Common use of Secure Payment Clause in Contracts

Secure Payment. To secure payment of indebtedness in the principal sum of up to One Million and 00/ 100 Dollars ($1,000,000.00), as evidenced by a note or notes executed and delivered by Debtor to Secured Party (the "Notes") and any obligations arising under this Agreement, including all future advances or loans which may be made at the option of Secured Party (all the foregoing hereinafter called the "Indebtedness"), Debtor hereby grants and conveys to Secured Party a first priority continuing lien and security interest in the personal property described on any schedule(s) now or hereafter attached to or made a part hereof by reference hereto (the "Schedules"), all products and proceeds (including insurance proceeds) thereof, if any, and all substitutions, replacements, attachments, additions, and accessions thereto (all of the foregoing hereinafter called the "Collateral.") The Schedules may be supplemented from time to time to evidence the Collateral subject to this Agreement. Debtor shall request in writing each advance of principal under the Notes, which request shall be satisfactory to Secured Party in form and substance. Each advance shall be on and subject to the terms and conditions set forth in this Agreement and shall otherwise be at Secured Party's sole discretion. Each Note shall be in an amount not less than $50,000.00. No principal advance under any Notes shall be made after January 4, 1998, and each advance shall reduce, dollar for dollar, the amount that may be advanced under the Notes in the aggregate. Amounts advanced and repaid may not be reborrowed.

Appears in 1 contract

Samples: Security Agreement (Da Consulting Group Inc)

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Secure Payment. To secure payment of indebtedness in the principal sum of up -------------- to One Four Million and 00/ 100 Dollars ($1,000,000.004,000,000.00), as evidenced by a note or notes executed and delivered by Debtor to Secured Party (the "Notes") and any ----- obligations arising under this Agreement, and also to secure any other indebtedness or liability of Debtor to Secured Party, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising and no matter how acquired by Secured Party, including all future advances or loans which may be made at the option of Secured Party (all the foregoing hereinafter called the "Indebtedness"), Debtor hereby grants and conveys to ------------ Secured Party a first priority continuing lien and security interest in the personal property described on any schedule(s) now or hereafter attached to or made a part hereof by reference hereto (the "Schedules"), all products and --------- proceeds (including insurance proceeds) thereof, if any, and all substitutions, replacements, attachments, additions, and accessions thereto (all of the foregoing hereinafter called the "Collateral.") The Schedules may be ---------- supplemented from time to time to evidence the Collateral subject to this Agreement. Debtor shall request in writing each advance of principal under the Notes, which request shall be satisfactory to Secured Party in form and substance. Each advance shall be on and subject to the terms and conditions set forth in this Agreement and shall otherwise be at Secured Party's sole discretion. Each Note shall be in an amount not less than $50,000.00100,000.00. No principal advance under any Notes shall be made after January 4July 31, 1998, and each advance shall reduce, dollar for dollar, the amount that may be advanced under the Notes in the aggregate. Amounts advanced and repaid may not be reborrowed.

Appears in 1 contract

Samples: Security Agreement (Sheffield Steel Corp)

Secure Payment. To secure payment of indebtedness in the principal sum of up to One Three Million Five Hundred Thousand and 00/ 100 Dollars ($1,000,000.003,500,000.00), as evidenced by a note or notes executed and delivered by Debtor to Secured Party (the "Notes") and any obligations arising under this Agreement, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising and no matter how acquired by Secured Party, including all future advances or loans which may be made at the option of Secured Party (all the foregoing hereinafter called the "Indebtedness"), Debtor hereby grants and conveys to Secured Party a first priority continuing lien and security interest in the personal property described on any schedule(s) now or hereafter attached to or made a part hereof by reference hereto (the "Schedules"), all products and proceeds (including insurance proceeds) thereof, if any, and all substitutions, replacements, attachments, additions, and accessions thereto (all of the foregoing hereinafter called the "Collateral.") The Schedules may be supplemented from time to time to evidence the Collateral subject to this Agreement. Debtor shall request in writing each advance of principal under the Notes, which request shall be satisfactory to Secured Party in form and substance. Each advance shall be on and subject to the terms and conditions set forth in this Agreement and shall otherwise be at Secured Party's sole discretion. Each Note shall be in an amount not less than $50,000.00250,000. No principal advance under any Notes shall be made after January 4October 31, 1998, and each advance shall reduce, dollar for dollar, the amount that may be advanced under the Notes in the aggregate. Amounts advanced and repaid may not be reborrowed.

Appears in 1 contract

Samples: Security Agreement (Evergreen International Aviation Inc)

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Secure Payment. To secure payment of indebtedness in the principal sum of up ------ -------- to One Million and 00/ 100 Dollars two million five hundred thousand dollars ($1,000,000.00), 2,500,000) as evidenced by a one or more note or notes executed and delivered by Debtor to Secured Party (the "Notes") ), which Debtor has executed and delivered and will execute and deliver to Secured Party and also to secure any obligations arising under this Agreementother indebtedness or liability of Debtor to Secured Party, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, including all future advances or loans which may be made at the option of Secured Party (all the foregoing hereinafter called the "Indebtedness"), Debtor hereby grants and conveys to Secured Party a first priority superior continuing lien and security interest in the personal property described below and/or on any schedule(sthe Schedule(s) now or hereafter attached to or made a part hereof by reference hereto (the "Schedules"), all products and proceeds (including insurance proceeds) thereof, if any, and all increases, substitutions, replacements, attachments, additions, and accessions thereto (thereto, all or any of the foregoing hereinafter called the "Collateral" . (DESCRIPTION OF COLLATERAL ON ATTACHED SCHEDULES. THE SCHEDULES MAY BE SUPPLEMENTED FROM TIME TO TIME TO EVIDENCE THE COLLATERAL, SUBJECT TO THIS AGREEMENT.") The Schedules may Secured Party will make up to two million five hundred thousand dollars ($2,500,000) in financing available. There will be supplemented from time no more than ten (10) fundings, with all fundings to time occur by May 31, 1995. Ten days prior to evidence the Collateral subject to this Agreement. each funding, Debtor shall request in writing each advance of principal under the Notes, which request shall be satisfactory must submit to Secured Party in form the Loan Request Certificate that sets forth there is no default hereunder, and substance. Each advance shall be on and subject to that each of the terms covenants and conditions set forth in this Agreement and shall otherwise be at Secured Party's sole discretioncontained herein have been satisfied. Each Note shall be in Second Party has no obligation to make additional advances if there is an amount not less than $50,000.00. No principal advance under any Notes shall be made after January 4, 1998, and each advance shall reduce, dollar for dollar, the amount that may be advanced under the Notes in the aggregate. Amounts advanced and repaid may not be reborrowedEvent of Default hereunder.

Appears in 1 contract

Samples: Security Agreement (Summagraphics Corp)

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