Common use of Grant of Interest Clause in Contracts

Grant of Interest. Grantor hereby grants to Bank a security interest in all of Grantor’s right, title and interest in the following property of Grantor wherever located and whether now existing or hereafter acquired or created (collectively, the “Collateral”): ¨ all Deposit Accounts with Bank [ Bank] in Grantor’s name (and including any changes in the numbering or designation of the foregoing) with all present and future renewals, replacements, substitutions, increases in value, rollovers, additions thereto, interest and earnings thereon, rights and accessions thereto, whether now existing or hereafter arising, (collectively, the “Deposit”) and all Proceeds of the foregoing. x a Deposit Account with Bank [National City Bank] in Grantor’s name which is identified as Account Number (and including any changes in the numbering or designation of the foregoing) with all present and future renewals, replacements, substitutions, increases in value, rollovers, additions thereto, interest and earnings thereon, rights and accessions thereto, whether now existing or hereafter arising, (the “Deposit”) and all Proceeds of the foregoing. This Collateral secures the full and prompt payment to Bank of all obligations of Grantor to Bank, whether incurred directly or acquired by purchase, pledge, or otherwise and whether participated in whole or in part, including, without limitation, (i) every such obligation to Bank whether in a joint, several, or joint and several capacity, whether now owing or existing or later arising or created, owed absolutely or contingently, created by loan, overdraft, guaranty, or other contract, quasi-contract, tort, statute or otherwise, whether for principal, interest, fees, expenses or otherwise and (ii) any and all obligations of Grantor to Bank or to any affiliate of Bank, whether now owing or existing or later arising or created, owed absolutely or contingently, whether evidenced or acquired (including all renewals, extensions, and modifications thereof or substitutions), under any agreement, device or arrangement designed to protect Grantor from fluctuations of interest rates, exchange rates or forward rates, including, but not limited to, dollar-denominated or cross-currency exchange agreements, foreign currency exchange agreements, interest rate caps, collars or floors, forward rate currency or interest rate options, puts, warrants, swaps, swaptions, U.S. Treasury locks and U.S. Treasury options, (collectively the “Subject Debt”). ¨ [Withdrawals permitted above dollar limitation—National City accounts only] Anything herein to the contrary notwithstanding, the security interest in the Deposit granted to Bank by Grantor under this Agreement shall be limited to the sum of and /100 Dollars ($ ) (the “Minimum Amount”) plus all expenses, legal and otherwise (including court costs and reasonable attorney’s fees), paid or incurred by Bank in enforcing this Agreement. Subject to the covenants contained herein and any further restrictions contained in any deposit account control agreement or other agreement relating to Bank’s Control over the Deposit and in any deposit agreement or other documents governing the Deposit, unless and until an Event of Default occurs or Bank demands payment of any part of the Subject Debt, Grantor may withdraw funds from the Deposit so long as the total amount of the Deposit does not fall below the Minimum Amount.

Appears in 1 contract

Samples: Security Agreement (Peco Ii Inc)

