Hypothecator definition

Hypothecator means any and all persons executing a hypothecation agreement authorizing the Borrower to pledge or grant a security interest in and lien on certain property of such person as Collateral (as hereinafter defined) for the Borrower's obligations to the Bank under this Agreement. Unless otherwise defined in this Agreement, all terms used in this Agreement which are defined in the Uniform Commercial Code of the State of New York (the "Code") have the meanings defined therein. EFFECT OF ENTERING INTO THIS AGREEMENT By entering into this Agreement, the Borrower requests the Bank to make Loans as provided in this Agreement and to establish for the Borrower the Loan Account. The Loan Account is not a deposit account. The Loan Account is established only for the purpose of disbursing and recording the Loans made under this Agreement and the payments of such Loans received by the Bank. By entering into this Agreement, the Borrower agrees to be bound by and to comply with all terms and conditions of this Agreement. The Borrower agrees that if it maintains a business checking account at the Bank (the "Designated Business Account"), the Bank is authorized to charge the Designated Business Account for all amounts owing to the Bank under this Agreement. The Borrower agrees that the proceeds of the Loans made by the Bank to the Borrower under this Agreement shall be used only for business, commercial or agricultural purposes and not in whole or in part for any personal, family or household purposes. The Borrower acknowledges that the Bank is relying on the foregoing agreement in determining that the Loans are exempt from the disclosure and other requirements of certain Federal and state laws and regulations applicable to extensions of credit for personal, family or household purposes including, but not limited to, the Truth in Lending Act and Regulation Z promulgated by the Board of Governors of the Federal Reserve System, the Real Estate Settlement Procedure Act and Regulation X promulgated by the U.S. Department of Housing and Urban Development, State of New York Plain Language Law and other State of New York Banking Department rules and regulations. CREDIT AVAILABILITY Subject to the terms and conditions of this Agreement, the Bank agrees to make Loans to the Borrower for the period beginning on the date of this Agreement and ending on the one year anniversary date of this Agreement (the "Draw Period"). The Draw Period shall automatically be extended for successive one ...
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Examples of Hypothecator in a sentence

  • The Trustee shall be under no duty to the Company or any Hypothecator to make or give any presentment, demand for performance, notice of nonperformance, protest, notice of protest, notice of dishonor or other notice or demand in connection with any Pledged Collateral or to take any steps necessary to preserve any rights against prior parties except as expressly provided in this Indenture.

  • Hypothecator (i) acknowledges reading and understanding this Agreement; (ii) consents to the provisions of this Agreement relating to Borrower; (iii) agrees to those portions of this Agreement that apply to Hypothecator; (iv) acknowledges that this Agreement has been freely executed without duress and after an opportunity to consult with counsel; and (v) confirms that Hypothecator received a copy of this Agreement, the Hypothecation Agreement, and the other documents Hypothecator requested.

  • The Trustee has no duty to the Company, any Hypothecator or the Holders to comply with any filing or other legal requirements necessary to establish or maintain the validity, priority or enforceability of, or the Trustee's rights in or to, any of the Pledged Collateral.

  • Upon request of the Creditor, the Debtor and Hypothecator shall establish a hypothecation on the building to be constructed, extended, or reconstructed.

  • If Borrower or Hypothecator materially defaults under a provision of an agreement with a third party or if the indebtedness under such an agreement is accelerated.

  • Hall, Jr. Telephone: 312-228-9448 ▇▇▇▇▇▇pier: 312-228-9459 ▇▇ ▇▇ any Hypothecator, to its ▇▇▇▇▇▇▇ ▇▇▇ forth in the Non-Recourse Pledge Agreement.

  • Upon request of the Creditor, the Debtor and Hypothecator shall transfer the rights or order of priority to the Creditor free of charge.

  • In order to jointly and severally secure the due and punctual performance of the Secured Obligations (as defined in the Non-Recourse Pledge Agreement), each Hypothecator will make an assignment of its right, title and interest in and to the Pledged Collateral to the Trustee pursuant to the Non-Recourse Pledge Agreement, and to the extent therein provided, no later than the Issue Date.

  • The obligation of the Company to pay such additional interest shall be secured by a pledge of Common Stock by SPV Fenchurch, LLC (the "Hypothecator").

  • To the extent permitted by law, the Trustee shall not be liable to the Company or any Hypothecator for failure to collect or realize upon any or all of the Pledged Collateral or for any delay in so doing, nor shall the Trustee be under any duty to the Company or any Hypothecator to take any action whatsoever with regard thereto.

Related to Hypothecator

  • Encumbrance means any charge, claim, community property interest, pledge, condition, equitable interest, lien (statutory or other), option, security interest, mortgage, easement, encroachment, right of way, right of first refusal, or restriction of any kind, including any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

  • Encumber “Encumbering,” or “Encumbrance” means the creation of a security interest, lien, pledge, mortgage or other encumbrance, whether such encumbrance be voluntary, involuntary or by operation of Applicable Law.

  • Pledge shall have the meaning assigned to such term in Section 14(c).

  • Gift means any gratuity, discount, entertainment, hospitality, loan, forbearance, or other tangible or intangible item having monetary value including, but not limited to, cash, food and drink, and honoraria for speaking engagements related to or attributable to government employment or the official position of an officer or employee.

  • Purchase Money Security Interest means Liens upon tangible personal property securing loans to any Loan Party or Subsidiary of a Loan Party or deferred payments by such Loan Party or Subsidiary for the purchase of such tangible personal property.