Common use of DESCRIPTION OF OBLIGATION Clause in Contracts

DESCRIPTION OF OBLIGATION. The following obligations ("Obligation') are secured by this Agreement: i. All Debt: All debts, obligations, liabilities and agreements of Pledgor and/or Xxxxxxx X. Xxx and Xxxxx X. Xxx to Bank, now or hereafter existing, arising directly or indirectly between Xxxxxxx and Bank whether absolute or contingent, joint or several, secured or unsecured, due or not due, liquidated or unliquidated, arising by operation of law or otherwise, and all, renewals, extensions and rearrangements of any of the above; R. All costs and expenses incurred by Bank, including attorney's fees, to obtain, preserve, perfect, enforce and defend this Agreement and maintain, preserve, collect and realize upon the Collateral, together with interest thereon at the highest rate allowed by law, or if none, 25% per annum; W. All ame,'r,t ,...hirh mw he owed to Bank pursuant to all other loan documents executed in connection with the indebtedness described in subpart i. above. In the event any amount paid to Bank on any Obligation is subsequently recovered from Bank in or as a result of any bankruptcy, insolvency or fraudulent conveyance proceeding involving an obligor of the Obligation other than Pledgor, Xxxxxxx shall be liable to Bank for the amounts so recovered up to the fair market value of the Collateral whether or not the Collateral has been released or the security interest terminated. In the event the Collateral has been released or the security. interest terminated, the fair market value of the Collateral shall be determined, at Bank's option, as of the date the Collateral. was released, the security interest terminated, or said amounts were recovered.

DESCRIPTION OF OBLIGATION. The following obligations ("Obligation'") are secured by this Agreement: : i. All Debt: All debts, obligations, liabilities and agreements of Pledgor and/or Xxxxxxx X. Xxx and Xxxxx X. Xxx N/A to Bank, now or hereafter existing, arising directly or indirectly between Xxxxxxx Pledgor and Bank whether absolute or contingent, joint or several, secured or unsecured, due or not due, liquidated or unliquidated, arising by operation of law or otherwise, and all, all renewals, extensions and rearrangements of any of the above; R. ; ii. All costs and expenses incurred by Bank, including attorney's fees, to obtain, preserve, perfect, enforce and defend this Agreement and maintain, preserve, collect and realize upon the Collateral, together with interest thereon at the highest rate allowed by law, or if none, 25% per annum; W. ; iii. All ame,'r,t ,...hirh mw he amounts which may be owed to Bank pursuant to all other loan documents executed in connection with the indebtedness described in subpart i. above. Approved: 05/01/96 Revised: 05/28/96 In the event any amount paid to Bank on any Obligation is subsequently recovered from Bank in or as a result of any bankruptcy, insolvency or fraudulent conveyance proceeding involving an obligor of the Obligation other than Pledgor, Xxxxxxx Pledgor shall be liable to Bank for the amounts so recovered up to the fair market value of the Collateral whether or not the Collateral has been released or the security interest terminated. In the event the Collateral has been released or the security. security interest terminated, the fair market value of the Collateral shall be determined, at Bank's option, as of the date the Collateral. Collateral was released, the security interest terminated, or said amounts were recovered.

DESCRIPTION OF OBLIGATION. The following obligations ("Obligation'") are secured by this Agreement: : i. All Debt[X] ALL DEBT: All debts, obligations, liabilities and agreements of Pledgor and/or Xxxxxxx X. Xxx and Xxxxx X. Xxx Xxxxxx Energy Corporation to Bank, now or hereafter ------------------------------- existing, arising directly or indirectly between Xxxxxxx Pledgor and Bank whether absolute or contingent, joint or several, secured or unsecured, due or not due, liquidated or unliquidated, arising by operation of law or otherwise, and all, all renewals, extensions and rearrangements of any of the above; R. [X] PROMISSORY NOTE: All debt arising under promissory note dated of even date herewith in the principal face amount of $3,000,000.00 executed by Pledgor and Xxxxxx Energy Corporation and payable to the order of Bank, and any and all renewals, extensions and rearrangements thereof; ii. All costs and expenses incurred by Bank, including attorney's fees, to obtain, preserve, perfect, enforce and defend this Agreement and maintain, preserve, collect and realize upon the Collateral, together with interest thereon at the highest rate allowed by law, or if none, 25% per annum; W. ; iii. All ame,'r,t ,...hirh mw he amounts which may be owed to Bank pursuant to all other loan documents executed in connection with the indebtedness described in subpart i. above. In the event any amount paid to Bank on any Obligation is subsequently recovered from Bank in or as a result of any bankruptcy, insolvency or fraudulent conveyance proceeding involving an obligor of the Obligation other than Pledgor, Xxxxxxx Pledgor shall be liable to Bank for the amounts so recovered up to the fair market value of the Collateral whether or not the Collateral has been released or the security interest terminated. In the event the Collateral has been released or the security. security interest terminated, the fair market value of the Collateral shall be determined, at Bank's option, as of the date the Collateral. Collateral was released, the security interest terminated, or said amounts were recovered.

