Valid Pledge Clause Samples
A Valid Pledge clause defines the requirements and conditions under which a pledge or security interest in property is considered legally effective and enforceable. It typically outlines the necessary steps for creating a valid pledge, such as proper identification of the pledged asset, delivery or control of the asset to the pledgee, and compliance with any relevant legal formalities. For example, it may specify that the pledged item must be in the possession of the lender or that certain documentation must be completed. The core function of this clause is to ensure that the pledge is recognized by law, thereby protecting the rights of the party receiving the pledge and reducing the risk of disputes over the validity of the security interest.
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Valid Pledge. 26 SECTION 10.10. No Debarment. 26 SECTION 10.11. Accuracy of Representations, Warranties and Information; Disclosure. 27
Valid Pledge. As of the Closing Date, this Agreement and the Mortgage establish the valid first priority duly perfected Lien in favor of the Administrator for the benefit and security of the Administrator and the other obligations of the Shipowner under the Transaction Documents on the portion of the Collateral that is subject to the UCC and as to which a security interest is perfected by filing, subject to Permitted Liens; such Lien is in full force and effect and is not subordinate or junior to any other Liens in respect of such Collateral other than Permitted Liens; and as of the Closing Date the Shipowner is not in breach of any covenants set forth in this Agreement or the other Transaction Documents.
Valid Pledge. It is the intention of the Issuer that the Pledge herein contemplated hereby constitutes the Grant of a perfected, first priority security interest in the Series Trust Estate to the Indenture Trustee for the benefit of the Secured Parties.
Valid Pledge. Each Pledge constitutes the grant of a perfected, first priority security interest in all Pledged Property (other than any Equipment having an Original Equipment Cost of $25,000 or less, with respect to which such security interest is validly granted, but may not be perfected or of first priority) to the Trustee.
Valid Pledge. The Collateral is genuine, free from any ------------ restriction on transfer, and Secured Party has duly granted a security interest in the Collateral in accordance with law.
Valid Pledge. It is the intention of the Issuer that each pledge herein contemplated constitutes the Grant of a perfected, first priority security interest in all Pledged Property to the Indenture Trustee for the benefit of the Series 1999-1 Noteholders.
Valid Pledge. 3 ------------ (b) Ownership of Collateral.............................. 3 ----------------------- (c) No Violation of Law.................................. 4 ------------------- (d) Valid Obligation of Debtors.......................... 4 --------------------------- (e) Consents and Approvals............................... 4 ----------------------
Valid Pledge. It is the intention of each Series Obligor and the Obligors' Agent that each Pledge herein contemplated constitutes the grant of a perfected, first priority security interest in all Pledged Property (other than any Equipment having a value of $25,000 or less) to the Trustee.
Valid Pledge. This Agreement establishes the valid first priority duly perfected Lien on the Collateral in favor of the Administrator for the benefit and security of the Administrator and any future owners of the Administrator’s Note and the other obligations of the Shipowner under the Transaction Documents; such Lien is in full force and effect and is not subordinate or junior to any other Liens in respect of the Collateral; and the Shipowner is not in breach of any covenants set forth in this Agreement or the other Transaction Documents.