Protection of Claims of Bank's Secured Interest Sample Clauses

Protection of Claims of Bank's Secured Interest. (1) Except for the security interest granted herein, Company will not create, permit or suffer to exist, and will take such action as is necessary to remove, and will defend the Collateral against any security interest, lien, encumbrance, claim or other adverse interest in and to the Collateral against all persons, firms and entities, and will defend the right, title and interest of Bank in and to all the Collateral. (2) Company will advise Bank promptly in reasonable detail of any security interest, lien, encumbrance, claim or other interest made or asserted in or against any of the Collateral, of any material change in the composition of the Collateral, of any change in the state issuing title to motor vehicles which is Collateral or of any other change in the location of Collateral with an aggregate value in excess of Twenty-Five Thousand Dollars ($25,000.00) in any calendar year, or of any occurrence of any other event which would have a material adverse affect on the value of the Collateral, the security interest created in this Agreement, or Company, its operations and business, or other properties. (3) Company will not sell, transfer or otherwise dispose of or enter into any agreement concerning the sale, transfer or other disposition of any asset or assets which in the aggregate total an amount in excess of Twenty-Five Thousand Dollars ($25,000.00) in any calendar year which constitute Collateral without the written consent of Bank. (4) In any suit, proceeding or action brought by Bank under any Account, other right of payment or General Intangible, for any sum owing, Company will save and hold harmless Bank from any and all expense, loss or damage suffered by reason of any defense, set off, counterclaim, or reduction of liability whatsoever of the obligor arising out of a breach by Company of any obligation. (5) Company shall not change its address without prior written notice to Bank.