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Grant of Interest. To secure the prompt payment in full of the Subject Debt as and when the respective parts thereof become due, whether by lapse of time, by acceleration of maturity, or otherwise, Grantor hereby grants grants, assigns and pledges to Bank a security interest in all of Grantor’s right, title and interest in the following property of Grantor wherever located and Collateral whether now existing or hereafter acquired arising, including, without limitation, the right or created (power to transfer an interest in the Collateral. As to Collateral not now in existence or in which Grantor does not presently have any rights, Bank’s security interest shall automatically attach thereto immediately when the same comes into existence and Grantor acquires any right, title or interest therein, including, without limitation, the right or power to transfer an interest therein, in each case without the making or doing of any further or other act or thing. “Collateral” means, collectively, the “Collateral”): ¨ (a) all Deposit Accounts with Bank [ Bank] in Grantor’s name (and including any changes in the numbering or designation of the foregoingpersonal property of Grantor (except Consumer Goods) with all present and future renewals, replacements, substitutions, increases in value, rollovers, additions thereto, interest and earnings thereon, rights and accessions theretowheresoever located, whether now existing or hereafter arising, (collectivelyincluding, the “Deposit”) without limitation, all Accounts, all Chattel Paper, all Commercial Tort Claims described and all Proceeds of the foregoing. x a Deposit Account with Bank [National City Bank] identified in Grantor’s name which is identified as Account Number (and including any changes in the numbering or designation of the foregoing) with all present and future renewalsSchedule A, replacementsif any, substitutions, increases in value, rollovers, additions thereto, interest and earnings thereon, rights and accessions thereto, whether now existing or hereafter arising, to this Agreement (the “DepositSupplemental Schedule) and ), all Proceeds of the foregoing. This Collateral secures the full and prompt payment to Bank of Deposit Accounts, all obligations of Grantor to BankDocuments, whether incurred directly or acquired by purchase, pledge, or otherwise and whether participated in whole or in partall Equipment, including, without limitation, (i) every such obligation to Bank whether any Equipment described in a jointthe Supplemental Schedule, severalif any, or joint and several capacity, whether now owing or existing or later arising or created, owed absolutely or contingently, created by loan, overdraft, guaranty, or other contract, quasi-contract, tort, statute or otherwise, whether for principal, interest, fees, expenses or otherwise and (ii) any and all obligations of Grantor to Bank or to any affiliate of Bank, whether now owing or existing or later arising or created, owed absolutely or contingently, whether evidenced or acquired (including all renewals, extensions, and modifications thereof or substitutions), under any agreement, device or arrangement designed to protect Grantor from fluctuations of interest rates, exchange rates or forward ratesFixtures, including, but not limited towithout limitation, dollarthose described in the Supplemental Schedule, if any, all General Intangibles, all Goods, all Instruments, all Inventory, all Investment Property, all Letter-denominated of-Credit Rights and all Supporting Obligations; (b) all property (except any Consumer Goods), tangible or cross-currency exchange agreementsintangible, foreign currency exchange agreementsin which Grantor now has or hereafter acquires any rights and which now or hereafter is in Bank’s control (by document of title or otherwise) or possession or is owed by Bank to Grantor, interest rate capsincluding, collars or floors, forward rate currency or interest rate options, puts, warrants, swaps, swaptions, U.S. Treasury locks and U.S. Treasury options, (collectively the “Subject Debt”). ¨ [Withdrawals permitted above dollar without limitation—National City accounts only] Anything herein to the contrary notwithstanding, the security interest cash collateral account described in the Deposit granted subsection 6.5; (c) all replacements of, substitutions for and additions and Accessions to Bank by Grantor under this Agreement shall be limited to the sum of and /100 Dollars ($ ) (the “Minimum Amount”) plus all expenses, legal and otherwise (including court costs and reasonable attorney’s fees), paid or incurred by Bank in enforcing this Agreement. Subject to the covenants contained herein and any further restrictions contained in any deposit account control agreement or other agreement relating to Bank’s Control over the Deposit and in any deposit agreement or other documents governing the Deposit, unless and until an Event of Default occurs or Bank demands payment of any part of the Subject Debt, Grantor may withdraw funds from the Deposit so long as the total amount property hereinbefore described; (d) all Products of all or any part of the Deposit does goods hereinbefore described; and (e) all Proceeds, including, without limitation, Cash Proceeds and Non-Cash Proceeds of all or any part of the property, including, without limitation, Products, hereinbefore described. Notwithstanding, the above definition of collateral will not fall below the Minimum Amountinclude any interest in joint ventures or intellectual property rights.

