Example ContractsClausesBackup Security Interest
Backup Security Interest
Backup Security Interest contract clause examples

Backup Security Interest. In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales, then:

Backup Security Interest. In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales, then:

Backup Security Interest. In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then:

Backup Security Interest. In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then:

Security Interest. Each Borrower shall do all things necessary to preserve the Collateral so that it remains subject to a first priority perfected security interest hereunder subject to the rights of Freddie Mac under the Freddie Mac Servicing Contract and the Freddie Mac Acknowledgment Agreement. Without limiting the foregoing, the Borrowers will comply with all rules, regulations and other laws of any Governmental Authority and cause the Collateral to comply with all applicable rules, regulations and other laws. Each Borrower Party and the Subservicer shall diligently fulfill its duties and obligations under the Freddie Mac Servicing Contract and the Subservicing Agreement in all material respects and shall not default in any material respect under the Freddie Mac Subservicing Agreement and/or the Freddie Mac Acknowledgment Agreement; provided that it shall not be a breach of this covenant if: # Freddie Mac shall terminate a Borrower’s rights under any Freddie Mac Servicing Contract and such Borrower shall repay (without duplication of payment) to the Lender an amount equal to the excess of the sum of the Loans then outstanding over the sum of the Borrowing Base of all the Servicing Rights then pledged to the Lender within the time periods set forth in [Section 2.08(b) or (b)])] the Freddie Mac Servicing Contract expires in accordance with its terms and without renewal or # a default declared by an Agency in respect of the Freddie Mac Servicing Contract arose from a failure of the portfolio of serviced Mortgage Loans to perform as required by the Freddie Mac Servicing Contract and Freddie Mac has elected in writing to continue to use PMC as servicer of both that portfolio and other pools of Mortgage Loans and individual Mortgage Loans and Freddie Mac has not rescinded or revoked such election.

Security Interest. To secure the prompt and complete payment and performance of the Secured Obligations when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including the payment of amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code or any similar provisions of other applicable laws), Grantor hereby grants to Secured Party a continuing security interest in, a Lien upon, and a right of set off against, and hereby assigns to Secured Party as security, all personal property of Grantor, whether now owned or hereafter acquired or existing, and wherever located (together with all other collateral security for the Secured Obligations at any time granted to or held or acquired by Secured Party, collectively, the “Collateral”), including:

Subject to the last paragraph of Section 3.1, this Agreement creates a valid and continuing security interest (as defined in the UCC as in effect from time to time in the State of New York) in the Collateral in favor of the Administrative Agent, on behalf of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC and is prior to all other Liens other than Permitted Liens, and is enforceable as such against creditors of and purchasers from the Borrower except as such enforceability may be limited by Insolvency Laws and by general principles of equity (whether considered in a suit at law or in equity);

Security Interest. As security for the payment and performance of all of the Obligations, whether or not any instrument or agreement relating to any Obligation specifically refers to this Agreement or the security interest created hereunder, Debtor hereby assigns, pledges, hypothecates and grants to Secured Party, for the ratable benefit of the “Secured Parties” (as defined in the Credit Agreement), a Lien on and continuing security interest in and to all right, title and interest of the Debtor in, to and under the Collateral wherever located, and whether now existing or hereafter arising or acquired from time to time. Secured Party’s security interest shall continually exist until all Obligations have been indefeasibly paid in full in cash.

Security Interest. To secure the prompt payment and performance of its Obligations, New Borrower hereby grants to Lender a continuing security interest in and Lien upon all personal Property of New Borrower, including all of the following Property, whether now owned or hereafter acquired, and wherever located: # all Accounts; # all Chattel Paper, including electronic chattel paper; # all Commercial Tort Claims, including those shown on [Schedule 9.1.16]; # all Deposit Accounts; # all Documents; # all General Intangibles, including Intellectual Property; # all Goods, including Inventory, Equipment and fixtures; # all Instruments; # all Investment Property; # all Letter-of-Credit Rights; # all Supporting Obligations; # all monies, whether or not in the possession or under the control of Lender, or a bailee or Affiliate of Lender, including any Cash Collateral; # all accessions to, substitutions for, and all replacements, products, and cash and non-cash proceeds of the foregoing, including proceeds of and unearned premiums with respect to insurance policies, and claims against any Person for loss, damage or destruction of any Collateral; and # all books and records (including customer lists, files, correspondence, tapes, computer programs, print-outs and computer records) pertaining to the foregoing. Notwithstanding anything to the contrary contained above, in no event shall Excluded Assets constitute Collateral hereunder or under the Loan Agreement.

This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in favor of the Administrative Agent, on behalf of the Secured Parties, which security interest is prior to all other Liens (except for Permitted Liens), and is enforceable as such against creditors of and purchasers from the Borrower.

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