Collateral and Security Interest. The Member agrees that any and all letters of credit issued by the Bank on behalf of the Member shall be secured in accordance with all the terms and provisions of the security agreement existing between the Bank and the Member as if such letter of credit were an advance granted under such security agreement. The Member further agrees that any and all amounts due and payable to the Bank under this Agreement shall be secured in accordance with all the terms and provisions of the security agreement existing between the Bank and the Member as if such amounts were advances granted under such security agreement.
Collateral and Security Interest. Pledgor hereby assigns, transfers, delivers and pledges to the Bank, and grants to the Bank a security interest in the following collateral to secure the prompt and complete payment and performance when due of the Indebtedness (as defined in the Credit Agreement) whether at stated maturity by acceleration or otherwise:
1. all of Pledgor’s present and future interest(s) as a member (or other equity interest hereunder, as the case may be), in the Company, together with all of the certificates and/or instruments representing such membership or other equity interest and all cash, securities, dividends, rights and other property at any time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such interests;
2. all other property hereafter delivered to the Bank in substitution for or in addition to the foregoing, all certificates and instruments representing or evidencing such property, and all cash, securities, interest, dividends, rights and other property at any time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all thereof;
3. all contract rights and claims of the Pledgor against the Company, and all collateral therefor, including but not limited to the various promissory notes issued by the members of the Company to evidence their respective original contribution obligations;
4. all additions, replacements, substitutions, renewals, interest, dividends, distributions, rights of any kind (including but not limited to stock splits, stock rights, voting and preferential rights), products, and proceeds of or pertaining to the above including, without limit, cash or other property which were proceeds and are recovered by a bankruptcy trustee or otherwise as a preferential transfer by Pledgor; all said property, products and proceeds herein called the “Collateral.” The creation of a security interest in proceeds is not to be construed to give Pledgor any right to dispose of the Collateral. Pledgor warrants that Pledgor has clear title to the Collateral, free from any liens, claims or encumbrances except the security interest created by this Agreement, and has full power and authority to execute and perform this Agreement.
Collateral and Security Interest. 4.1. 4.2. 4.3. 4.4. 4.5. 4.6. 4.7. 4.8. ARTICLE 5.
Collateral and Security Interest. Until all of the Senior Obligations have been paid in full, the Junior Lender shall not demand, receive or accept (i) a pledge of any of the Mortgaged Property as security for the Junior Obligations, or (ii) a grant of any security interest or any other right or interest in any of the Mortgaged Property.
Collateral and Security Interest. The collateral for the Advances shall be the Company's parts inventory, fixtures, equipment and all other assets (the "Collateral"). To secure the payment of the Advances and interest thereon (together, the "Obligation"), the Company does hereby grant to Framan Co. a security interest in each and all of the Collateral. The Company shall xxxxx Xxxxxx Co. access to the Company's books for the purposes of review with prior notice during normal business hours.
Collateral and Security Interest. Each Grantor hereby pledges and assigns such Grantor's respective Debtor Membership Interest to Secured Party, together with all income, profits, distributions, capital surplus, return of capital, management rights, if any, or other tangible or intangible property related to or derived from such Debtor Membership Interest, and grants to Secured Party a first priority lien and security interest therein and such other rights and remedies as may be granted to a secured party under the laws of the State of California ("Security Interest") in and to all of such Grantor's rights, title and interest in such Grantor's Debtor Membership Interest and all proceeds thereof ("Collateral").
Collateral and Security Interest. (a) Borrower represents and warrants to Senior Lender that the only security interest, lien, or other encumbrance, of any kind, that Junior Lender has in and to the Land to secure all or any part of the Junior Obligations are as set forth in the Junior Loan Documents. .
