CONDITIONS AND SECURITY. 2.1 Company agrees to furnish Bank, prior to the borrowing hereunder, in form to be satisfactory to Bank, with (i) an opinion of Company's legal counsel; (ii) certified copies of resolutions of the Board of Directors of Company evidencing approval of the borrowings hereunder, (iii) certified copies of Company's Articles of Incorporation and Bylaws, and (iv) certificates of good standing from the State of Company's incorporation and from each jurisdiction in which it is required to be qualified to do business.
2.2 As security for all indebtedness of Company to Bank hereunder and under the Line Note as herein provided, Company agrees to furnish, execute and deliver to Bank or cause to be furnished, executed and delivered to Bank prior to or simultaneously with the borrowing hereunder, in form to be satisfactory to Bank and supported by appropriate resolution in certified form authorizing same, the following (all of which is herein collectively called the "Collateral"):
(a) Security Agreement granting to Bank a first priority security interests in and covering all of Company's tangible and intangible personal property, whether now owned or hereafter acquired (subject to Permitted Liens);
(b) The Collateral L/C (as defined below);
(c) A subordination agreement ("Subordination Agreement") from Gerald Stults and Kelly Rose ("Subordinate Creditors") xxxxxxxxxxxxx xxx xxxxxxxxxess of Company to them to Company's indebtedness to Bank;
(d) A first priority security interest in Company's membership interest in Tecstar LLC;
(e) A first priority continuing collateral mortgage on the real property located at 1904 Century Drive, Goshen, Indiana 46528 and an assignment xx xxx xxxxxx xxx xxxxxxx;
(x) Xinancing Statements required or requested by Bank to perfect all security interests to be conferred upon Bank under this Agreement and to accord Bank a perfected first priority security position under the Uniform Commercial Code;
(g) Such documents or certificates as may be requested by Bank and/or are required under the terms of any and every Security Agreement; and
(h) Such other documents or agreements of security and appropriate assurances of validity and perfected first priority of lien or security interest as Bank may request at any time (subject to Permitted Liens).
CONDITIONS AND SECURITY. 33 3.1 Effectiveness . . . . . . . . . . . . . . . . . . . . . . 33 3.2
CONDITIONS AND SECURITY. 2.1 Company agrees to furnish Bank, prior to the borrowing hereunder, in form to be satisfactory to Bank, with (i) an opinion of Company's legal counsel; (ii) certified copies of resolutions of the Board of Directors of Company evidencing approval of the borrowings hereunder, (iii) certified copies of Company's Articles of Incorporation and Bylaws, and (iv) a certificate of good standing from the State of Company's incorporation and from each jurisdiction in which it is required to be qualified to do business.
2.2 As security for all indebtedness of Company to Bank, Company agrees to furnish, execute and deliver to Bank or cause to be furnished, executed and delivered to Bank prior to or simultaneously with the borrowing hereunder, in form to be satisfactory to Bank and supported by appropriate resolution in certified form authorizing same, the following (all of which is herein collectively called the "Collateral"):
(a) Security Agreement dated March 29, 1996, granting to Bank first priority security interests in and covering all of Company's assets, which secures future advances such as this loan.
CONDITIONS AND SECURITY. 3.1 Companies agree to furnish Bank, prior to the initial borrowing hereunder, in form to be satisfactory to Bank, with (i) certified copies of resolutions of the Board of Directors of each of the companies evidencing approval of the borrowings hereunder, (ii) certified copies of each of the Companies' Articles of Incorporation and Bylaws, and (iii) a certificate of good standing from each jurisdiction in which any company conducts business or in which any Company's activities require it to be qualified to do business.
3.2 As security for all indebtedness of Companies to Bank hereunder and under the Notes as herein provided, Companies agree to furnish, execute and deliver to Bank or cause to be furnished, executed and delivered to Bank prior to or simultaneously with the initial borrowing hereunder, in form to be satisfactory to Bank and supported by appropriate resolution in certified form, authorizing same, the following:
(a) Security Agreements granting to Bank security interests in all of each of the Companies, tangible and intangible personal property, whether now owned or hereafter acquired, including, without limitation, all Accounts, equipment, inventory, general intangibles and chattel paper;
(b) The Guaranty;
(c) Financing Statements required or requested by Bank to perfect all security interests to be conferred upon Bank under this Agreement and to accord Bank a perfected security position under the Uniform Commercial Code. To the extent that any of the Companies has heretofore given a security interest to Bank to certain of the foregoing and such documents and agreements comply with the requirements of this Agreement, it is hereby agreed that such documents and agreements shall remain in full force and effect for the purposes of this Agreement, but Bank may, if it deems it necessary or desirable, require execution of a new agreement or agreements or amendments to such agreements.
CONDITIONS AND SECURITY. 4.1 Borrower shall have executed and delivered to Bank, or caused to have been executed and delivered to the Bank, this Agreement, the Note(s) and all other applicable Loan Documents (including all schedules, exhibits, certificates, opinions, financial statements and other documents to be delivered pursuant hereto), and the Note(s) and other applicable Loan Documents (when executed and delivered to Bank) shall be in full force and effect and binding and enforceable obligations of Borrower and any other persons who may be parties thereto, except to the extent limited by applicable bankruptcy, insolvency or other insolvency laws.
4.2 Bank shall have received: (a) certified copies of resolutions of the Board of Directors of Borrower evidencing approval of the borrowings hereunder and the transactions contemplated hereby, (b) certified copies of Borrower's Articles of Incorporation and Bylaws; and