Appears in 1 contract

Samples: Security Agreement (Northern Technologies International Corp)

Grant of Interest. Grantor hereby grants to Bank PNCEF a security interest in all of Grantor’s 's right, title and interest in the following property of Grantor (excluding Consumer Goods) wherever located and whether now existing or hereafter acquired or created (collectively, the "Collateral”): ¨ "), including, without limitation: (a) all Accounts, all Equipment, all Inventory, all Chattel Paper, all General Intangibles, all Deposit Accounts with Bank [ Bank] Accounts, all Documents, all Instruments, all Goods, all Fixtures, all Letter-of-Credit Rights, all Supporting Obligations; (b) all property, tangible or intangible, in which Grantor now has or hereafter acquires any rights, including, without limitation, all property which now or hereafter is in PNCEF's control (by document of title or otherwise) or possession or is owed by PNCEF to Grantor’s name (; and including any changes in the numbering or designation for all of the foregoing) with foregoing Collateral, all present books and future renewalsrecords, Software, attachments, accessories, replacements, substitutions, increases in value, rollovers, additions thereto, interest and earnings thereon, rights and accessions thereto, substitutions therefor (whether now existing or hereafter arising, (collectively, the “Deposit”installed therein or affixed thereto) and all Proceeds of the foregoing. x a Deposit Account with Bank [National City Bank] in Grantor’s name which is identified as Account Number (and including any changes in the numbering or designation of the foregoing) with all present and future renewals, replacements, substitutions, increases in value, rollovers, additions thereto, interest and earnings thereon, rights and accessions thereto, whether now existing or hereafter arising, (the “Deposit”) and all Proceeds of the foregoingthereof. This Collateral secures the full and prompt payment to Bank PNCEF of all obligations of Grantor to BankPNCEF, or to any other direct or indirect subsidiary of The PNC Financial Services Group, Inc. (“PNCEF Affiliate”), whether incurred directly or acquired by purchase, pledge, or otherwise and whether participated to or from PNCEF or PNCEF Affiliate in whole or in part, including, without limitation, (ia) every such obligation to Bank of Grantor whether owing by Grantor alone or with one or more Persons in a joint, several, or joint and several capacity, whether now owing or existing or later arising or created, whether owed absolutely or contingently, whether created by lease, loan, overdraft, guarantyguaranty of payment, or other contract, quasi-contract, tort, statute or otherwisestatute, whether for principal, interest, fees, expenses other operation of law or otherwise and (iib) any and all obligations and liabilities of Grantor to Bank Grantor, whether absolute or to any affiliate of Bankcontingent, whether now owing or existing or later arising or created, owed absolutely or contingently, whether evidenced or acquired (including all renewals, extensions, and modifications thereof or substitutions), under (i) any agreement, device or arrangement designed to protect Grantor from fluctuations of interest rates, exchange rates or forward rates, including, but not limited to, dollar-denominated or cross-currency exchange agreements, foreign forward currency exchange agreements, interest rate caps, collars or floors, forward rate currency or interest rate options, puts, warrants, swaps, swaptions, U.S. Treasury locks and U.S. Treasury options, (collectively ii) any other interest rate hedging transactions, such as, but not limited to, managing Grantor's interest rate risk associated with any pending or potential capital market transactions such as fixed rate bond issues and (iii) any and all cancellations, buybacks, reversals, terminations or assignments of any of the “Subject Debt”). ¨ [Withdrawals permitted above dollar limitation—National City accounts only] Anything herein to the contrary notwithstandingforegoing (collectively, the security interest in the Deposit granted to Bank by Grantor under this Agreement shall be limited to the sum of and /100 Dollars ($ ) (the “Minimum Amount”) plus all expenses, legal and otherwise (including court costs and reasonable attorney’s fees"Subject Obligations"), paid or incurred by Bank in enforcing this Agreement. Subject to the covenants contained herein and any further restrictions contained in any deposit account control agreement or other agreement relating to Bank’s Control over the Deposit and in any deposit agreement or other documents governing the Deposit, unless and until an Event of Default occurs or Bank demands payment of any part of the Subject Debt, Grantor may withdraw funds from the Deposit so long as the total amount of the Deposit does not fall below the Minimum Amount.