(b) Except as may be required by law and Section 6(b) below, Senior Lender shall have no obligation to Junior Lender with respect to the Deed of Trust Property or the Senior Obligations. Senior Lender may in accordance with the Senior Loan Documents (i) exercise collection rights; (ii) take possession of, sell or dispose of, and otherwise deal with, the Deed of Trust Property; (iii) in the name of Senior Lender, Junior Lender, or Borrower, demand, sue for, collect, or receive any money or property at any time payable or receivable on account of the Deed of Trust Property; (iv) prosecute, settle, and receive proceeds on any insurance claims relating to the Deed of Trust Property; and (v) exercise and enforce any right or remedy available to the Senior Lender with respect to the Deed of Trust Property, whether available before or after the occurrence of any default; all without consent of Junior Lender except as specifically required by law. Senior Lender may apply the proceeds from the exercise of such remedies or otherwise from the Deed of Trust Property for Repayment in Full of the Senior Obligations in
Collateral and Security Interest. (a) In order to secure the timely and complete payment or repayment and performance of all Advances and all other amounts, agreements, liabilities, indemnities and obligations owing or due to Lender by Borrower under, or arising out of, any or all of this Agreement and the Note, whether now existing or hereafter arising, whether direct or indirect, joint or several, absolute or contingent, liquidated or unliquidated, matured or unmatured, or related or unrelated (collectively, the “Obligations”), Borrower hereby grants a continuing, security interest (the “Security Interest”) to Lender in all of the membership interests of AEY along with AEY’s real estate, accounts receivable, accounts, contract rights, deposits, deposit accounts, general intangibles, inventory, equipment, fixtures, letter-of-credit rights, instruments, investment property, documents, commercial tort claims, monies and all other assets, wherever located and whether now existing or owned or hereafter acquired or arising, all supporting obligations thereof, and all products and proceeds thereof (collectively, the “Collateral”) to the extent permitted by applicable law. Borrower represents and warrants to Lender that Borrower owns the Collateral free and clear of any adverse liens, security interests and encumbrances. Borrower will defend the Collateral against the claims and demands of any other persons claiming the same or any interest therein. The Security Interest shall be a first and continuing interest in all Collateral.
(b) For the avoidance of doubt, the “Collateral” shall not include any permits or licenses issued by any local municipality or the Michigan Bureau of Marihuana Regulation (“BMR”) pursuant to Michigan’s Medical Marihuana Facilities Licensing Act or Regulation and Taxation of Marihuana Act, (collectively, the “Licenses”), nor Borrower’s ability to conduct business pursuant to those Licenses and in accordance with the regulations promulgated by the BMR in furtherance of the aforementioned statutory provisions (collectively the “Regulations”). Similarly, the term “Collateral” expressly excludes any inventory of Borrower which may only be cultivated, processed, possessed or sold by virtue of the Licenses and pursuant to the Regulations.
(c) Borrower will cooperate with Lender and execute all documents and agreements reasonably requested by Lender to enable Lender to further evidence or perfect such security interest or the other provisions of this Agreement, including, witho...
Collateral and Security Interest. CDA is the sole owner of the Collateral and the Stock Collateral and, except for the security interests in the Collateral granted to the Investors under the Notes and the security interest in the Stock Collateral granted to the Investor, no other person or entity has any right, title, claim or interest (by way of lien or otherwise) in, against or to the Collateral or the Stock Collateral. CDA will defend the Collateral and the Stock Collateral against the claims and demands of all other persons at any time claiming the same or any interest therein. There is no financing statement or similar notice now on file in any public office covering any property of any kind which is part of the Collateral or the Stock Collateral hereunder, or intended so to be, or in which CDA is named as or has signed as a debtor. So long as any indebtedness under the Note remains unpaid or this Agreement remains in effect, CDA will not execute, and there will not be on file in any public office any financing statements with respect to the Collateral or the Stock Collateral referred to herein, except for financing statements with respect to the Notes. This Agreement creates a valid security interest in the Collateral securing the payment of the indebtedness evidenced by the Note and in the Stock Collateral securing the payment of the Default Payment. No authorization, approval or other action by, and no notice to or filing with any governmental authority or regulatory body is required either (i) for the grant by CDA of the security interest granted hereby or the execution, delivery or performance of this Agreement by CDA or (ii) for the perfection of or the exercise by the Investor of its rights and remedies hereunder.
Collateral and Security Interest. MSI agrees that, in the event it does not pay to Executive any portion of the Base Salary or the Annual Bonus, Executive shall have the right, at his option, to call upon MST's intellectual property, including but not limited to all patents, as collateral and security for all such compensation and benefit payments.
