Secured Party and Pledgor Clause Samples
The 'Secured Party and Pledgor' clause defines the roles and responsibilities of the parties involved in a security agreement, specifically identifying the lender (Secured Party) and the borrower or asset owner (Pledgor). This clause clarifies which party holds the security interest in the pledged collateral and which party is providing the collateral as security for an obligation, such as a loan. By clearly designating these roles, the clause ensures that both parties understand their rights and obligations, thereby reducing ambiguity and potential disputes regarding the ownership and control of the secured assets.
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Secured Party and Pledgor. All references in this Annex to the “Secured Party” will be to either party when acting in that capacity and all corresponding references to the “Pledgor” will be to the other party when acting in that capacity; provided, however, that if Other Posted Support is held by a party to this Annex, all references herein to that party as the Secured Party with respect to that Other Posted Support will be to that party as the beneficiary thereof and will not subject that support or that party as the beneficiary thereof to provisions of law generally relating to security interests and secured parties.
Secured Party and Pledgor. Notwithstanding anything contained in this Annex to the contrary, (a) the term "Secured Party" as used in this Annex means only Party B, (b) the term "Pledgor" as used in this Annex means only Party A, (c) only Party A makes the pledge and grant in Paragraph 2, the acknowledgment in the final sentence of Paragraph 8(a) and the representations in Paragraph 9, and (d) only Party A will be required to make Transfers of Eligible Credit Support hereunder."
Secured Party and Pledgor. All references in this Annex to the “Secured Party” will be to Counterparty and all corresponding references to the “Pledgor” will be to ▇▇▇▇▇▇.
Secured Party and Pledgor. All references in this Annex to the “Secured Party” mean Party B, and all references in this Annex to the “Pledgor” mean Party A; provided, however, that if Other Posted Support is held by Party B, all references herein to the Secured Party with respect to that Other Posted Support will be to Party B as the beneficiary thereof and will not subject that support or Party B as the beneficiary thereof to provisions of law generally relating to security interests and secured parties.”
(iii) Paragraph 2 of this Annex is amended by deleting the first sentence thereof and restating that sentence in full as follows: “Party A, as the Pledgor, hereby pledges to Party B, as the Secured Party, as security for the Pledgor’s Obligations, and grants to the Secured Party a first priority continuing security interest in, lien on and right of Set-off against all Posted Collateral Transferred to or received by the Secured Party hereunder.”
(iv) Only Party A makes the representations contained in Paragraph 9 of this Annex.
(v) Paragraph 12 of this Annex is amended by deleting the definitions of “Pledgor” and “Secured Party” and replacing them with the following: “‘Secured Party’ means Party B. ‘Pledgor’ means Party A.”
(vi) Paragraph 12 is hereby amended by adding, in alphabetical order, the following:
Secured Party and Pledgor. All references in this Annex to the "Secured Party" will be to Counterparty and all corresponding references to the "Pledgor" will be to Morgan.
Secured Party and Pledgor. Notwithstanding anything contained in this Annex to the contrary, (i) all references in this Annex to the “Secured Party”, and all references to “other party” in Paragraphs 2, 9 and 11(b) of this Annex, will be to Party B exclusively, and (ii) all references in this Annex to the “Pledgor” and all references to “Each party” or “a party” in Paragraphs 2, 9 and 11(b) of this Annex, will be to Party A exclusively.”
Secured Party and Pledgor. All references in this Annex to the “Secured Party” will be to Counterparty and all corresponding references to the “Pledgor” will be to JPMorgan.
Secured Party and Pledgor. All references in this Annex to the “Secured Party” will be to Party A and all corresponding references to the “Pledgor” will be to Party B.
Secured Party and Pledgor. All references in this Annex to the “Secured Party” mean Party B, and all references in this Annex to the “Pledgor” mean Party A.”
(iii) Paragraph 2 of this Annex is amended by deleting the first sentence thereof and restating that sentence in full as follows: “Party A, as the Pledgor, hereby pledges to Party B, as the Secured Party, as security for the Pledgor’s Obligations, and grants to the Secured Party a first priority continuing security interest in, lien on and right of Set-off against all Posted Collateral Transferred to or received by the Secured Party hereunder.”
Secured Party and Pledgor. All references in this Annex to the “Secured Party” mean Party B, and all references in this Annex to the “Pledgor” mean Party A; provided, however, that if Other Posted Support is held by Party B, all references herein to the Secured Party with respect to that Other Posted Support will be to Party B as the beneficiary thereof and will not subject that support or Party B as the beneficiary thereof to provisions of law generally relating to security interests and secured parties.”
(iii) Notwithstanding anything to the contrary in the Agreement, for purposes of Section 5(a)(iii)(1) of the Agreement, an Event of Default will exist with respect to the Secured Party in the event that it fails (or fails to cause its Custodian) to make, when due, any Transfer of Posted Collateral required to be made by it and that failure continues for two Local Business Days after notice of that failure is given to the Secured Party.
(iv) Only Party A makes the representations contained in Paragraph 9 of this Annex.
(v) Notwithstanding anything to the contrary in Paragraph 10(a) of this Annex, the Pledgor will be responsible for, and will reimburse the Secured Party for, all transfer and other taxes and other costs involved in the maintenance of and any Transfer of Eligible Collateral.
(vi) The parties hereto agree that, with respect to any provisions of this Annex that relate solely to the criteria or requirements, as applicable, of S&P, this Annex may be amended by a written agreement of the parties, together with either the consent of S&P or confirmation from S&P that the rating on the applicable Trust Certificates will not be negatively effected.
(vii) Paragraph 12 of this Annex is amended by deleting the definitions of “Cash”, “Pledgor”, “Secured Party” and “Value” and replacing them with the following: