Accounts Receivable Collateral definition
Examples of Accounts Receivable Collateral in a sentence
Borrower has full right, power and authority to make this assignment of the Accounts Receivable Collateral and hereafter will not pledge, hypothecate, grant a security interest in, sell, assign, transfer, or otherwise dispose of the Accounts Receivable Collateral, or any interest therein.
Each item of the Accounts Receivable Collateral arises or will arise under a contract between Borrower and the Account Debtor, or from the bona fide sale or delivery of goods to or performance of services for, the Account Debtor.
Borrower has good title to the Accounts Receivable Collateral free and clear of all liens, security interests and encumbrances thereon other than any Permitted Encumbrances, and no financing statement covering the Accounts Receivable Collateral is on file in any public office other than any evidencing Permitted Encumbrances.
The Borrower has full right, power and authority to make the assignment pursuant to this Agreement of the Accounts Receivable Collateral and to grant a security interest in all of the Collateral.
As of the date hereof, the Accounts Receivable Collateral and Inventory Collateral are located only at the Collateral Locations, or within the boundaries of Kailua-Kona, Hawaii, and Borrower hereby covenants with Lender, except for in the ordinary course of business, not to move any portion of the Accounts Receivable Collateral and Inventory Collateral without at least thirty (30) days prior written notice to Lender.