Security for Advances. 4.01 As security for the repayment of the Advances made pursuant to this Agreement, together with all accrued and unpaid interest thereon, the Company hereby grants, mortgages and charges in favour of BV, by way of a floating charge, its undertaking and all of its other property and assets for the time being, real and personal, movable and immovable, of whatsoever nature and kind, both present and in the future (the “Property”), including all of the issued and outstanding shares of the Subsidiary. For greater certainty, the parties specifically acknowledge and agree that the charges hereby created in favour of BV constitute a first charge and will rank pari passu with the floating charge granted in favour of BV in respect of cash advances made pursuant to earlier loan agreements among the parties, together with all accrued and unpaid interest thereon; the parties also acknowledge and agree that these charges are in priority to any and all specific or floating charges created by the Company in favour of any other creditors. The Company and the Subsidiary each agree to take all steps and actions as are reasonably necessary to assist BV with the registration of its interest in the Property in any provincial, state or federal property or title registries. It is also acknowledged by the parties that the Company shall be at liberty to, in the future, create or suffer to be created mortgages, charges, liens or encumbrances, by other specific charges or floating charges, ranking subsequent to the floating charges hereby created; it is also acknowledged by the parties that, unless otherwise specifically agreed to in writing by BV, the Company shall not be at liberty to, and shall not create or suffer to be created, any mortgage, charge, lien or encumbrance upon the Property or the issued and outstanding shares of the Subsidiary ranking in priority to or pari passu with the charges hereby created, or to sell or dispose of the same otherwise than in the ordinary course of its business as at present conducted.
4.02 The parties also agree that the security provided for in paragraph 4.01 herein will be cancelled and of no further force or effect in the event of the repayment of the Indebtedness.
Security for Advances. In addition to securing the Company's debts and obligations under and pursuant to this Security Agreement, the Loan Agreement, the Note and all other Loan Documents, this Security Agreement is intended to and does secure unpaid balances of advances made pursuant hereto, together with interest thereon at the Interest Rate for Advances from the respective dates thereof, including, without limitation, for the payment of taxes, assessments, insurance premiums and costs incurred for the protection of the Collateral.
Security for Advances. Notwithstanding any other provision of this Agreement, any Advance made by Texstar to Seller shall be evidenced by a promissory note (a "Promissory Note") of Seller in favour of Texstar in the amount of the Advance which shall be in the form attached as Exhibit E, and the Promissory Note(s) and all amounts owing thereunder shall be secured by a pledge of 1,500,000 common shares of Buyer owned by Seller in favour of Texstar on terms satisfactory to Texstar (the "Share Pledge"). The Promissory Notes and Share Pledge shall be executed and delivered by Seller to Texstar on the date of each Advance, as applicable, and all amounts owing under the Promissory Note(s) shall be repaid to Texstar by Seller on or before the earlier of the Closing Date and December 31, 1998.
Security for Advances. As general and continuing security for the performance by the Borrower of its obligations to the Agents and the Lenders hereunder, including its obligations under the Swing Line and the other Loan Documents, its obligation to perform and pay the Loan Obligations and all Derivative Obligations (provided that the Loan Obligations under the Unsecured Facility shall not benefit from any Security Documents other than the Guarantees described in subsection 9.1.1), as such agreements are, from time to time, amended, restated, amended and restated, extended or renewed, the Borrower shall:
Security for Advances. To secure the prompt and complete payment and performance of the Advances, Dealer hereby grants to FINOVA a purchase-money lien on, and security interest in, the Collateral.
Security for Advances. Under the PPPLF, Advances must be secured by pledges of loans to small businesses originated by us under the U.S. Small Business Administration’s (“SBA”) 7(a) loan program titled the Paycheck Protection Program (“PPP”), which was added to the SBA’s 7(a) loan program by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) (such loans, “PPP Loans”). Section 1102(a)(1)(B) of the CARES Act provides that PPP Loans are fully guaranteed as to principal and interest by the SBA. By pledging PPP Loans as collateral for Advances under the Facility (collectively, “PPPLF Collateral,” or any PPP Loan individually, an “Item”) the Borrower warrants, represents and covenants that each such Item pledged as collateral for Advances under the Facility: Is a “covered 7(a) loan” under the terms of the PPP; Complies with all requirements of the PPP, including without limitation any rules or guidance issued by the SBA implementing the PPP, and any requirements set forth in any agreement the Borrower is required to execute by the SBA in connection with the PPP; Has been duly approved under delegated authority for guaranty by the SBA; and Satisfies applicable Collateral requirements in the Circular. In addition, the Borrower understands and agrees that PPPLF Collateral and each Item is “Collateral” within the meaning of the Circular and that all representations, warranties and other agreements with respect to the Collateral in the Circular apply to the PPPLF Collateral and to each Item.
