Common use of Warranty as to Collateral Clause in Contracts

Warranty as to Collateral. Borrower warrants that: (a) All Receivables listed in Borrower’s financial statements or schedules will, when Borrower delivers such financial statements or the schedules to Lender, be bona fide existing obligations created by the sale and actual delivery of goods or the rendition of services to Customers in the ordinary course of business, which Borrower then owns free of any Security Interest except for the Security Interest in favor of Lender created by this Agreement and which are then unconditionally owing to Borrower without defense, offset or counterclaim; and (b) all Inventory and Equipment is and shall be owned by Borrower, free of any Security Interest except for the Security Interest of Lender created by this Agreement or Security Interests permitted by Paragraph 18(c). Lender’s rights to and security interest in the Collateral will not be impaired by the ineligibility of any such Collateral for Advances and will continue to be effective until all Obligations chargeable to Borrower’s loan account have been fully satisfied.

Appears in 2 contracts

Samples: General Credit and Security Agreement (Canterbury Park Holding Corp), General Credit and Security Agreement (Canterbury Park Holding Corp)

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Warranty as to Collateral. Borrower warrants that: (a) All all Receivables listed in or reported on Borrower’s financial statements or 's schedules will, when Borrower delivers such financial statements or the schedules to Lender, be bona fide existing obligations created by the sale and actual delivery of goods or the rendition of services to Customers in the ordinary course of business, not subject to return, evaluation or other condition, and which Borrower then owns free of any Security Interest except for the Security Interest in favor of Lender created by this Agreement or Security Interests permitted under Paragraph 18(d), and which are then unconditionally owing to Borrower without defense, offset or counterclaim; and that all shipping or delivery receipts, invoice copies and other documents furnished to Lender in connection therewith will be genuine; and (b) all Inventory and Equipment is and shall be owned by Borrower, free of any Security Interest except for the Security Interest of Lender created by this Agreement or Security Interests permitted by Paragraph 18(c18(d). Lender’s 's rights to and security interest in the Collateral will not be impaired by the ineligibility of any such Collateral for Advances and will continue to be effective until all Obligations obligations chargeable to Borrower’s 's loan account have been fully satisfied.

Appears in 2 contracts

Samples: General Credit and Security Agreement (Fieldworks Inc), General Credit and Security Agreement (Infinite Graphics Inc)

Warranty as to Collateral. Borrower warrants that: (a) All all Receivables listed in or reported on Borrower’s financial statements or 's schedules will, when Borrower delivers such financial statements or the schedules to Lender, be bona fide existing obligations created by the sale and actual delivery of goods or the rendition of services to Customers in the ordinary course of business, not subject to return, evaluation or other condition, and which Borrower then owns free of any Security Interest except for the Security Interest in favor of Lender created by this Agreement or Security Interests permitted under Paragraph 18, and which are then unconditionally owing to Borrower without defense, offset or counterclaim; and that all shipping or delivery receipts, invoice copies and other documents furnished to Lender in connection therewith will be genuine; and (b) all Inventory and Equipment is and shall be owned by Borrower, free of any Security Interest except for the Security Interest of Lender created by this Agreement or Security Interests permitted by Paragraph 18(c)18. Lender’s 's rights to and security interest in the Collateral will not be impaired by the ineligibility of any such Collateral for Advances and will continue to be effective until all Obligations obligations chargeable to Borrower’s 's loan account have been fully satisfied.

Appears in 1 contract

Samples: General Credit and Security Agreement (Barringer Laboratories Inc)

Warranty as to Collateral. Borrower warrants that:: ------------------------- (a) All all Receivables listed in or reported on Borrower’s financial statements or 's schedules will, when Borrower delivers such financial statements or the schedules to Lender, be bona fide existing obligations created by the sale and actual delivery of goods or the rendition of services to Customers in the ordinary course of business, not subject to return, evaluation or other condition, and which Borrower then owns free of any Security Interest except for the Security Interest in favor of Lender created by this Agreement or Security Interests permitted under the paragraph entitled "Negative Covenants", and which are then unconditionally owing to Borrower without defense, offset or counterclaim; and that all copies of shipping or delivery receipts, invoice copies and other documents furnished to Lender in connection therewith will be true and correct; and (b) all Eligible Inventory and Equipment is and shall be owned by Borrower, free of any Security Interest except for the Security Interest of Lender created by this Agreement or Security Interests permitted by Paragraph 18(c)the paragraph entitled "Negative covenants". Lender’s 's rights to and security interest in the Collateral will not be impaired by the ineligibility of any such Collateral for Advances and will continue to be effective until all Obligations obligations chargeable to Borrower’s 's loan account have been fully satisfied.

