Right to Grant Security Interest; No Further Encumbrances. Borrower has the right to grant a security interest in the Inventory Collateral. Borrower will pay all taxes and other charges against the Inventory Collateral, and Borrower will not use the Inventory Collateral illegally or allow the Inventory Collateral to be encumbered except for the security interest in favor of Lender granted herein and except for any Permitted Encumbrances.
Appears in 3 contracts
Samples: Loan and Security Agreement (DSG International LTD), Loan and Security Agreement (Innotrac Corp), Loan and Security Agreement (DSG International LTD)
Right to Grant Security Interest; No Further Encumbrances. Borrower has the right to grant a security interest in the Accounts Receivable Collateral and Inventory CollateralCollateral to Lender. Borrower will pay all taxes and other charges against the Accounts Receivable Collateral and Inventory Collateral, and Borrower will not use the Accounts Receivable Collateral and Inventory Collateral illegally or allow the Inventory Collateral same to be encumbered encumbered, except for the security interest in favor of Lender granted herein and except for any Permitted Encumbrances.
Appears in 2 contracts
Samples: Term Loan Agreement (Cyanotech Corp), Term Loan Agreement (Cyanotech Corp)
Right to Grant Security Interest; No Further Encumbrances. Each Borrower has the right to grant a security interest in the Inventory Collateral. Each Borrower will pay all taxes and other charges against the Inventory Collateral, and such Borrower will not use the Inventory Collateral illegally or allow the Inventory Collateral to be encumbered except for the security interest in favor of Lender granted herein and except for any Permitted Encumbrances.
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