity without prior written consent of the Pledgee shall be null and void;
9.2 Without prior written notice to and prior written consent from the Pledgee, the Pledgor will not assign the Pledged Equity and all purported assignment of the Pledged Equity by the Pledgor shall be null and void; the proceeds received by the Pledgor from the assignment of the Pledged Equity shall be first applied towards early full repayment to the Pledgee of the Secured Indebtedness or shall be deposited with a third party to be agreed with the Pledgee;
9.3 Should there arise any suit, arbitration or other claims which are likely to have an adverse effect on the Pledgor’s or the Pledgee’s interest under the Transaction Agreements and this Agreement or on the Pledged Equity, the Pledgor undertakes that he will notify the Pledgee in writing of the same as promptly as possible without delay and will, in accordance with the reasonable request of the Pledgee, take all necessary measures to ensure the Pledgee’s rights and interests of pledge in and to the Pledged Equity;
9.4 The Pledgor undertakes to complete the formality to extend the business operation terms three months before the expiry of such terms so as to keep this Agreement effective;
9.5 The Pledgor will not do or permit to be done any act or action likely to have an adverse effect on the interest of the Pledgee under the Transaction Agreements and this Agreement or on the Pledged Equity; the Pledgor waives his preferential right of purchase if and when the Pledgee realizes its rights of pledge and triggers assignment of any Secured Equity, and the Pledgor will take all necessary steps and execute all necessary documents to realize such assignment;
9.6 After the execution of this Agreement, the Pledgor will use his best effort and take all necessary steps to promptly register the Equity Pledge hereunder at the relevant industry and commerce administration. The Pledgor undertakes that he will, in accordance with the reasonable request of the Pledgee, take all steps and execute all documents (including without limitation any supplement hereto) necessary to ensure the Pledgee’s rights and interests o...
Undertakings by Pledgor. The Pledgor hereby severally and jointly undertakes to the Pledgee as follows:
8.1 In case that the value of the Pledged Property is detrimentally affected due to any cause not attributable to the Pledgee, the Pledgor shall, at the request of the Pledgee, provide the Pledgee with further guarantee in the way and on the terms acceptable to the Pledgee so as to supplement or replace the Pledged Property fully.
8.2 Without the prior written consent of the Pledgee, the Pledgor shall not further create or permit the creation of any new pledge or any other encumbrance on the Pledged Property; any pledge or other encumbrance on the whole or part of the Pledged Property created without the prior written consent by the Pledgee shall be null and void.
Undertakings by Pledgor. The Pledgor undertakes to the Pledgee that:
9.1 Except for performing the Exclusive Option Agreement, without the prior written consent of the Pledgee, the Pledgor will not transfer or permit to be transferred all or part of the Equity, or create or permit to be created any security interest or other encumbrances that may affect the rights and interests of the Pledgee in the Equity, and any pledge or any other security interest imposed on all or part of the Pledged Equity without the prior written consent of the Pledgee shall be null and void.