Common use of Security Representations and Undertakings Clause in Contracts

Security Representations and Undertakings. 1.1 In respect of the Secured Assets, you represent and warrant that the Secured Assets are: (a) the types of assets that are approved by Lending Crowd for use as security as listed on the Website; (b) owned by you in your own name only; and (c) except as Lending Crowd has otherwise agreed, not subject to any other security interests. These representations and warranties shall be deemed continuously repeated during the term of the Loan Agreement. 1.2 You must: (a) maintain the Secured Assets in a suitable condition (fair wear and tear excepted); (b) not sell or otherwise dispose of, or lose possession or control of, any Secured Asset without Lending Crowd's prior written consent (which consent Lending Crowd may withhold unless you provide a replacement asset which Lending Crowd in its discretion considers to be adequate or suitable security). 1.3 You acknowledge that Lending Crowd has determined in its sole discretion whether the asset offered is adequate or suitable to be offered as security for the Loan.