Security for Advances. In addition to securing the Company's debts and obligations under and pursuant to this Security Agreement, the Loan Agreement, the Note and all other Loan Documents, this Security Agreement is intended to and does secure unpaid balances of advances made pursuant hereto, together with interest thereon at the Interest Rate for Advances from the respective dates of such advances, in addition to all other payments to be made pursuant to the Loan Documents for the payment of items, including but not limited to taxes, assessments, insurance premiums and costs incurred for the protection of the Collateral. In addition, this Security Agreement is intended to, and does, secure the unpaid balances of loan advances and additional advances to be made under the Loan Agreement and obligations under the Loan Agreement after UCC financing Statements evidencing this Security Agreement have been delivered for filing. [BALANCE OF PAGE INTENTIONALLY LEFT BLANK]
Security for Advances. The Revolver Advance(s) made by Textron shall be evidenced by the Revolving Note and shall be secured by the Leasehold Mortgage and the other Loan Documents. The amount of the Revolver Advance(s) shall bear interest pursuant to the terms of the Note, as of the date on which the Revolver Advance(s) is disbursed by Textron to Borrower.
Security for Advances. Under the PPPLF, Advances must be secured by pledges of loans to small businesses under the U.S. Small Business Administration’s (“SBA”) 7(a) loan program titled the Paycheck Protection Program (“PPP”), which was added to the SBA’s 7(a) loan program by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) (such loans, “PPP Loans”). Section 1102(a)(1)(B) of the CARES Act provides that PPP Loans are fully guaranteed as to principal and interest by the SBA. To qualify for the PPPLF, PPP Loans must have been (1) originated by us, or (2) purchased by us in accordance with the SBA’s requirements for the sale and purchase of whole PPP Loans (in either case, such that we are the beneficiary of the SBA’s guarantee of such PPP Loans). As a condition to obtaining an Advance, we agree to provide any documentation that the Reserve Bank requires evidencing that we are the beneficiary of the SBA’s guarantee of PPP Loans pledged to the PPPLF. By pledging PPP Loans as collateral for Advances under the Facility (collectively, “PPPLF Collateral,” or any PPP Loan individually, an “Item”) the Borrower warrants, represents and covenants that each such Item pledged as collateral for Advances under the Facility:
Security for Advances. If the Fund requires the Custodian, its affiliates, subsidiaries or agents, to advance cash or securities for any purpose (including but not limited to securities settlements, foreign exchange contracts and assumed settlement), or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee's or agent's own negligent action, negligent failure to act or willful misconduct, (collectively referred to herein as a "Liability"), then in such event cash held for the account of the Fund and securities issued by United States issuers or other securities selected by the Custodian equal in value to not more than 125% of such Advance and accrued interest on the Advance or the anticipated amount of such Liability, held at any time for the account of the Fund by the Custodian or sub-custodian, shall be held as security for such Liability or for such Advance and the accrued interest on the Advance. The Custodian shall designate the security or securities constituting security for an Advance or Liability (the "Designated Securities") by notice in writing to the Fund (which may be sent by telefax). In the event the value of the Designated Securities shall decline to less than 110% of the amount of such Advance and accrued interest on the Advance or the anticipated amount of such Liability, then the Custodian may designate in the same manner additional securities to be held as security for such obligation ("Additional Securities") but the aggregate value of the Designated Securities and the Additional Securities shall not be in excess of 125% of the amount of such Advance and the accrued interest on the Advance or the anticipated amount of such Liability. At the request of the Fund, the Custodian shall agree to substitution of a security or securities which have a value equal to the value of the Designated or Additional Securities which the Fund desires to be released from their status as security, and such release from status as security shall be effective upon the Custodian and the Fund agreeing in writing as to the identity of the substituted security or securities, which shall thereupon become Designated Securities. Notwithstanding the above, the Custodian shall, at the request of the Fund, immediately release from their status as security any or all of the Designated Securities or Additional...
