The Obligations Secured Clause Samples
The "Obligations Secured" clause defines exactly which debts, liabilities, or commitments are covered by a security interest or collateral arrangement in an agreement. Typically, this clause lists the specific loans, guarantees, or other financial obligations that the collateral will secure, and may also include future advances or related obligations. By clearly identifying what is protected by the security, this clause ensures both parties understand the scope of the security interest, thereby reducing disputes and providing certainty about what is covered in the event of default.
The Obligations Secured. The Collateral secures payment and performance of all debts, obligations, and duties of Dealership to Bank and Ally of every kind and description, now existing or hereafter arising under this Agreement, Other Financing Accommodations, or otherwise, whether primary or secondary, absolute or contingent, due or to become due, direct or indirect, presently contemplated or not contemplated by Bank, Ally or Dealership, or otherwise designated by the parties as secured or unsecured (“Obligations”).
The Obligations Secured