Common use of Pledge of Accounts Clause in Contracts

Pledge of Accounts. Borrower shall give Bank at least fifteen (15) days prior notice of any intent by Borrower to pledge, grant or permi▇ ▇▇ ▇▇▇st a security interest in, or lien upon, any of its accounts, general intangibles that constitute payment of rights, and other rights to payment, (the foregoing, together with the proceeds thereof being, collectively, "Receivables Collateral") in favor of any party other than Bank (an "Other Lender"). Borrower agrees that in such event, Borrower shall grant to Bank a security interest and lien in the Receivables Collateral to secure all of Borrower's obligations to Bank under the Line of Credit, and Bank and any such Other Lender's rights and interests in and to the Receivables Collateral shall be of equal priority, with each of Bank and such Other Lender to share the Receivables Collateral on a pro-rata basis, based on the maximum principal amount of, respectively the loan from the Other Lender and the maximum principal amount of the Line of Credit. Further, in such event, borrower agrees to execute, and any such pledge of receivables collateral to an Other Lender would be made subject to the execution by such other lender of, appropriate documents to effectuate the foregoing.

Pledge of Accounts. Borrower shall give Bank at least fifteen (15) days prior notice of any intent by Borrower to pledge, grant or permi▇ ▇▇ ▇▇▇st permit to exist a security interest in, or lien upon, any of its accounts, general intangibles that constitute payment of rights, and other rights to payment, (the foregoing, together with the proceeds thereof being, collectively, "Receivables Collateral") in favor of any party other than Bank (an "Other Lender"). Borrower agrees that in such event, Borrower shall grant to Bank a security interest and lien in the Receivables Collateral to secure all of Borrower's obligations to Bank under the Line of Credit, and Bank and any such Other Lender's rights and interests in and to the Receivables Collateral shall be of equal priority, with each of Bank and such Other Lender to share the Receivables Collateral on a pro-rata basis, based on the maximum principal amount of, respectively the loan from the Other Lender and the maximum principal amount of the Line of Credit. Further, in such event, borrower agrees to execute, and any such pledge of receivables collateral to an Other Lender would be made subject to the execution by such other lender of, appropriate documents to effectuate the foregoing.

Pledge of Accounts. Borrower shall give Bank at least fifteen (15) days prior notice of any intent by Borrower B▇▇▇▇▇▇▇ to pledge, grant or permi▇ ▇▇ ▇▇▇st permit to exist a security interest in, or lien upon, any of its accounts, general intangibles that constitute payment of rights, and other rights to payment, (the foregoing, together with the proceeds thereof being, collectively, "Receivables Collateral") in favor of any party other than Bank (an "Other Lender"). Borrower agrees that in such event, Borrower shall grant to Bank a security interest and lien in the Receivables Collateral to secure all of Borrower's obligations to Bank under the Line of Credit, and Bank and any such Other Lender's rights and interests in and to the Receivables Collateral shall be of equal priority, with each of Bank and such Other Lender to share the Receivables Collateral on a pro-rata basis, based on the maximum principal amount of, respectively the loan from the Other Lender and the maximum principal amount of the Line of Credit. Further, in such event, borrower agrees to execute, and any such pledge of receivables collateral to an Other Lender would be made subject to the execution by such other lender of, appropriate documents to effectuate the foregoing.