Secured Assets. The Secured Assets shall mean all of the personal property of Borrower related to the Property as described in the General Business Security Agreement and the Collateral Assignment of Contract Rights.
Secured Assets. This Agreement is a security agreement under the Uniform Commercial Code. You grant us a security interest in and lien upon all: (i) funds in the Designated Account; (ii) funds in the Reserve Account; (iii) amounts due you under this Agreement, including rights to receive payments or credits; and (iv) proceeds in any account or from any sale (collectively, the “Secured Assets”), to secure all of your obligations under this Agreement. For Secured Assets maintained by Member Bank, you authorize Member Bank to comply with our demands regarding the Secured Assets. Our control of the Secured Assets with Member Bank constitutes a perfected interest under Article 9 of the Uniform Commercial Code. We may direct the disposition of the Secured Assets without further consent from you. You represent and warrant that we have the only security interest in the Secured Assets. You agree not to grant a security interest in the Secured Assets to a third party without our prior written consent. Additionally, we have a contractual right of set-off against the Secured Assets. Our right of set-off shall be deemed to have been exercised immediately upon the occurrence of an Event of Default without any action by us or notation in our records, even if we enter the set-off on our books and records at a later time.
Secured Assets. All the representations and warranties provided under the Security Documents in respect of the Secured Assets are true and correct.
Secured Assets. 4.3.1 Unless permitted under Clause 5.3 (Permitted dealings), its Secured Assets has not been transferred, assigned, pledged, made subject to a limited right (beperkt recht) or otherwise encumbered to any person other than the Pledgee.
Secured Assets. The Secured Assets subject to this Security --------------- Agreement shall include all of each Debtor's right, title, and interest in the following property:
Secured Assets. The assets subject to this Security Agreement shall consist of the Assets, as defined in the Letter of Intent, presently existing and hereafter created, written, produced, developed, acquired and arising, of every nature, kind and description, wherever located and notwithstanding in whose custody and possession any of the foregoing may be at any time or times, which assets are hereinafter referred to as the “Secured Assets.” Notwithstanding any amendment, termination or substitution of the Letter of Intent, the Secured Assets shall consist of all Assets as defined in the Letter of Intent as in effect on May 6, 2005.
Secured Assets. This Agreement does not contemplate a sale of accounts, contract rights or chattel paper to Lender, and, as provided by law, the Borrower is entitled to any surplus and shall remain liable for any deficiency. The Lender's duty of care with respect to Secured Assets in its possession (as imposed by law) shall be deemed fulfilled if it exercises reasonable care in physically keeping such Secured Assets, or in the case of Secured Assets in the custody or possession of a bailee or other third person, exercises reasonable care in the selection of the bailee or other third person, and the Lender need not otherwise preserve, protect, insure or care for any Secured Assets. The Lender shall not be obligated to preserve any rights any Borrower may have against prior parties, to realize on the Secured Assets at all or in any particular manner or order or to apply any cash proceeds of the Secured Assets in any particular order of application. The Lender has no obligation to clean-up or otherwise prepare the Secured Assets for sale. Each Obligor waives any right it may have to require the Lender to pursue any third person for any of the Borrower's Obligations.
Secured Assets. As security for payment of debts and/or obligations of the Borrower under this Agreement, unless otherwise agreed by the Bank, the Borrower’s Payment Obligations shall be secured by the secured asset(s) (the “Secured Asset”) under the relevant security agreement(s) (the “Security Agreement”) created or to be created after the Effective Date of this Agreement. The Secured Asset shall include any security interest as agreed by the Bank and any of its amendment, supplement or replacement from time to time.
