Grant Security Interest Clause Samples
The Grant Security Interest clause establishes that one party (the grantor) provides the other party (the secured party) with a legal interest in specific assets as collateral for an obligation, such as a loan or other financial arrangement. This clause typically details which assets are covered, the scope of the security interest, and the conditions under which the secured party may enforce their rights, such as in the event of default. Its core function is to protect the secured party by giving them a legal claim to the collateral, thereby reducing their risk and ensuring they have recourse if the grantor fails to meet their obligations.
Grant Security Interest. Applicant has the full right, power, and authority to enter into this Agreement and to assign the Collateral to Bank. No Prior Assignment. Applicant has not previously granted a security interest in the Collateral to any other creditor. No Further Transfer. Applicant will not sell, assign, encumber, or otherwise dispose of any of Applicant's rights in the Collateral except as provided in this Agreement. No Defaults. There are no defaults relating to the Collateral, and there are no offsets or counterclaims to the same. Applicant will strictly and promptly do everything required of Applicant under the terms, conditions, promises, and agreements contained in or relating to the Collateral.
Grant Security Interest. Applicant has the full right, power, and authority to enter into this Agreement and to assign the Collateral to Bank. No Prior Assignment. Applicant has not previously granted a security interest in the Collateral to any other creditor. No Further Transfer. Applicant will not sell, assign, encumber, or otherwise dispose of any of Applicant's rights in the Collateral except as provided in this Agreement. No Defaults. There are no defaults relating to the Collateral, and there are no offsets or counterclaims to the same. Applicant will strictly and promptly do everything req uired of Applicant under the terms, conditions, promises, and agreements contained in or relating to the Collateral.
Grant Security Interest. Grantor has the full right, power, and authority to enter into this Agreement and to assign the Collateral to Lender. No Prior Assignment. Grantor has not previously granted a security interest in the Collateral to any other creditor. No Further Transfer. Grantor shall not sell, assign, encumber, or otherwise dispose of any of Grantor's rights in the Collateral except as provided in this Agreement. No Defaults. There are no defaults relating to the Collateral, and there are no offsets or counterclaims to the same. Grantor will strictly and promptly do everything required of Grantor under the terms, conditions, promises, and agreements contained in or relating to the Collateral.
Grant Security Interest. As security against payment of all license and other fees (“secured obligations”), Vendor hereby grants to TUMP a security interest in and to: (i) all of Vendor’s inventory, including raw materials, work-in-process or materials used tor consumed in the business of Vendor that are located at the licensed space, whether in the possession of Vendor or any other person or entity; (ii) all of Vendor’s furniture, fixtures and equipment located at the licensed space; (iii) products of any of the above-described property; and (iv) all proceeds of any of the above-described property (collectively, the “Collateral”). Vendor consents to the filing of a UCC Financing Statement with the California Secretary of State. If at any time Vendor is in default for failure to pay any amounts due to TUMP, TUMP may, without further notice or demand and without legal process, take possession of the Collateral wherever found. Vendor, upon demand by TUMP, shall assemble the Collateral and deliver it to TUMP or to a place designated by TUMP that is reasonably convenient to both parties. TUMP may pursue any legal or equitable remedy available to collect the secured obligations, to enforce its title in and right to possession of the Collateral and to enforce any and all other rights or remedies available to it. Upon obtaining possession of the Collateral or any part thereof, after written notice to Vendor, TUMP may sell such Collateral at public or private sale either with or without having such Collateral at the place of sale. The proceeds of such sale, after deducting there from all expenses of TUMP in taking, storing, repairing and selling the Collateral (including reasonable attorneys’ fees) shall be applied to the payment of the secured obligations, and any surplus thereafter remaining shall be paid to Vendor or any other person that may be legally entitled thereto. In the event of a deficiency between such net proceeds from the sale of the Collateral and the total amount of the secured obligations, Vendor, upon demand, shall promptly pay the amount of such deficiency to TUMP.
Grant Security Interest. For valuable consideration, Debtor hereby grants to Secured Party a security interest in each and all of the Collateral to secure all Obligations.
Grant Security Interest. Grant security interests in, pledge, assign, transfer, endorse, mortgage or otherwise hypothecate to CNB and execute security or pledge agreements, financing statements and other security interest perfection documentation, mortgages and deeds of trust on, and give trust receipts for, any or all property of this Corporation as may be agreed upon by any authorized officer(s) as collateral security for any or all Indebtedness of this Corporation and grant and execute renewals, extensions or modifications thereof;