Seller Collateral. To secure its obligations under this Agreement, Seller shall deliver Seller Performance Security to Buyer within thirty (30) days after the Confirmation Date. “
Seller Collateral. Masland has conveyed to Seller a first priority security deed interest in and to certain real property commonly known as 000 Xxxx Xxxxxx, Xxxxxxx, Xxxxxxx, including all premises, buildings, improvements, and fixtures located therein or thereon (collectively, the “Seller Real Property”), and a first priority security interest in all personal property and equipment located on or in the Seller Real Property that has been purchased by Masland from Seller pursuant to the terms of that certain Asset Purchase Agreement (the “APA”) dated as of November 2, 2012 by and between Seller and Masland (collectively, the “Seller Equipment”), all as more particularly described in that certain Deed to Secure Debt, Assignment of Rents and Security Agreement executed by Masland in favor of Seller on or about the same date hereof (the “Instrument”), a true, correct and complete copy of which is attached hereto as “Exhibit A”. The Instrument is in full force and effect and, to the knowledge of Seller, no Borrower or other applicable grantor or mortgagor thereunder is in default of any provision of the Instrument.
Seller Collateral. Seller shall execute and deliver to Buyer at the Closing a security agreement (the “Seller Security Agreement”) in the form of Exhibit 2.3.2 conveying a subordinate security interest in Seller’s and CleanTech’s assets (“Seller Collateral”) to collateralize Seller’s and CleanTech’s compliance with their respective performance requirements under the Seller Debenture and JVCo Operating Agreement, which security interest shall be (i) subordinate in all respects to the Seller’s Senior Lender’s interests, and (ii) subject, solely in connection with the 20% Units held by CleanTech after the Closing, to the Pre-Existing Senior Lien; provided, however, that such grant and Seller Security Agreement shall not be effective in the absence of Seller’s Senior Lender’s written consent. Schedules to Securities Purchase Agreement 16
