Common use of Title to, Liens on, and Sale and Use of Collateral Clause in Contracts

Title to, Liens on, and Sale and Use of Collateral. The Borrower represents and warrants to the Agent and the Lenders and agrees with the Agent and the Lenders that: (a) all of the Collateral is and will continue to be owned by the Borrower free and clear of all Liens whatsoever, except for Permitted Liens; (b) the Agent’s Liens in the Collateral will not be subject to any prior Lien except for those Liens identified in clauses (c), (d) and (e) of the definition of Permitted Liens; and (c) the Borrower will use, store, and maintain the Collateral with all reasonable care and will use such Collateral for lawful purposes only.

Appears in 7 contracts

Samples: Loan Agreement (Nicholas Financial Inc), Loan Agreement (Nicholas Financial Inc), Loan Agreement (Nicholas Financial Inc)

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Title to, Liens on, and Sale and Use of Collateral. The Each Borrower represents and warrants to the Agent and the Lenders and agrees with the Agent and the Lenders that: (a) all of the Collateral is and will continue to be owned by the such Borrower free and clear of all Liens whatsoever, except for Permitted Liens; (b) the Agent’s 's Liens in the Collateral will not be subject to any prior Lien except for those Permitted Liens identified in clauses (c), excluding Liens permitted under CLAUSE (d) and (eF) of the definition of Permitted Liens); and (c) the such Borrower will use, store, and maintain the Collateral with all reasonable care and will use such Collateral for lawful purposes only.

Appears in 1 contract

Samples: Loan and Security Agreement (Worldtex Inc)

Title to, Liens on, and Sale and Use of Collateral. The Borrower represents and warrants to the Agent and the Lenders and agrees with the Agent and the Lenders that: (a) all of the Collateral is and will continue to be owned by the Borrower free and clear of all Liens whatsoever, except for Permitted Liens; (b) the Agent’s 's Liens in the Collateral will not be subject to any prior Lien except for those Liens identified in clauses (c), (d) and (e) of the definition of Permitted Liens; and (c) the Borrower will use, store, and maintain the Collateral with all reasonable care and will use such Collateral for lawful purposes only.

Appears in 1 contract

Samples: Loan and Security Agreement (Nicholas Financial Inc)

Title to, Liens on, and Sale and Use of Collateral. The Borrower represents and warrants to the Agent and the Lenders and agrees with the Agent and the Lenders that: (a) all of the Collateral is and will continue to be owned by the Borrower free and clear of all Liens whatsoever, except for Permitted Liens; (b) the Agent’s 's Liens in the Collateral will not be subject to any prior Lien except for those Liens identified in clauses (c), (d), (e) and (eg) of the definition of Permitted Liens; and (c) the Borrower will use, store, and maintain the Collateral with all reasonable care and will use such Collateral for lawful purposes only.

Appears in 1 contract

Samples: Loan and Security Agreement (Anchor Glass Container Corp /New)

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Title to, Liens on, and Sale and Use of Collateral. The Each Borrower represents and warrants to the Agent and the Lenders and agrees with the Agent and the Lenders that: (a) all of the Collateral is and will continue to be owned by the Borrower Borrowers free and clear of all Liens whatsoever, except for Permitted Liens; (b) the Agent’s 's Liens in the Collateral will not be subject to any prior Lien except for those Liens identified in clauses (c), (d), (e) and (eg) of the definition of Permitted Liens; and (c) the Borrower Borrowers will use, store, and maintain the Collateral with all reasonable care and will use such Collateral for lawful purposes only.

Appears in 1 contract

Samples: Loan and Security Agreement (Eftc Corp/)

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