Collateral; Security Interest. The Borrower hereby grants to the Lender as collateral security for its obligations hereunder a security interest in and to all right, title and interest of the Borrower in and to all of the Borrower’s personal property assets of each and every type more specifically identified in Article 9 of the Uniform Commercial Code as in effect in the State of Florida, whether now owned or hereafter acquired, wherever located. The Lender is hereby authorized to file a financing statement naming the Borrower, as debtor, and the Lender, as secured party, in respect of all such collateral. Lender’s interest in the collateral security shall be limited to the outstanding principal and interest under the Note. Notwithstanding the foregoing, the Lender shall not unreasonably withhold the Borrower’s request to restructure the security interest in case of a future debt or equity financing.
Appears in 4 contracts
Samples: Senior Convertible Promissory Note (Quick Med Technologies Inc), Senior Convertible Promissory Note (Quick Med Technologies Inc), Senior Convertible Promissory Note (Quick Med Technologies Inc)
