Common use of General Security Interest Clause in Contracts

General Security Interest. As security for the payment and performance of all present and future indebtedness, liabilities and obligations of the Debtor to the Vendors arising pursuant to a certain guarantee provided by the Debtor in favour of the Vendors with respect to the obligations created by a certain promissory note of even date herewith authorized, executed and delivered in favour of the Vendors by Teleplus Connect Corp. in the principal amount of Six Hundred Sixteen Thousand Eight Hundred Twenty Two Dollars ($616,822.) and this Security Agreement (all such indebtedness, liabilities, obligations, expenditures, costs and expenses are hereinafter collectively referred to as the "Obligations"), whether direct or indirect, absolute or contingent, liquidated or unliquidated, as principal or as surety, alone or with others, of whatsoever nature or kind, in any currency, the Debtor hereby assigns, charges, pledges, mortgages and grants to the Vendors a security interest in all of the undertaking, property and assets of the Debtor, both real and personal, immoveable and moveable, tangible and intangible, legal and equitable, of whatsoever nature and kind and wheresoever situate, now owned or hereafter acquired by or on behalf of the Debtor or in respect of which the Debtor now or hereafter has any right, title or interest (all of which is hereinafter called the "Collateral"), including without limitation: (a) Intangibles - all intangible property including without limitation book debts and accounts, all contractual rights and insurance claims, licences, computer software, warranties, ownership certificates, patents, trademarks, trade names, goodwill, copyrights and other industrial property of the Debtor; (b) Books & Records - all of the Debtor's, manuals, publications, letters, deeds, documents, writings, papers, invoices, books of account and other books relating to or being records of debts, chattel paper or documents of title or by which such are or may hereafter be secured, evidenced, acknowledged or made payable;

General Security Interest. As security for the payment and performance of all present and future indebtedness, liabilities and obligations of the Debtor to the Vendors arising pursuant to a certain guarantee provided by the Debtor in favour of the Vendors with respect to the obligations created by a certain promissory note of even date herewith authorized, executed and delivered in favour of the Vendors by Teleplus Connect Corp. in the principal amount of Six Five Million Nine Hundred Sixteen Eighty Three Thousand One Hundred Seventy Eight Hundred Twenty Two Dollars ($616,8225,983,178.) and this Security Agreement (all such indebtedness, liabilities, obligations, expenditures, costs and expenses are hereinafter collectively referred to as the "Obligations"), whether direct or indirect, absolute or contingent, liquidated or unliquidated, as principal or as surety, alone or with others, of whatsoever nature or kind, in any currency, the Debtor hereby assigns, charges, pledges, mortgages and grants to the Vendors a security interest in all of the undertaking, property and assets of the Debtor, both real and personal, immoveable and moveable, tangible and intangible, legal and equitable, of whatsoever nature and kind and wheresoever situate, now owned or hereafter acquired by or on behalf of the Debtor or in respect of which the Debtor now or hereafter has any right, title or interest (all of which is hereinafter called the "Collateral"), including without limitation: (a) Intangibles - all intangible property including without limitation book debts and accounts, all contractual rights and insurance claims, licences, computer software, warranties, ownership certificates, patents, trademarks, trade names, goodwill, copyrights and other industrial property of the Debtor; (b) Books & Records - all of the Debtor's, manuals, publications, letters, deeds, documents, writings, papers, invoices, books of account and other books relating to or being records of debts, chattel paper or documents of title or by which such are or may hereafter be secured, evidenced, acknowledged or made payable;

General Security Interest. As 2.1 For value received and as a general and continuing security for the payment and performance of all present and future indebtedness, liabilities and obligations of the Debtor Indebtedness including any ultimate unpaid balance thereof, owed to MFC and to secure the Vendors arising pursuant payment of the Indebtedness under this general security agreement or any Related Documents, Druxxxxx xxreby: (a) grants to a certain guarantee provided by the Debtor and in favour of the Vendors with respect to the obligations created MFC by way of mortgage, charge, assignment and transfer, a certain promissory note of even date herewith authorized, executed and delivered in favour of the Vendors by Teleplus Connect Corp. in the principal amount of Six Hundred Sixteen Thousand Eight Hundred Twenty Two Dollars ($616,822.) and this Security Agreement (all such indebtedness, liabilities, obligations, expenditures, costs and expenses are hereinafter collectively referred to as the "Obligations"), whether direct or indirect, absolute or contingent, liquidated or unliquidated, as principal or as surety, alone or with others, of whatsoever nature or kind, in any currency, the Debtor hereby assigns, charges, pledges, mortgages and grants to the Vendors a general security interest in all presently owned and hereafter acquired personal property of Druxxxxx xx whatsoever nature and kind and wheresoever situate and all Proceeds thereof and therefrom, renewals thereof, Accessions thereto and substitutions therefor including, without limiting the generality of the undertakingforegoing, property all the presently owned or held and assets hereafter acquired right, title, and interest in and to all Goods (including all accessories, attachments, additions, and Accessions thereto), Chattel Paper, Documents of Title (whether negotiable or not), Instruments, Intangibles, Licenses, Money (including, without limitation, the Debtorprincipal), both real Securities, and personal, immoveable all: (i) Inventory of whatsoever nature and moveable, tangible kind and intangible, legal and equitable, wheresoever situate; (ii) Equipment (other than Inventory) of whatsoever nature and kind and wheresoever situate, including, without limitation, all machinery, tools, apparatus, plant, furniture, fixtures, and vehicles of whatsoever nature and kind; (iii) book accounts and book debts and generally all Accounts, debts, dues, claims, choses in action and demands of every nature and kind howsoever arising or secured including letters of credit, letters of guarantee and advices of credit, which are now due, owing or accruing or growing due to or owned or hereafter acquired by or on behalf of the Debtor which may hereafter become due, owing or in respect accruing or growing due to or owned by Druxxxxx (xll of which the Debtor now or hereafter has any right, title or interest (all of which is hereinafter are herein collectively called the "CollateralDebts"), including without limitation: (a) Intangibles - all intangible property including without limitation book debts and accounts, all contractual rights and insurance claims, licences, computer software, warranties, ownership certificates, patents, trademarks, trade names, goodwill, copyrights and other industrial property of the Debtor; (biv) Books & Records - all of the Debtor's, manuals, publications, letters, deeds, documents, writings, papers, invoicespaper, books of account and other books relating to or being records of debtsDebts, chattel Chattel paper or documents Documents of title Title or by which such are or may hereafter be secured, evidenced, acknowledged acknowledges or made payable; (v) contractual rights including rents, revenues and incomes, and insurance claims and policies, and all goodwill, patents, trademarks, copyrights, and other industrial property; (vi) monies (including, without limitation, the principal) other than trust monies lawfully belonging to others; and (vii) personal property described in any schedule now or hereafter annexed hereto;