Pledged Collateral Securities definition
Examples of Pledged Collateral Securities in a sentence
Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent, and the retiring Collateral Agent shall take all appropriate action to transfer any money and property held by it hereunder (including the Pledged Collateral Securities) to such successor Collateral Agent.
The pledge provided in this Section 2 is herein referred to as the "Pledge" and the Collateral Securities subject to the Pledge, excluding any Collateral Securities released from the Pledge as provided in Section 4 hereof, are hereinafter referred to as the "Pledged Collateral Securities." Subject to the Pledge, the Holders from time to time of the Securities shall have full beneficial ownership of the Collateral Securities constituting a part of such Securities.
In no event shall the Collateral Agent be liable for any amount in excess of the value of the Pledged Collateral Securities.
Subject to the foregoing, during the terms of this Agreement the Collateral Agent shall take all reasonable action in connection with the safekeeping and preservation of the Pledged Collateral Securities hereunder.
Each Pledgor agrees that a private sale, even under these restrictive conditions, will be considered commercially reasonable notwithstanding that Agent has not registered or sought to register the Pledged Collateral Securities under the Securities Laws, even if such Pledgor agrees to pay all costs of the registration process.
If Agent sells the Pledged Collateral Securities without registration, Agent may be required to sell them only in private sales to a restricted group of offerees and purchasers who fulfill certain suitability standards and who will be obliged to agree, among other things, to acquire the Pledged Collateral Securities for their own account for investment and not with a view to distributing or reselling them.
Upon the occurrence and during the continuance of an Event of Default, Agent may be unable to sell any or all of the equity interests in the Pledged Entities and any other securities in the Pledged Collateral (the Pledged Collateral Securities) publicly without registering them under the Securities Act of 1933 as it may be amended, and applicable state securities laws (collectively, the “Securities Laws”).
Each Pledgor is aware that the UCC states that Agent is able to purchase Pledged Collateral Securities only if they are sold at a public sale.
Each Pledgor agrees that Agent shall not have any general duty or obligation to make any effort to obtain or pay any particular price for any Pledged Collateral Securities sold by Agent pursuant to this Agreement.
Agent may be able to register the Pledged Collateral Securities under the Securities Laws but may regard such registration as too expensive or too time-consuming.