No Additional Security Documents Clause Samples
The "No Additional Security Documents" clause establishes that the parties are not required to execute or provide any further security documents beyond those already specified in the agreement. In practice, this means that the lender or secured party cannot later demand additional collateral or security interests from the borrower or obligor, unless explicitly agreed upon in the contract. This clause provides certainty and limits the obligations of the party providing security, ensuring that their exposure is clearly defined and not subject to unexpected increases.
No Additional Security Documents. The Security Documents represent all of the collateral agreements, security agreements and other similar agreements necessary to grant to the holders of the Offered Securities a valid first priority lien on the Collateral subject only to the liens or encumbrances contemplated in the General Disclosure Package.
No Additional Security Documents. The Security Documents represent all of the collateral agreements, security agreements, intercreditor agreements and other similar agreements necessary to grant to the holders of the Securities (i) a valid first priority lien on and security interest in the Non-ABL Priority Collateral and (ii) a valid second priority lien on and security interest in the ABL Priority Collateral that is junior only to the liens and security interests of the ABL Secured Parties on such ABL Priority Collateral (collectively, the “Security Interests”), in each case, subject only to the liens or encumbrances contemplated in the General Disclosure Package (and, for the avoidance of doubt, the liens or encumbrances permitted or contemplated by the Indenture or any Security Document).