Appears in 1 contract

Samples: Security Agreement (Integrated Biopharma Inc)

Grant of Interest. Grantor hereby grants to Bank Secured Party a security interest in all of Grantor’s right, title title, and interest in the following property of Grantor (excluding Consumer Goods) wherever located and whether now existing or hereafter later acquired or created (collectively, the “Collateral”): ¨ ), including, without limitation: a. all Accounts, Chattel Paper (both tangible and electronic), Equipment (excepting leased equipment), Inventory, General Intangibles, Deposit Accounts with Bank [ Bank] Accounts, Documents, Instruments, Goods, Fixtures, Investment Property, and Letter-of-Credit Rights; b. all property, tangible or intangible, including all patents, trademarks and copyrights in which Grantor now has or later acquires any rights including, without limitation, all property that now or later is in Secured Party’s control (by document of title or otherwise) or possession or is owed by Secured Party to Grantor’s name (and including any changes in the numbering or designation of the foregoing) ; c. together with all present books and future renewalsrecords, attachments, accessories, replacements, substitutionsadditions, increases in value, rollovers, additions thereto, interest and earnings thereon, rights and accessions thereto, substitutions therefore (whether now existing or hereafter arisinglater installed therein or affixed thereto), (collectively, the “Deposit”) and all Proceeds and Products of all of the foregoing. x a Deposit Account with Bank [National City Bank] in Grantor’s name which is identified as Account Number (and including any changes in the numbering or designation of the foregoing) with all present and future renewals, replacements, substitutions, increases in value, rollovers, additions thereto, interest and earnings thereon, rights and accessions thereto, whether now existing or hereafter arising, (the “Deposit”) and all Proceeds of the foregoingforegoing Collateral. This Collateral secures the full and prompt performance and payment to Bank Secured Party of all obligations of Grantor to BankSecured Party, whether incurred directly or acquired by purchase, pledge, or otherwise otherwise, and whether participated in in whole or in part, including, without limitation, (i) every such obligation to Bank Secured Party, whether in a joint, several, or joint and several capacity, whether now owing or existing or later arising or created, owed absolutely absolutely, or contingently, created by loan, overdraft, guaranty, or other contract, quasi-contract, tort, statute statute, or otherwise, whether for principal, interest, fees, expenses expenses, or otherwise and (ii) any and all obligations of Grantor to Bank Secured Party or to any affiliate of BankSecured Party, whether now owing or existing or later arising or created, owed absolutely or contingently, whether evidenced or acquired (including all renewals, extensions, and modifications thereof or substitutions), under any agreement, device or arrangement designed to protect Grantor from fluctuations of interest rates, exchange rates or forward rates, including, but not limited to, dollar-denominated or cross-currency exchange agreements, foreign currency exchange agreements, interest rate caps, collars or floors, forward rate currency or interest rate options, puts, warrants, swaps, swaptions, U.S. Treasury locks and U.S. Treasury options, ) (collectively the “Subject Debt”). ¨ [Withdrawals permitted above dollar limitation—National City accounts only] Anything herein to the contrary notwithstanding, the security interest in the Deposit granted to Bank by Grantor under this Agreement shall be limited to the sum of and /100 Dollars ($ ) (the “Minimum Amount”) plus all expenses, legal and otherwise (including court costs and reasonable attorney’s fees), paid or incurred by Bank in enforcing this Agreement. Subject to the covenants contained herein and any further restrictions contained in any deposit account control agreement or other agreement relating to Bank’s Control over the Deposit and in any deposit agreement or other documents governing the Deposit, unless and until an Event of Default occurs or Bank demands payment of any part of the Subject Debt, Grantor may withdraw funds from the Deposit so long as the total amount of the Deposit does not fall below the Minimum Amount.

Appears in 1 contract

Samples: Security Agreement (Softech Inc)