Appears in 1 contract

Samples: General Credit and Security Agreement (Communications World International Inc)

Warranty as to Collateral. Borrower warrants that: (a) All all Receivables listed in or reported on Borrower’s financial statements or 's schedules will, when Borrower delivers such financial statements or the schedules to Lender, be bona fide existing obligations created by the completed sale and actual delivery of goods or and/or the completed rendition of services to Customers in the ordinary course of business, business in accordance with GAAP which Borrower then owns free of any Security Interest except for the Security Interest in favor of Lender created by this Agreement or Security Interests permitted under Paragraph 18(d), and which are then unconditionally owing to Borrower without defense, offset or counterclaim; and that all shipping or delivery receipts, invoice copies and other documents furnished to Lender in connection therewith will be genuine; and (b) all Inventory and Equipment is and shall be owned by Borrower, free of any Security Interest except for the Security Interest of Lender created by this Agreement or Security Interests permitted by Paragraph 18(c18(d). Lender’s 's rights to and security interest in the Collateral will not be impaired by the ineligibility of any such Collateral for Advances and will continue to be effective until all Obligations obligations chargeable to Borrower’s 's loan account have been fully satisfied.

Appears in 1 contract

Samples: General Credit and Security Agreement (Digital Biometrics Inc)

Warranty as to Collateral. Borrower warrants that: (a) All : all Receivables listed in or reported on Borrower’s financial statements or 's schedules will, when Borrower delivers such financial statements or the schedules to Lender, be bona fide existing obligations created by the sale and actual delivery of goods or the rendition of services to Customers in the ordinary course of business, which Borrower then owns free of any Security Interest except for the Security Interest in favor of Lender created by this Agreement or Security Interests permitted under Paragraph 18(d), and which are then unconditionally owing to Borrower without defense, offset or counterclaim; and (b) and that all shipping or delivery receipts, invoice copies and other documents furnished to Lender in connection therewith will be genuine; and all Inventory and Equipment is and shall be owned by Borrower, free of any Security Interest except for the Security Interest of Lender created by this Agreement or Security Interests permitted by Paragraph 18(c18(d). Lender’s 's rights to and security interest in the Collateral will not be impaired by the ineligibility of any such Collateral for Advances and will continue to be effective until all Obligations obligations chargeable to Borrower’s 's loan account have been fully satisfied.

Appears in 1 contract

Samples: General Credit and Security Agreement (Appliance Recycling Centers of America Inc /Mn)

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Warranty as to Collateral. Borrower warrants that: (a) All all Receivables listed in or reported on Borrower’s financial statements or 's schedules will, when Borrower delivers such financial statements or the schedules to Lender, be bona fide existing obligations created by the sale and actual delivery of goods or the rendition of services to Customers in the ordinary course of business, not subject to return, evaluation or other condition, and which Borrower then owns free of any Security Interest except for the Security Interest in favor of Lender created by this Agreement or Security Interests permitted under the paragraph entitled "Negative Covenants", and which are then unconditionally owing to Borrower without defense, offset or counterclaim; and that all shipping or delivery receipts, invoice copies and other documents furnished to Lender in connection therewith will be genuine; and (b) all Inventory and Equipment is and shall be owned by Borrower, free of any Security Interest except for the Security Interest of Lender created by this Agreement or Security Interests permitted by Paragraph 18(c)the paragraph entitled "Negative covenants". Lender’s 's rights to and security interest in the Collateral will not be impaired by the ineligibility of any such Collateral for Advances and will continue to be effective until all Obligations obligations chargeable to Borrower’s 's loan account have been fully satisfied.

Appears in 1 contract

Samples: General Credit and Security Agreement (Productivity Technologies Corp /)

Warranty as to Collateral. Borrower warrants that: (a) All Receivables listed in Borrower’s 's financial statements or schedules will, when Borrower delivers such financial statements or the schedules to Lender, be bona fide existing obligations created by the sale and actual delivery of goods or the rendition of services to Customers in the ordinary course of business, which Borrower then owns free of any Security Interest except for the Security Interest in favor of Lender created by this Agreement and which are then unconditionally owing to Borrower without defense, offset or counterclaim; and (b) all Inventory and Equipment is and shall be owned by Borrower, free of any Security Interest except for the Security Interest of Lender created by this Agreement or Security Interests permitted by Paragraph 18(c). Lender’s 's rights to and security interest in the Collateral will not be impaired by the ineligibility of any such Collateral for Advances and will continue to be effective until all Obligations chargeable to Borrower’s 's loan account have been fully satisfied.

Appears in 1 contract

Samples: General Credit and Security Agreement (Canterbury Park Holding Corp)

Warranty as to Collateral. Borrower warrants that: (a) All all Receivables listed in Borrower’s financial statements or schedules will, when Borrower delivers such financial statements or the schedules to Lender, be bona fide existing obligations created by the sale and actual delivery of goods or the rendition of services to Customers Account Debtors in the ordinary course of business, which Borrower then owns free of any Security Interest except for the Security Interest in favor of Lender created by this Agreement and which are then unconditionally owing to Borrower without defense, offset or counterclaim; and that all shipping or delivery receipts, invoice copies and other documents furnished to Lender in connection therewith will be genuine; and (b) all Inventory and Equipment is and shall be owned by Borrower, free of any Security Interest except for the Security Interest of Lender created by this Agreement or Security Interests permitted by Paragraph 18(c18(d). Lender’s rights to and security interest in the Collateral will not be impaired by the ineligibility of any such Collateral for Advances and will continue to be effective until all Obligations chargeable to Borrower’s loan account have been fully satisfied.

Appears in 1 contract

Samples: General Credit and Security Agreement (MBC Holding Co)

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