Common use of Description of Obligations Clause in Contracts

Description of Obligations. The following obligations ("Obligation" or "Obligations") are secured by this Agreement: (a) All debts, obligations liabilities and agreements of Debtor to Lender, now or hereafter existing, arising under the Loan Agreement, and all renewals, extensions or rearrangement of any of the above; (b) All costs incurred by Lender to obtain, preserve, perfect and enforce this Agreement and maintain, preserve, collect and realize upon the Collateral; (c) All other reasonable costs and reasonable attorney's fees incurred by Lender for which Debtor is obligated to reimburse Lender in accordance with the terms of the Loan Documents, together with interest at the maximum rate allowed by law or if none, Prime Rate plus 3.75% per annum. If Debtor is not the obligor of the Obligation, and in the event any amount paid to Lender on any Obligation is subsequently recovered from Lender in or as a result of any bankruptcy, insolvency or fraudulent conveyance proceeding, Debtor shall be liable to Lender 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 Lender's option, as of the date the Collateral was released, the security interest terminated, or said amounts were recovered.

Description of Obligations. The following obligations ("Obligation" or "Obligations") are secured by this Agreement: (a) All A debts, obligations liabilities and agreements of Debtor to Lender, now or hereafter existing, arising under the Loan Agreement, and all renewals, extensions or rearrangement of any of the above; (b) All costs incurred by Lender to obtain, preserve, perfect and enforce this Agreement and maintain, preserve, collect and realize upon the Collateral; (c) All other reasonable costs and reasonable attorney's fees incurred by Lender for which Debtor is obligated to reimburse Lender in accordance with the terms of the Loan Documents, together with interest at the maximum rate allowed by law or if none, Prime Rate plus 3.754% per annum. If Debtor is not the obligor of the Obligation, and in the event any amount paid to Lender on any Obligation is subsequently recovered from Lender in or as a result of any bankruptcy, insolvency or fraudulent conveyance proceeding, Debtor shall be liable to Lender 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 Lender's option, as of the date the Collateral was released, the security interest terminated, or said amounts were recovered.