DESCRIPTION OF OBLIGATION. (s). The following obligations ("Obligation'" or "Obligations") are secured by this Agreement: i. All Debt: All (a) the Loans represented by Debtors' Note dated of even date in the principal sum of One Million and 00/100 Dollars ($1,000,000.00) and the Debtors' Note dated of even date in the original principal sum of One Million and 001100 Dollars ($1,000,000.00), and all other debts, obligations, liabilities and agreements of Pledgor and/or Xxxxxxx X. Xxx and Xxxxx X. Xxx Debtors to BankLender, now or hereafter existing, arising directly or indirectly between Xxxxxxx Debtors and Bank Lender whether absolute or contingent, joint or several, secured or unsecured, due or not due, contractual or tortious, liquidated or unliquidated, arising by operation of law or otherwise, whether or not evidenced by a note or other instrument and all, all renewals, extensions and rearrangements of any of the above; R. (b) All costs and expenses Costs incurred by Bank, including attorney's fees, Lender to obtain, preserve, perfect, perfect and enforce and defend this Agreement and maintain, preserve, collect and realize upon the Collateral; (c) All other costs and expenses incurred by Lender, for which Debtors are obligated to reimburse Lender in accordance with the terms of the Loan Documents, together with interest thereon at the highest rate allowed by law, or if none, 25% per annumDefault Rate; W. (d) All ame,'r,t ,...hirh mw he amounts which may be owed to Bank Lender pursuant to all other Loan Documents executed between Lender and Debtors; (e) the payment and performance by each Debtor of its obligations under all its agreements with Lender, as well as payment of any sums now, heretofore or hereafter owing to Lender, whether or not evidenced by any note or other instrument and whether or not for the payment of money, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, together with all interest thereon and costs of collection thereof, including reasonable attorneys' fees and expenses, including all renewals, reamortizations, deferments and extensions of the foregoing and including any debt liability or obligation originally owing to Lender; (f) all such future advances as may be made at the option of the Lender to any Debtor from time to time; (g) all obligations incurred by a Debtor under any agreement between a Debtor and Lender or any Lender affiliate now existing or hereafter entered into, which provides for an interest rate, currency, equity, credit or commodity swap, cap, floor or collar, spot or forward foreign exchange transaction, cross currency rate swap, currency option, or any combination of, or option with respect to, any of the foregoing or any similar transactions, for the purpose of hedging such Debtor's exposure to fluctuations in interest rates, exchange rates, currency, stock, portfolio or loan documents executed valuations or commodity prices (including any such or similar agreement or transaction entered into by Lender or any Lender affiliate thereof in connection with the indebtedness described in subpart i. above. In the event any amount paid to Bank on other agreement or transaction between any Obligation is subsequently recovered from Bank in Debtor and Lender or as any Lender affiliate thereof) (each a result of "Rate Management Agreement") and (h) any bankruptcy, insolvency or fraudulent conveyance proceeding involving an obligor of the Obligation other than Pledgorforegoing that arise after the tiling of a petition by or against any Debtor under the Bankruptcy Code, Xxxxxxx shall be liable to Bank for even if the amounts so recovered up to the fair market value Obligations do not accrue because of the Collateral whether or not automatic stay under the Collateral has been released or the security interest terminated. In the event the Collateral has been released or the security. interest terminated, the fair market value of the Collateral shall be determined, at Bank's option, as of the date the Collateral. was released, the security interest terminatedBankruptcy Code, or said amounts were recoveredotherwise.

DESCRIPTION OF OBLIGATION. The following obligations ("Obligation'") are secured by this Agreement: i. All Debt: All debts, obligations, liabilities and agreements of Pledgor and/or Xxxxxxx X. Xxx and Xxxxx X. Xxx to Bank, now or hereafter existing, arising directly or indirectly between Xxxxxxx Pledgor and Bank whether absolute or contingent, joint or pint xxx several, secured or unsecured, due or not due, liquidated or unliquidated, ; arising by operation of law or otherwise, and all, all renewals, extensions and rearrangements of any of the above; R. : ii. All costs and expenses incurred by Bank, including attorney's fees, to obtain, preserve, perfect, enforce and defend this Agreement and maintain, preserve, collect and realize upon the Collateral, together with interest thereon at the highest rate allowed by law, or if none, 25% per annum; W. iii. All ame,'r,t ,...hirh mw he amounts which may be owed to Bank pursuant to all other loan documents executed in connection with the indebtedness described in subpart i. above. In the event any amount paid to Bank on any Obligation is subsequently recovered from Bank in or as a result of any bankruptcy, insolvency or fraudulent conveyance proceeding involving an obligor of the Obligation other than Pledgor, Xxxxxxx Pledgor shall be liable to Bank for the amounts so recovered up to the fair market value of the Collateral whether or not the Collateral has been released or the security interest terminated. In the event the Collateral has been released or the security. security interest terminated, the fair market value of the Collateral shall be determined, at Bank's option, as of the date the Collateral. Collateral was released, the security interest terminated, or said amounts were recovered.