AGREEMENT AND FINANCING STATEMENT Sample Clauses
The "Agreement and Financing Statement" clause formally establishes the existence of a security agreement between the parties and authorizes the secured party to file a financing statement. In practice, this means the debtor acknowledges the secured party's interest in certain collateral and permits the secured party to register this interest with the appropriate government authority, such as by filing a UCC-1 form. The core function of this clause is to ensure the secured party's interest is publicly recorded and legally enforceable against third parties, thereby protecting their rights in the collateral.
AGREEMENT AND FINANCING STATEMENT. Section 2.1 Security Agreement . The Beneficiary and the Grantor further agree that if any of the property herein mortgaged is of a nature so that a security interest therein can be created and perfected under the Uniform Commercial Code in effect in the State (the “Code”), this Deed of Trust shall constitute a security agreement, fixture filing and financing statement, and for that purpose, the following information is set forth:
(a) In addition to the foregoing grant of mortgage, the Grantor hereby grants a continuing first priority security interest to the Beneficiary for the benefit of the Secured Parties in that portion of the Mortgaged Property in which the creation and/or perfection of a security interest is governed by the Code.
(b) The “Debtor” is the Grantor and the “Secured Party” is the Beneficiary for the benefit of itself and the other Secured Parties.
(c) The name and address of the Debtor are as set forth in the Preamble to this document.
(d) The name and address of the Secured Party are as set forth in the Preamble to this document.
(e) The description of the types or items of property covered by this financing statement is: All of the Mortgaged Property in which a security interest may be perfected pursuant to the Code.
(f) The description of the real estate to which collateral is attached or upon which collateral is located is set forth on Exhibit A.
(g) The Beneficiary may file this Deed of Trust, or a reproduction hereof, in the real estate records or other appropriate index, as a financing statement for any of the items specified herein as part of the Mortgaged Property. Any reproduction of this Deed of Trust or of any other security agreement or financing statement is sufficient as a financing statement.
(h) The Grantor authorizes the Beneficiary to file any financing statement, continuation statement or other instrument that the Beneficiary or the Required Lenders may reasonably deem necessary or appropriate from time to time to perfect or continue the security interest granted above under the Code.