Continued Security Interest Clause Samples

Continued Security Interest. The Borrower shall notify the Lender in writing within five (5) Business Days if (a) the Borrower changes its name or identity in any manner, (b) the Borrower changes the location of its principal place of business, (c) the nature of any of the Collateral is changed or any of the Collateral is transferred to another location or (d) any of the books or records related to the Collateral are transferred to another location. The Borrower shall execute such additional financing statements or other documents as the Lender may reasonably request in order to maintain its perfected security interest in the Collateral.

Continued Security Interest. Borrower acknowledges that Lender shall succeed to SSB's security interest under the Loan Agreement with respect to the Stock Collateral. Borrower further acknowledges that Lender shall undertake to make all necessary filings with state and federal agencies in order to protect such security interest.

Continued Security Interest. On the date of this Amendment No. 2 and after giving effect to this Amendment No. 2 and the transactions contemplated herein, the security interest created by and provided for in the Security Documents, shall constitute a valid first and prior perfected Lien on the Collateral (except that any such security interest in a Special Equity Interest may be subject to a Lien in favor of a creditor of the issuer of such Special Equity Interest as contemplated by the definition of such term in Section 1.02 of the Guarantee and Security Agreement). The Borrower hereby acknowledges and agrees that this Amendment No. 2 shall in no way constitute a release of the Borrower from its obligations under the Guarantee and Security Agreement.

Continued Security Interest. The Company shall not sell, transfer, license or otherwise dispose of the Collateral, or any part thereof or any interest therein, except as otherwise provided in the Second Amendment or the Note. If the Collateral, or any part thereof, is sold or otherwise disposed of in violation of these provisions, the security interest of the Secured Party shall continue in such Collateral or any part thereof (and in the Proceeds thereof) notwithstanding such sale or other disposition, and the Company will deliver any Proceeds thereof to the Secured Party to be, at the option of the Secured Party, held as Collateral hereunder, and/or be applied to the Obligations.

Continued Security Interest. 18 2.12 Inspection of Collateral and Facilities ..................... 18 2.13

Continued Security Interest. Each Company shall not sell, transfer, license or otherwise dispose of the Collateral, or any part thereof or any interest therein, except as otherwise provided in the Note Purchase Agreement or the Notes and except for sales of inventory and for sales or other dispositions of other assets, so long as such sales or other dispositions are in the ordinary course of business and for fair value and the aggregate value of the assets (other than inventory) that are so sold or disposed of since the date hereof is not in excess of $50,000. If the Collateral, or any part thereof, is sold or otherwise disposed of in violation of these provisions, the security interest of the Collateral Agent shall continue in such Collateral or any part thereof (and in the Proceeds thereof) notwithstanding such sale or other disposition, and each Company will deliver any Proceeds thereof to the Collateral Agent to be, at the option of the Collateral Agent, held as Collateral hereunder, and/or be applied to the Obligations.

Continued Security Interest. At the request of the Secured Party, the Debtor shall take whatever steps are appropriate or necessary to ensure that the Security Interest shall at all times constitute a valid lien upon and perfected security interest in the Collateral, enforceable against the Debtor, securing, in accordance with the terms of this Security Agreement, the Secured Obligations, and the Collateral shall not at any time be subject to any liens that are prior to or on a parity with the Security Interest except for liens that may be held by Imperial Bank to secure ally "Senior Debt" (as defined in the Note).

Continued Security Interest. On the date of this Amendment No. 1 and after giving effect to this Amendment No. 1 and the transactions contemplated herein , the security interest created by and provided for in the Security Documents, shall constitute a valid first and prior perfected Lien on the Collateral (except that any such security interest in a Special Equity Interest may be subject to a Lien in favor of a creditor of the issuer of such Special Equity Interest as contemplated by the definition of such term in Section 1.02 of the Guarantee and Security Agreement).