REPRESENTATIONS AND COVENANTS OF BORROWER. Borrower hereby represents to and agrees with Lender as follows: (a) Borrower owns the Collateral as sole owner, free and clear of any Liens, other than Permitted Liens. (b) So long as any Obligations remain unpaid, Borrower agrees not to sell, assign or transfer the Collateral, other than sales of Collateral in the ordinary course of business, and to maintain it free and clear of any Liens, other than Permitted Liens.
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Samples: Security Agreement (Integrated Security Systems Inc), Security Agreement (Simtek Corp)
REPRESENTATIONS AND COVENANTS OF BORROWER. Borrower hereby represents to and agrees with Lender as follows:
(a) a. Except as referred to in Section 1, Borrower owns the Collateral as sole owner, free and clear of any Liens, other than Permitted Liens.
(b) b. So long as any Obligations remain unpaid, Borrower agrees not to sell, assign or transfer the Collateral, other than sales of Collateral in the ordinary course of business, and to maintain it free and clear of any Liens, other than Permitted Liens.
Appears in 2 contracts
Samples: Security Agreement (Digital Recorders Inc), Security Agreement (Digital Recorders Inc)
REPRESENTATIONS AND COVENANTS OF BORROWER. Borrower hereby ----------------------------------------- represents to and agrees with Lender Lenders as follows:
(a) a. Except as referred to in Section 1, Borrower owns the Collateral as sole owner, free and clear of any Liens, other than Permitted Liens.
(b) b. So long as any Obligations amounts due pursuant to the Loan Agreement remain unpaid, Borrower agrees not to sell, assign or transfer the Collateral, other than sales of Collateral in the ordinary course of business, and to maintain it free and clear of any Liens, other than Permitted Liens.
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