Assignment of Collateral. In addition to all other rights available to it under applicable laws or otherwise, should Creditor assign, pledge, or transfer the Loan, Creditor shall have the right to assign therewith Creditor’s rights in any of the Collateral, and any assignee, pledge, or transferee shall have the rights of Creditor hereunder with respect to the Collateral so assigned, pledged, or transferred, and Creditor shall be thereafter relieved from all duties with respect to any such Collateral.
Appears in 2 contracts
Sources: Stock Pledge Agreement (Lightyear Network Solutions, Inc.), Stock Pledge Agreement (Lightyear Network Solutions, Inc.)
Assignment of Collateral. In addition to all other rights available to it under applicable laws or otherwise, should Creditor assign, pledge, pledge or transfer the Loan, Creditor shall have the right to assign therewith Creditor’s rights in any of the Collateral, and any assignee, pledge, pledgee or transferee shall have the rights of Creditor hereunder with respect to the Collateral so assigned, pledged, pledged or transferred, and Creditor shall be thereafter relieved from all duties with respect to any such Collateral.
Appears in 1 contract
Sources: Security Agreement