Personal Property Collateral definition
Examples of Personal Property Collateral in a sentence
Borrower and its Domestic Subsidiaries shall timely pay all applicable taxes and other charges now existing or hereafter levied against Borrower or the Personal Property Collateral of Borrower, and any taxes on the income of the business of Borrower, subject to Borrower’s good faith right to contest, at Borrower’s expense, the validity or application in whole or part of such taxes and for which Borrower, has set aside on its books adequate reserves.
Borrower shall give Lender prompt written notice of (i) any litigation or governmental proceedings against Borrower, any Guarantor, any Pledgor or the Personal Property Collateral, which would reasonably be expected to have a Material Adverse Effect, (ii) any Default or Event of Default under the Loan Documents and (iii) any notices of default received from any lender or material contractor of Borrower.
Borrower and its Domestic Subsidiaries shall at all times maintain, in good order, condition and repair, free of Encumbrances (other than Permitted Encumbrances) and in compliance with all applicable laws, the business of Borrower, assets and properties of Borrower, including (without limitation) the Personal Property Collateral of Borrower.
The Security Agreements signed by Borrower, Individual Guarantors, Development, Solutions and CK, in each case granting an Encumbrance in all applicable Personal Property Collateral.