Common use of Security Clause in Contracts

Security. Should a Security be granted for the performance of any of the Borrower’s Debt Instruments, the Borrower shall timely inform the CEB of its intentions and shall, if so required by the CEB, provide to the CEB, within the deadline set forth in the CEB’s notice, identical or equivalent Security for the performance of its financial obligations under this Agreement. This provision shall not apply to a Security: (a) created on property at the time of purchase solely as security for the payment of the purchase price or for the payment of debt incurred for the purpose of financing the purchase of such property; (b) securing a Debt Instrument maturing not more than one (1) year after the date on which it was originally incurred; or (c) previously approved by the CEB.

Security. Should a Security be granted for the performance of any of the Borrower’s Debt Instruments, the Borrower shall timely inform the CEB of its intentions and shall, if so required by the CEB, provide to the CEB, within the deadline set forth in the CEB’s notice, identical or equivalent Security for the performance of its financial obligations under this Agreement. This provision shall not apply to a Security: (a) created on property at the time of purchase solely as security for the payment of the purchase price or for the payment of debt incurred for the purpose of financing the purchase of such property;; or (b) securing a Debt Instrument maturing not more than one (1) year after the date on which it was originally incurred; or (c) previously approved by the CEB.

Security. Should a Security be granted for the performance of any of the Borrower’s Debt Instruments, the Borrower shall timely inform the CEB of its intentions and shall, if so required by the CEB, provide to the CEB, within the deadline set forth in the CEB’s notice, identical or equivalent Security for the performance of its financial obligations under this Agreement. This provision shall not apply to a Security: (a) created on property at the time of purchase solely as security for the payment of the purchase price or for the payment of debt incurred for the purpose of financing the purchase of such property; (b) securing a Debt Instrument maturing not more than one (1) year after the date on which it was originally incurred; or; (c) previously approved by the CEB.