Grant of Security Interest; Guaranty. Without limiting the provisions of Section 1 above, Subsidiary acknowledges that by its execution and delivery of this Joinder Agreement, it shall become a “Pledgor” under the Pledge Agreement, and a “Grantor” under the Security Agreement executed by Borrower, each dated as of June 18, 2002, as such agreements have been amended, supplemented, amended and restated or otherwise modified prior to the date hereof. In furtherance thereof, Subsidiary hereby grants to the Agent for its benefit and the ratable benefit of the Lenders a security interest in and Lien upon all of its right, title and interest in the assets, now owned or hereafter acquired, which are “Pledged Collateral” under such Pledge Agreement and “Collateral” under such Security Agreement, with the same effect as if such Loan Documents had been initially executed and delivered by it to the Agent.
Grant of Security Interest; Guaranty a. As a further inducement for Crossroads to enter into this Agreement as collateral security for any and all obligations now or hereafter owing by Client to Crossroads, whether direct or indirect, absolute or contingent, Client hereby gives and grants to Crossroads, as collateral security for the payment or repayment and performance of any and all obligations now or hereafter owing by Client to Crossroads, whether direct or indirect, absolute or contingent, a first lien security interest in all of Client’s Accounts created as a result of Purchase Orders financed or purchased by Crossroads hereunder and all inventory (as such terms are defined in the Florida Uniform Commercial Code) and any and all products and/or proceeds of the foregoing and all insurance policies and proceeds covering and all records pertaining to the foregoing (collectively the “Collateral”), to be and remain effective during any time when any indebtedness or obligation whatsoever exists by Client to Crossroads.
Grant of Security Interest; Guaranty i. Notwithstanding the New Subsidiary’s joinder to the Collateral Agreements and the Secured Party’s prior security interest in assets transferred to the New Subsidiary by the Parent, and for the avoidance of doubt, to secure the prompt payment and performance of all of the Obligations and any other obligations of any of the Cirtran Parties and/or New Subsidiary to the Secured Party, the New Subsidiary hereby grants the Secured Party a security interest in all of the New Subsidiary’s assets, whether now existing or hereafter acquired, including, without limitation, all Goods, Inventory, Equipment, Fixtures, Instruments, Documents, Accounts, Contracts and Contract Rights, Chattel Paper, Deposit Accounts, Money, Letters of Credit and Letter-of-Credit Rights, Commercial Tort Claims, Securities and all other Investment Property, General Intangibles, Farm Products, all books and records and information relating to any of the foregoing, all supporting obligations, and any and all Proceeds and products of any and all of the foregoing, and as more particularly described on Exhibit A attached to the Security Agreement. The New Subsidiary further covenants and agrees that it shall, from and after the execution of this Agreement, execute and deliver to the Secured Party whatever additional documents, instruments, and agreements that the Secured Party may reasonably require in order to vest or perfect the security interests granted to the Secured Party in the Collateral, and hereby authorizes the Secured Party to file any financing statements (including financing statements with a generic description of the collateral such as “all assets”), and take any other normal and customary steps, the Secured Party deems necessary to perfect or evidence the Secured Party’s security interests and liens in any such Collateral. This Agreement constitutes an authenticated record.