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Grant of Interest. To secure the prompt payment in full of the Subject Debt as and when the respective parts thereof become due, whether by lapse of time, by acceleration of maturity, or otherwise, Grantor hereby grants grants, assigns and pledges to Bank a security interest in all of Grantor’s 's right, title and interest in the following property of Grantor wherever located and Collateral whether now existing or hereafter acquired arising, including, without limitation, the right or created (power to transfer an interest in the Collateral. As to Collateral not now in existence or in which Grantor does not presently have any rights, Bank's security interest shall automatically attach thereto immediately when the same comes into existence and Grantor acquires any right, title or interest therein, including, without limitation, the right or power to transfer an interest therein, in each case without the making or doing of any further or other act or thing. "Collateral" means, collectively, the “Collateral”): ¨ (a) all Deposit Accounts with Bank [ Bank] in Grantor’s name (and including any changes in the numbering or designation of the foregoingpersonal property of Grantor (except Consumer Goods) with all present and future renewals, replacements, substitutions, increases in value, rollovers, additions thereto, interest and earnings thereon, rights and accessions theretowheresoever located, whether now existing or hereafter arising, (collectivelyincluding, the “Deposit”) without limitation, all Accounts, all Chattel Paper, all Commercial Tort Claims described and all Proceeds of the foregoing. x a Deposit Account with Bank [National City Bank] identified in Grantor’s name which is identified as Account Number (and including any changes in the numbering or designation of the foregoing) with all present and future renewalsSchedule A, replacementsif any, substitutions, increases in value, rollovers, additions thereto, interest and earnings thereon, rights and accessions thereto, whether now existing or hereafter arising, to this Agreement (the “Deposit”) and "Supplemental ---------- Schedule"), all Proceeds of the foregoing. This Collateral secures the full and prompt payment to Bank of Deposit Accounts, all obligations of Grantor to BankDocuments, whether incurred directly or acquired by purchase, pledge, or otherwise and whether participated in whole or in partall Equipment, including, without limitation, (i) every such obligation to Bank whether any Equipment described in a jointthe Supplemental Schedule, severalif any, or joint and several capacity, whether now owing or existing or later arising or created, owed absolutely or contingently, created by loan, overdraft, guaranty, or other contract, quasi-contract, tort, statute or otherwise, whether for principal, interest, fees, expenses or otherwise and (ii) any and all obligations of Grantor to Bank or to any affiliate of Bank, whether now owing or existing or later arising or created, owed absolutely or contingently, whether evidenced or acquired (including all renewals, extensions, and modifications thereof or substitutions), under any agreement, device or arrangement designed to protect Grantor from fluctuations of interest rates, exchange rates or forward ratesFixtures, including, but not limited towithout limitation, dollarthose described in the Supplemental Schedule, if any, all General Intangibles, all Goods, all Instruments, all notes receivable (including from affiliates of Borrower), all Inventory, all Investment Property, all Letter-denominated of-Credit Rights and all Supporting Obligations; (b) all property (except any Consumer Goods), tangible or cross-currency exchange agreementsintangible, foreign currency exchange agreementsin which Grantor now has or hereafter acquires any rights and which now or hereafter is in Bank's control (by document of title or otherwise) or possession or is owed by Bank to Grantor, interest rate capsincluding, collars or floors, forward rate currency or interest rate options, puts, warrants, swaps, swaptions, U.S. Treasury locks and U.S. Treasury options, (collectively the “Subject Debt”). ¨ [Withdrawals permitted above dollar without limitation—National City accounts only] Anything herein to the contrary notwithstanding, the security interest cash collateral account described in the Deposit granted subsection 6.5; (c) all replacements of, substitutions for and additions and Accessions to Bank by Grantor under this Agreement shall be limited to the sum of and /100 Dollars ($ ) (the “Minimum Amount”) plus all expenses, legal and otherwise (including court costs and reasonable attorney’s fees), paid or incurred by Bank in enforcing this Agreement. Subject to the covenants contained herein and any further restrictions contained in any deposit account control agreement or other agreement relating to Bank’s Control over the Deposit and in any deposit agreement or other documents governing the Deposit, unless and until an Event of Default occurs or Bank demands payment of any part of the Subject Debt, Grantor may withdraw funds from the Deposit so long as the total amount property hereinbefore described; (d) all Products of all or any part of the Deposit does not fall below goods hereinbefore described; and (e) all Proceeds, including, without limitation, Cash Proceeds and Non-Cash Proceeds of all or any part of the Minimum Amountproperty, including, without limitation, Products, hereinbefore described.

Appears in 1 contract

Samples: Security Agreement (MTC Technologies Inc)

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