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 Five Million Nine Hundred Eighty Three Thousand One Hundred Seventy Eight Dollars ($5,983,178.) 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:

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 Five Million Nine Six Hundred Eighty Three Sixteen Thousand One Eight Hundred Seventy Eight Twenty Two Dollars ($5,983,178616,822.) 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: