New Security Agreement Clause Samples
The New Security Agreement clause establishes the terms under which a new security interest is created in favor of a party, typically to secure the performance of obligations or repayment of debt. This clause outlines the assets or property that will serve as collateral, the rights and responsibilities of the parties regarding the secured assets, and the procedures for perfecting and enforcing the security interest. Its core practical function is to provide assurance to the secured party that they have a legal claim over specified assets if the other party defaults, thereby reducing credit risk and clarifying the parties' rights in the event of non-performance.
New Security Agreement. The Company acknowledges that the rights and remedies of each Secured Party with respect to the security interests in the Intellectual Property Collateral granted hereby are more fully set forth in the New Security Agreement and all such rights and remedies are cumulative.
New Security Agreement. Concurrently with the execution and delivery of this Agreement, Comverge is granting a valid perfected first priority security interest to the Bank in its Collateral, to secure payment by the Borrower of all of its Obligations to the Bank, by executing and delivering to the Bank a Security Agreement, dated as of even date herewith (a "Security Agreement").
New Security Agreement. The outstanding balance on the Settled Amount shall be secured pursuant to a separate security agreement (the “New Security Agreement") executed by Intracel covering the ownership rights of OncoVax. The New Security Agreement will permit assignment to OTC affiliates. Intracel shall ensure, prior to the execution of the New Security Agreement, that all priority liens granted by Intracel with respect to the collateral covered by the New Security Agreement are subordinated to the security interest granted pursuant to the New Security Agreement.
New Security Agreement. Upon execution of this Agreement, Sebring and SMXI will execute and deliver to ▇▇▇▇▇▇▇▇ a Security Agreement and UCC financing statements in the form attached hereto as Exhibit “B.”