AFTER ACQUIRED PROPERTY AND PROCEEDS Clause Samples
The "After Acquired Property and Proceeds" clause establishes that any property or assets the debtor acquires after the agreement is executed will automatically become subject to the lender's security interest. This means that if a borrower obtains new equipment, inventory, or other assets after signing a loan or security agreement, those assets are also covered as collateral without the need for additional documentation. The core function of this clause is to ensure the lender's security interest extends to future assets, thereby protecting the lender's position and reducing the risk of unsecured lending as the borrower's asset base changes over time.
AFTER ACQUIRED PROPERTY AND PROCEEDS. All after acquired property similar to the property herein described and conveyed which may be subsequently acquired by Borrower and used in connection with the Land, the Improvements, the Fixtures, the Personal Property and other property; and all cash and non-cash proceeds and products of all of the foregoing property. TO HAVE AND TO HOLD the same, and all estate therein, together with all the rights, privileges and appurtenances thereunto belonging, to the use and benefit of Lender, its successors and assigns, forever. PROVIDED NEVERTHELESS, should Borrower pay and perform all the Obligations, then these presents will be of no further force and effect, and this Mortgage shall be satisfied by Lender, at the expense of Borrower. This Mortgage constitutes an assignment of rents and profits within the meaning of Minnesota Statutes, Sections 559.17 and 576.01, and is intended to comply fully with the provisions thereof, and to afford Lender, to the fullest extent allowed by law, the rights and remedies of a mortgage lender or secured lender pursuant thereto. This Mortgage also constitutes a security agreement within the meaning of the Uniform Commercial Code as in effect in the State of Minnesota (the "UCC"), with respect to all property described herein as to which a security interest may be granted and/or perfected pursuant to the UCC, and is intended to afford Lender, to the fullest extent allowed by law, the rights and remedies of a secured party under the UCC. BORROWER FURTHER agrees as follows:
AFTER ACQUIRED PROPERTY AND PROCEEDS. All after acquired property similar to the property herein described and conveyed which may be subsequently acquired by Borrower and used in connection with the Land, the Improvements, the Fixtures, the Personal Property and other property; and all cash and non-cash proceeds and products of all of the foregoing property. TO HAVE AND TO HOLD the same, and all estate therein, together with all the rights, privileges and appurtenances thereunto belonging, to the use and benefit of Lender, its successors and assigns, forever. PROVIDED NEVERTHELESS, should Borrower pay and perform all the Obligations, then these presents will be of no further force and effect, and this Mortgage shall be satisfied by Lender, at the expense of Borrower. This Mortgage also constitutes a security agreement within the meaning of the Uniform Commercial Code as in effect in the State of South Dakota (the “UCC”), with respect to all property described herein as to which a security interest may be granted and/or perfected pursuant to the UCC, and is intended to afford Lender, to the fullest extent allowed by law, the rights and remedies of a secured party under the UCC. BORROWER FURTHER agrees as follows:
AFTER ACQUIRED PROPERTY AND PROCEEDS. All after-acquired property similar to the property herein described and conveyed which may be subsequently acquired by the IDB or the Borrower and used in connection with the Land, the Improvements, the Fixtures, the Personal Property and other property; and all cash and non-cash proceeds and products of all of the foregoing property (provided, however, that the inclusion of proceeds and products shall not be deemed to permit any sale or other disposition of the Mortgaged Property or any part thereof in violation of the terms and provisions of this Mortgage). TO HAVE AND TO HOLD the same, and all estate therein, together with all the rights, privileges and appurtenances thereunto belonging, to the use and benefit of the Agent, its successors and assigns, forever. BUT, THIS CONVEYANCE IS MADE UPON THE FOLLOWING CONDITIONS NEVERTHELESS, that is to say: (a) the Borrower shall well and truly pay when and as due the aggregate of all of the Obligations, including without limitation all advances and re-advances of principal under the Notes and all draws under the Letters of Credit, together with all interest and other charges due therein, (b) the Borrower and the IDB shall have fulfilled and performed all of the terms, conditions and agreements contained in the Credit Agreement, the Notes, this Mortgage and the other Credit Documents, (c) the Notes shall have been satisfied and terminated in accordance with their terms and the Lenders shall have no obligation to extend any further credit under the Credit Agreement or the Notes, and (d) an appropriate instrument in satisfaction of this Mortgage, executed by a duly authorized officer of the Agent, shall have been duly recorded in the Probate Office in which this Mortgage is originally recorded, then this conveyance shall become void; otherwise, the same shall remain in full force and effect. This Mortgage constitutes (a) a real estate mortgage under the laws of the State of Alabama, (b) a security agreement within the meaning of the Uniform Commercial Code as in effect in the State of Alabama (the "UCC"), with respect to all property described herein as to which a security interest may be granted and/or perfected pursuant to the UCC (and is intended to afford the Agent, to the fullest extend allowed by law, the rights and remedies of a secured party under the UCC), and (c) a financing statement filed as a fixture filing for purposes of Article 9 of the UCC. The Notes evidence and this Mortgage secures an open-end ...
AFTER ACQUIRED PROPERTY AND PROCEEDS. All after acquired property similar to the property herein described and conveyed which may be subsequently acquired by Borrower and used in connection with the Land, the Improvements, the Fixtures, the Personal Property and other property; and all cash and non-cash proceeds and products of all of the foregoing property. TO HAVE AND TO HOLD the same, and all estate therein, together with all the rights, privileges and appurtenances thereunto belonging, to the use and benefit of Lender, its successors and assigns, forever. PROVIDED NEVERTHELESS, should Borrower pay and perform all the Obligations, then these presents will be of no further force and effect, and this Mortgage shall be satisfied by Lender, at the expense of Borrower. BORROWER FURTHER agrees as follows:
AFTER ACQUIRED PROPERTY AND PROCEEDS. All property similar to the property herein described and conveyed which may be subsequently acquired by the Mortgagor and used in connection with the Land, the Improvements, the Fixtures, the Personal Property and other property described herein; and all cash and non-cash proceeds and products of all of the foregoing property. TO HAVE AND TO HOLD the same, and all estate therein, together with all the rights, privileges and appurtenances thereunto belonging, to the use and benefit of the Lender, its successors and assigns, forever. PROVIDED NEVERTHELESS, should the Mortgagor pay and perform all the Obligations, then these presents will be of no further force and effect, and this Mortgage shall be satisfied by the Lender, at the expense of the Mortgagor. THE MORTGAGOR FURTHER agrees as follows: