Security Interest Created Clause Samples
The 'Security Interest Created' clause establishes that a security interest is being granted over specified assets as collateral for an obligation, such as a loan or other financial arrangement. In practice, this clause identifies the assets subject to the security interest and clarifies the rights of the secured party, often requiring the debtor to take steps to perfect or register the interest. Its core function is to provide legal assurance to the secured party that they have a claim over the assets in case of default, thereby reducing credit risk and facilitating secured lending.
Security Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction.
Security Interest Created. While it is the intention of Ally Financial and ▇▇▇▇ that the transfer and assignment contemplated by this Agreement and the First Step Secured Notes Assignment shall constitute the sale of the COLT 20__-SN_ Secured Notes from Ally Financial to ▇▇▇▇, this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the COLT 20__-SN_ Secured Notes in favor of ▇▇▇▇ which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from Ally Financial.
Security Interest Created. While it is the intention of GMAC and ▇▇▇▇ that the transfer and assignment contemplated by this Agreement and the First Step Secured Notes Assignment shall constitute the sale of the COLT 2005-SN1 Secured Notes from GMAC to ▇▇▇▇, this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the COLT 2005-SN1 Secured Notes in favor of ▇▇▇▇ which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from GMAC.
Security Interest Created. This Deed of Trust shall cover, and --------------------------- the Trust Property shall include, all personal property, tangible or intangible, and fixtures, which are both (i) now owned or subsequently acquired by Debtor, and (ii) now or subsequently installed, affixed, attached, kept or situated on, to or at the Trust Property or used in the operation thereof. To the extent any of the Trust Property consists of rights in action or personal property covered by the Uniform Commercial Code, this Deed of Trust shall also constitute a security agreement, and Trustor hereby grants to Beneficiary, as secured party, a security interest in such property, including all proceeds and products thereof, for the purpose of securing the Indebtedness.
Security Interest Created. In order to secure the payment of Debtor's obligations to FFCA evidenced by a promissory note dated as of even date herewith in the principal amount of $ (the "Note"), and all other sums advanced or expended by FFCA pursuant to the terms of this Agreement and the Loan Agreement (collectively, the "Obligations"), Debtor hereby grants to FFCA a security interest in the Equipment.
Security Interest Created. This Agreement creates a valid, binding and enforceable first priority security interest in favor of CoreStates in the Collateral, which security interest shall be superior in right to all claims of secured and unsecured creditors of Trustee, both individually and as Owner Trustee, and to all other security interests, liens, claims and encumbrances.