Ownership of Pledged Collateral Sample Clauses
The "Ownership of Pledged Collateral" clause establishes that the party pledging collateral (the pledgor) has legal ownership and the right to pledge the specified assets as security for an obligation. In practice, this clause requires the pledgor to confirm that the collateral is free from other claims or encumbrances and that no third party has rights over it that would interfere with the pledge. By ensuring the collateral is genuinely owned and unencumbered, this clause protects the secured party’s interests and reduces the risk of disputes or invalid security in the event of default.
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Ownership of Pledged Collateral. Except as otherwise permitted by the Loan Agreement, such Pledgor at all times will be the sole beneficial owner of the Pledged Collateral pledged by it.
Ownership of Pledged Collateral. Each Grantor is the legal, record and beneficial owner of the Pledged Collateral and its interests in the Pledged Collateral are free and clear of any Lien except for Permitted Liens.
Ownership of Pledged Collateral. Pledgor is the legal, record and beneficial owner of the Pledged Collateral free and clear of any Lien except for the security interest created by this Agreement.
Ownership of Pledged Collateral. Pledgor is the legal, record and beneficial owner of the Pledged Collateral pledged by such Pledgor free and clear of any lien, except for the security interests created by this Pledge Agreement and the junior lien of The Bank of New York, as Collateral Agent.
Ownership of Pledged Collateral. The Company warrants and represents that it is the legal and beneficial owner of the Pledged Collateral free and clear of any lien, security interest, option or other charge or encumbrance except for the security interest created by this Agreement.
Ownership of Pledged Collateral. Pledgor warrants and represents that Pledgor is the legal and beneficial owner of the Pledged Collateral.
Ownership of Pledged Collateral. With respect to the Pledged Equity Interests of any Pledgor such Pledgor is, and with respect to any Additional Collateral such Pledgor will be, the legal record and beneficial owner thereof, and has and will have good and marketable title thereto, subject to no Lien except for the pledge and security interest created by this Agreement.
Ownership of Pledged Collateral. Pledgor is the direct and beneficial owner of all Equity Interests, free and clear of any Liens, except for the security interest granted to the Collateral Agent hereunder. Pledgor further represents and warrants that (i) all Equity Interests have been duly and validly issued and, as of the date hereof, constitute all of the membership or partnership interests, as applicable, in Issuer outstanding and (ii) the applicable Pledgor(s) constitute either the sole member or partner or all of the members or partners, as applicable, of the respective Issuer therefor.
Ownership of Pledged Collateral. Pledgor is the sole legal and equitable owner of and has good and marketable title to the Pledged Collateral (or, in the case of after-acquired Pledged Membership Interests, at the time Pledgor acquires rights in the Pledged Membership Interests, will be the sole legal and equitable owner) and record and beneficial owner of the Pledged Membership Interests. The Pledged Membership Interests constitute all of the membership interests of the Company, except for the Assigned Membership Interests, and are represented by the certificate to be delivered to Lender pursuant to Section 3(a).
Ownership of Pledged Collateral. Such Pledgor is the legal, record and beneficial owner of the Pledged Collateral owned by such Pledgor free and clear of any Lien except for the security interest created by this Agreement and by the second priority security interest, of even date herewith, given by FLAG Atlantic Holdings with respect to its Pledged Shares in favor of a party acceptable to the Secured Party who shall be identified to the Secured Party on the Closing Date (the "SECOND PRIORITY LIEN HOLDER").