Common use of Description of Obligations Clause in Contracts

Description of Obligations. This Agreement creates an enforceable security interest in the Collateral, subject only to Permitted Liens, to secure the payment and performance of any and all obligations now or hereafter existing of the Grantors under the Credit Agreement and the other Loan Documents, including any extensions, modifications, substitutions, amendments and renewals thereof, whether for principal, interest, fees, premium, expenses, reimbursement obligations, indemnification or otherwise (all such obligations of the Grantors being the "OBLIGATIONS"). Without limiting the generality of the foregoing, this Agreement secures the payment of all amounts which constitute part of the Obligations and would be owed by the Grantors to the Administrative Lender or any other Secured Party under any Loan Document, but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding under any Debtor Relief Law involving any Grantor (including all such amounts which would become due or would be secured but for the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding of any Grantor under any Debtor Relief Law). With respect to each Grantor other than the Borrower, notwithstanding anything herein to the contrary, in any action or proceeding involving any state corporate law, or any state or federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally if the Liens granted by any such Grantor herein shall be held void, invalid or unenforceable, or subordinated to the liens or claims of any other creditors, on account of the amount of the Obligations secured by such Liens, then, the amount of the Obligations secured by such Liens shall, without any action by such Grantor, the Administrative Lender, any other Secured Party or any other Persons, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

Description of Obligations. This Agreement creates an enforceable security interest The following obligations (“Obligation” or “Obligations”) are secured by this Agreement: (a) the Loan represented by Debtor’s Note dated of even date in the principal sum of Five Hundred Forty Six Thousand and 00/100 ($546,000.00) Dollars and all other debts, obligations, liabilities and agreements of Debtor to Lender, now or hereafter existing, arising directly or indirectly between Debtor and 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 renewals, extensions and rearrangements 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 costs and expenses incurred by Lender, subject only for which Debtor is obligated to Permitted Liensreimburse Lender in accordance with the terms of the Loan Documents, together with interest at the Default Rate; (d) All amounts which may be owed to secure Lender pursuant to all other Loan Documents executed between Lender and Debtor; (e) the payment and performance by Debtor of its obligations under all its agreements with Lender, as well as payment of any and all obligations now sums now, heretofore or hereafter existing of the Grantors under the Credit Agreement and the other Loan Documents, including any extensions, modifications, substitutions, amendments and renewals thereofowing to Lender, whether or not evidenced by any note or other instrument and whether or not for principal, interest, fees, premium, expenses, reimbursement obligations, indemnification or otherwise (all such obligations of the Grantors being the "OBLIGATIONS"). Without limiting the generality of the foregoing, this Agreement secures the payment of money, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, together with all amounts which constitute part interest thereon and costs of collection thereof, including reasonable attorneys’ fees and expenses, including all renewals, reamortizations, deferments and extensions of the Obligations foregoing and would including any debt liability or obligation originally owing to Lender; (f) all such future advances as may be owed made at the option of the Lender to Debtor from time to time; (g) all obligations incurred by the Grantors to the Administrative Debtor under any agreement between Debtor and Lender or any other Secured Party under 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 Loan Documentcombination of, but or option with respect to, any of the foregoing or any similar transactions, for the fact that they are unenforceable purpose of hedging Debtor’s exposure to fluctuations in interest rates, exchange rates, currency, stock, portfolio or not allowable due to the existence of a bankruptcy, reorganization loan valuations or commodity prices (including any such or similar proceeding under agreement or transaction entered into by Lender or any Lender affiliate thereof in connection with any other agreement or transaction between Debtor Relief Law involving and Lender or any Grantor Lender affiliate thereof) (including all such amounts which would become due or would be secured but for each a “Rate Management Agreement”) and (h) any of the foregoing that arise after the filing of any a petition in bankruptcyby or against Debtor under the Bankruptcy Code, even if the Obligations do not accrue because of the automatic stay under the Bankruptcy Code, or the commencement of any insolvency, reorganization or like proceeding of any Grantor under any Debtor Relief Law). With respect to each Grantor other than the Borrower, notwithstanding anything herein to the contrary, in any action or proceeding involving any state corporate law, or any state or federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally if the Liens granted by any such Grantor herein shall be held void, invalid or unenforceable, or subordinated to the liens or claims of any other creditors, on account of the amount of the Obligations secured by such Liens, then, the amount of the Obligations secured by such Liens shall, without any action by such Grantor, the Administrative Lender, any other Secured Party or any other Persons, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceedingotherwise.

