Common use of Pledge or Encumbrance of Assets Clause in Contracts

Pledge or Encumbrance of Assets. Other than the Permitted Liens, Borrower will not create, incur, assume or permit to exist, arise or attach any Lien in any present or future asset, except for Liens to Bank, Liens existing on the date of this Agreement which have been disclosed to and approved by Bank and Liens imposed by law which secure amounts not at the time due and payable.

Pledge or Encumbrance of Assets. Other than the Permitted Liens, neither Borrower nor any Guarantor will not create, incur, assume or permit to exist, arise or attach exist any Lien in any present or future asset, except for Liens to Bank, Liens existing on the date of this Agreement which have been disclosed to and approved by Bank and Liens imposed by law which secure amounts not at the time due and payable.