Case Nos. OG-G-862 and 863
SECURITY AGREEMENT
This is a Security Agreement between Xxxxxx Protein (USA), Inc.,
("Debtor") and the United States of America ("Secured Party").
RECITALS
Debtor and certain other persons have entered into a Title XI Financial
Agreement with Secured Party dated this date (the "Financial Agreement"). Words
which are capitalized herein and in the attached Exhibit A which are defined in
the Financial Agreement shall have the same meanings as given in the Financial
Agreement.
NOW, THEREFORE, in consideration of the mutual covenants contained in
the Financial Agreement, the parties do hereby agree as follows:
1. Grant of a Security Interest. In order to secure the payment of the
Promissory Note, Debtor does hereby grant Secured Party a security interest in
the collateral described on Exhibit A hereto ("Collateral").
2. Indebtedness Secured. This Security Agreement shall secure the
payment of all amounts owing under the Promissory Note and all other amounts
owed by the Debtor to the Secured Party.
3. Events of Default. All of the events of default enumerated in the
Financial Agreement shall constitute events of default under this Security
Agreement, and the effect of the occurrence of any event of default shall have
the same effect specified in the Financial Agreement. Secured Party shall have
all the rights and remedies available to Secured Party under the Virginia
Business and Commerce Code and such other rights and remedies as are available
under applicable law, subject to the provisions of the Financial Agreement.
Immediately upon the occurrence of an event of default, but before any judicial
action regarding such default, Secured Party may enter upon any premises where
the Collateral may be located and marshal, secure, protect, and do all things
necessary to preserve the Collateral.
4. Financial Agreement Governs. In the event of a conflict between the
Financial Agreement and this Security Agreement, the Financial Agreement shall
control. Specifically, and without limiting the foregoing, the terms of the
security interest granted hereunder are subject to the provisions of Article II,
Section 4 of the Financial Agreement.
DATED: September 27, 1994
Xxxxxx Protein (USA), Inc.
By:
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Vice President and Controller
UNITED STATES OF AMERICA
By:
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Name: Xxxxxx X. Xxxxx
Title: Chief, Financial Services Branch
Southeast Region
NOAA, National Marine Fisheries Service