Description of Obligations. This Agreement creates an enforceable security interest in the Collateral, subject only to Permitted Liens, Collateral to secure the payment and performance of the following obligations (collectively, "Secured Obligations"): (a) All debt, obligations, liabilities and agreements of any and nature of the Grantors to the Secured Parties or any Secured Party, whether matured or unmatured, fixed or contingent, including all obligations future advances, now or hereafter existing existing, arising pursuant to or in connection with (i) this Agreement; (ii) the obligations of the Grantors under the Credit Agreement and the other Loan DocumentsDocuments (as defined in the Credit Agreement and used herein), including any extensions, modifications, substitutions, amendments and renewals thereof, whether for but not limited to principal, interest, premiums, fees, premium, expenses, reimbursement obligations, indemnification or otherwise expenses and indemnities; (all such iii) the obligations of the Grantors being under the "OBLIGATIONS"Note Purchase Agreements, the Notes and the other Note Documents (as defined in the Note Purchase Agreements and as used herein), including but not limited to, principal, interest, premiums, any Make-Whole Amount (as defined in the Note Purchase Agreements and used herein), fees, expenses and indemnities; and (iv) all amendments, modifications or supplements (but not any replacements or refinancings unless consented to in writing by the Required Secured Parties) of any of the foregoing. (b) All costs incurred by any Secured Party to obtain, preserve, perfect and enforce this Agreement, the pledge and security interest granted hereby, collect the Secured Obligations, and maintain, preserve, collect and enforce the Collateral, including, without limitation, taxes, assessments, reasonable attorneys' fees and legal expenses, and expenses of sale. (c) Interest on the above amounts as agreed between the Borrower and the Secured Parties, including, without limitation, interest, fees and other charges that would accrue or become owing both prior to and subsequent to and but for the commencement of any proceeding against or with respect to the Borrower under any chapter of the Bankruptcy Code of 1978, 11 U.S.C. Section 101 et seq. whether or not a claim is allowed for the same in any such proceeding. (d) Without limiting the generality of the foregoing, this Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would be owed by any Grantor to any Secured Party under the Grantors to Credit Agreement, any other Loan Document, the Administrative Lender Note Purchase Agreements, the Notes or any other Secured Party under any Loan Note Document, but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding under any Debtor Relief Law (as defined in the Credit Agreement and used herein) involving such Grantor or any Grantor other Person (including all such amounts which would become due or would be secured but for the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding of such Grantor or any Grantor other Person under any Debtor Relief Law). . (e) With respect to each Grantor other than the Borrower, notwithstanding anything herein to the contrary, in any action or proceeding involving any state corporate law, or any state or federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally if the Liens granted by any such Grantor herein shall be held void, invalid or unenforceable, or subordinated to the liens or claims of any other creditors, on account of the amount of the Obligations secured by such Liens, then, the amount of the Obligations secured by such Liens shall, without any action by such Grantor, the Administrative Lender, any other Secured Party or any other Persons, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.

Description of Obligations. This Subject to Section 1.2 hereof, this Agreement creates an enforceable security interest in the Collateral, subject only to Liens permitted pursuant to Section 7.01 of the Credit Agreement ("Permitted Liens"), to secure securing the payment and performance of any and all obligations now or hereafter existing of the Grantors under the Credit Agreement and the other Loan Documents, including any extensions, modifications, substitutions, amendments and renewals thereof, whether for principal, interest, fees, premium, expenses, reimbursement obligations, indemnification or otherwise (all such obligations of the Grantors being the "OBLIGATIONSObligations"). Without limiting the generality of the foregoing, but subject to Section 1.2 hereof, this Agreement secures the payment of all amounts which constitute part of the Obligations and would be owed by the Grantors to the Administrative Lender Agent or any other Secured Party under any Loan Document, but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding under any Debtor Relief Law involving any Grantor (including all such amounts which would become due or would be secured but for the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding of any Grantor under any Debtor Relief Law). With respect to each Grantor other than the Borrower, notwithstanding anything herein to the contrary, in any action or proceeding involving any state corporate law, or any state or federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally after the Collateral Trigger Event if the Liens granted by any such Grantor herein shall be held void, invalid or unenforceable, or subordinated to the liens or claims of any other creditors, on account of the amount of the Obligations secured by such Liens, then, the amount of the Obligations secured by such Liens shall, without any action by such Grantor, the Administrative LenderAgent, any other Secured Party or any other Persons, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.