No Further Liens Clause Samples
The "No Further Liens" clause prohibits the creation or imposition of any additional liens or security interests on specified assets beyond those already permitted by the agreement. In practice, this means that the borrower or asset owner cannot pledge the same collateral to other creditors or encumber the property with new claims without the consent of the original secured party. This clause serves to protect the interests of the lender or secured party by ensuring their priority claim on the collateral and preventing dilution of their security position.
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No Further Liens. Borrower shall not create, incur, assume or suffer to exist any lien or security interest upon any of the Collateral, except as provided for in this Agreement, and shall not file or suffer to be on file, or authorize or permit to be filed or to be on file, in any jurisdiction, any financing statement or like instrument with respect to the Collateral in which Lender is not named as the sole secured party.
No Further Liens. The Company will maintain good title to, or the right to use, the Collateral, as the case may be, free and clear of any Liens or restrictions on the transfer thereof except for Liens created pursuant to this Loan Agreement or approved by EFC in writing. In any case, the Liens granted to EFC hereby shall have priority over any other Liens or restrictions as to the Collateral. The Borrower will defend such title against the claims and demands of all persons and will not grant, create or permit to attach or exist any mortgage, pledge, lien, levy, charge or other encumbrance on, of or against any of the Collateral.
No Further Liens. All common stock subject to the lien of the security ------------------ interest granted to Lender in the Stock Pledge shall be fully paid for by Borrower and no security interest, lien or other encumbrance, other than that granted to Lender shall exist thereon.
No Further Liens. Seller agrees it shall not from and after the Effective Date voluntarily or consensually perform any act which results in any additional exceptions to title that would survive the Closing without Purchaser's prior written consent, not to be unreasonably withheld
No Further Liens. All equipment, personal property, fixtures and other property subject to the lien of the security interest granted to Lender in the Deeds of Trust shall be fully paid for by Borrower and no security interest, lien or other encumbrance, other than that granted to Lender and the Permitted Encumbrances, shall exist thereon.
No Further Liens. Seller agrees that it shall not from and after the Effective Date cause or permit any actions that result in any additional exceptions to title.
No Further Liens. Except for the lien of the First Mortgage, the Mortgagor will not voluntarily create or permit to be created against the Development any lien or liens, whether superior or junior to the lien of this Second Mortgage, and agrees to keep and maintain the Development free from the claims of all persons supplying labor or materials that will be used in the construction of the Development and the failure of the Mortgagor to keep the Development lien-free shall be a default under this Second Mortgage.
No Further Liens. The Chargor shall not create or attempt or agree to create or permit to arise or exist any Lien over all or any part of the Security Assets or any interest therein except under or pursuant to this Deed or permitted by the other Loan Documents. At all times, the Chargor shall remain as the sole beneficial owner of the Security Assets.
No Further Liens. Each Borrower hereby covenants with the Lender not to create, grant or suffer to exist any other security interest, lien or encumbrance upon the Collateral or any portion thereof (except as is in favor of Lender) and such Borrower shall at all times, keep the Collateral which is the subject of this Agreement free and clear from the same, other than Permitted Liens. In addition, no filings which could cause a lien or claim with respect to the Collateral which is the subject of this Agreement shall be permitted, except for the security interest being granted to the Lender, without the prior written consent of Lender. “Permitted Liens” means mechanics’ or materialmen’s liens, landlords’ liens, carriers’ liens and software licenses, in each case imposed by law and incurred or granted in the ordinary course of business.
No Further Liens. For so long as any Note (or portion thereof) remains outstanding, the Company will maintain good title to, or the right to use, the Assets and the LLC Interests Collateral, as the case may be, free and clear of any Liens or restrictions on the transfer thereof except for (i) the Permitted Liens or (ii) Liens approved by each of the Purchasers.