Ownership Free of Encumbrances. Except for the security interest granted hereby, Debtor now owns, or will use the proceeds hereof to become the owner of, the Collateral free from any prior lien, security interest or encumbrance. No financing statement covering the Collateral or any proceeds thereof is on file in any public office, except for financing statements showing Secured Party as the sole secured party thereunder. Debtor has a good right to grant a security interest in the Collateral to Secured Party.
Appears in 4 contracts
Samples: Note and Security Agreement (Penhall International Corp), Note and Security Agreement (Penhall International Corp), Nationsbank Note and Security Agreement (Star Telecommunications Inc)
