SECURITY INTEREST AND FINANCING STATEMENT Sample Clauses

SECURITY INTEREST AND FINANCING STATEMENT. 3.1 In consideration of Lenders granting to Borrower the Revolving Loan in accordance with the terms and conditions of this Agreement, Borrower, to secure payment and performance of all of the Obligations of Borrower to Agent and the Lenders, hereby grants to Agent, for the benefit of itself and the Lenders, a security interest in the Collateral, which security interest shall remain in full force and effect until all of the Obligations of Borrower to Agent and the Lenders are fully paid and satisfied and Lenders’ agreement to grant Advances under the Revolving Loan hereunder shall have terminated. 3.2 Borrower hereby irrevocably authorizes Agent at any time and from time to time to file in any jurisdiction any initial financing statements and amendments thereto that (a) indicate the Collateral (i) as all assets of Borrower or words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the Uniform Commercial Code in such jurisdiction, or (ii) as being of an equal or lesser scope or with greater detail, and (b) contain any other information required by part 5 of Article 9 of the Uniform Commercial Code for the sufficiency or filing office acceptance of any financing statement or amendment, including (i) whether Borrower is an organization, the type of organization and any organization identification number issued to Borrower, and, (ii) in the case of a financing statement filed as a fixture filing or indicating Collateral as as-extracted collateral or timber to be cut, a sufficient description of real property to which the Collateral relates. Borrower agrees to furnish any such information to Agent promptly upon request. Borrower also ratifies its authorization for Agent to have filed in any jurisdiction any like initial financing statements or amendments thereto if filed prior to the date hereof. 3.3 Borrower covenants and agrees with Agent and the Lenders that: (a) In the event that any Collateral, including proceeds, is evidenced by or consists of negotiable collateral (including without limitation letters of credit, letter-of-credit rights, instruments, promissory notes, draft documents or chattel paper (including electronic and tangible chattel paper)), and if and to the extent that perfection or priority of Agent’s security interest (for the benefit of itself and the Lenders) is dependent on or enhanced by possession, Borrower, immediately upon the request of Agent, shall endors...

SECURITY INTEREST AND FINANCING STATEMENT. This Mortgage shall also be a security agreement between Mortgagor and Mortgagee and a financing statement covering the Collateral constituting personal property or fixtures (hereinafter collectively called “UCC Collateral”) governed by the Uniform Commercial Code as adopted by the State of New York (hereinafter called the “Code”) as the same may be more specifically set forth in any financing statements delivered in connection with this Mortgage, and as further security for the payment and performance of the Secured Obligations, Mortgagor hereby grants to Mortgagee a security interest in such portion of the Collateral. In addition to Mortgagee’s other rights hereunder, Mortgagee shall have all rights of a secured party under the Code. Mortgagor shall bear all costs of filing financing statements, continuation and change statements, including all Code searches. If Mortgagee should dispose of any of the Collateral comprising the UCC Collateral pursuant to the Code after the occurrence and during the continuation of an Event of Default, ten (10) days’ prior written notice by Mortgagee to Mortgagor shall be deemed to be reasonable notice; provided, however, Mortgagee may dispose of such property in accordance with the foreclosure procedures of this Mortgage in lieu of proceeding under the Code. Mortgagee may from time to time file financing statements (without the separate authorization or signature of Mortgagor) and may execute and deliver all continuation statements, termination statements, amendments, partial releases, or other instruments relating to all financing statements by and between Mortgagor and Mortgagee.