Common use of DESCRIPTION OF OBLIGATION Clause in Contracts

DESCRIPTION OF OBLIGATION. (S). The following obligations ("Obligation" or "Obligations") are secured by this Agreement: (a) All debts, obligations, liabilities and agreements of Debtor to Bank, now or hereafter existing, arising directly or indirectly between Debtor and Bank whether absolute or contingent, joint or several, secured or unsecured, due or not due, contractual or tortious, liquidated or unliquidated, arising by operation of law or otherwise, and all renewals, extensions or rearrangement of any of the above; (b) All costs incurred by Bank to obtain, preserve, perfect and enforce this Agreement and maintain, preserve, collect and realize upon the Collateral; (c) All debts, obligations, liabilities and agreements of Debtor to Bank of the kinds described in this Item 3., now existing or hereafter arising; (d) All other costs and attorney's fees incurred by Bank, for which Debtor is obligated to reimburse Bank in accordance with the terms of the Loan Documents (hereinafter defined), together with interest at the maximum rate allowed by law, or if none, Prime plus 3% per annum; and (e) All amounts which may be owed to Bank pursuant to all other loan documents executed between Bank and Debtor. If Debtor is not the obligor of the Obligation, and in the event any amount paid to Bank on any Obligation is subsequently recovered from Bank in or as a result of any bankruptcy, insolvency or fraudulent conveyance proceeding, Debtor shall be liable to Bank for the amounts so recovered up to the fair market value of the Collateral whether or not the Collateral has been released or the security interest terminated. In the event the Collateral has been released or the security interest terminated, the fair market value of the Collateral shall be determined, at Bank's option, as of the date the Collateral was released, the security interest terminated, or said amounts were recovered.

DESCRIPTION OF OBLIGATION. (S). The following obligations ("Obligation" or "Obligations") are secured by this Agreement: (a) i. All Debt: All debts, obligations, liabilities and agreements of Debtor Pledgor and/or Xxxxxxx X. Xxx and Xxxxx X. Xxx to Bank, now or hereafter existing, arising directly or indirectly between Debtor Pledgor and Bank whether absolute or contingent, joint or pint xxx several, secured or unsecured, due or not due, contractual or tortious, liquidated or unliquidated, ; arising by operation of law or otherwise, and all renewals, extensions or rearrangement and rearrangements of any of the above; (b) : ii. All costs and expenses incurred by Bank Bank, including attorney's fees, to obtain, preserve, perfect perfect, enforce and enforce defend this Agreement and maintain, preserve, collect and realize upon the Collateral; (c) All debts, obligations, liabilities and agreements of Debtor to Bank of the kinds described in this Item 3., now existing or hereafter arising; (d) All other costs and attorney's fees incurred by Bank, for which Debtor is obligated to reimburse Bank in accordance with the terms of the Loan Documents (hereinafter defined), together with interest thereon at the maximum highest rate allowed by law, or if none, Prime plus 325% per annum; and (e) iii. All amounts which may be owed to Bank pursuant to all other loan documents executed between Bank and Debtorin connection with the indebtedness described in subpart i. above. If Debtor is not the obligor of the Obligation, and in In the event any amount paid to Bank on any Obligation is subsequently recovered from Bank in or as a result of any bankruptcy, insolvency or fraudulent conveyance proceedingproceeding involving an obligor of the Obligation other than Pledgor, Debtor Pledgor shall be liable to Bank for the amounts so recovered up to the fair market value of the Collateral whether or not the Collateral has been released or the security interest terminated. In the event the Collateral has been released or the security interest terminated, the fair market value of the Collateral shall be determined, at Bank's option, as of the date the Collateral was released, the security interest terminated, or said amounts were recovered.. B.

DESCRIPTION OF OBLIGATION. (S). The following obligations ("Obligation" or "Obligations"') are secured by this Agreement: (a) i. All Debt: All debts, obligations, liabilities and agreements of Debtor Pledgor and/or Xxxxxxx X. Xxx and Xxxxx X. Xxx to Bank, now or hereafter existing, arising directly or indirectly between Debtor Xxxxxxx and Bank whether absolute or contingent, joint or several, secured or unsecured, due or not due, contractual or tortious, liquidated or unliquidated, arising by operation of law or otherwise, and all all, renewals, extensions or rearrangement and rearrangements of any of the above; (b) R. All costs and expenses incurred by Bank Bank, including attorney's fees, to obtain, preserve, perfect perfect, enforce and enforce defend this Agreement and maintain, preserve, collect and realize upon the Collateral; (c) All debts, obligations, liabilities and agreements of Debtor to Bank of the kinds described in this Item 3., now existing or hereafter arising; (d) All other costs and attorney's fees incurred by Bank, for which Debtor is obligated to reimburse Bank in accordance with the terms of the Loan Documents (hereinafter defined), together with interest thereon at the maximum highest rate allowed by law, or if none, Prime plus 325% per annum; and (e) W. All amounts which may be ame,'r,t ,...hirh mw he owed to Bank pursuant to all other loan documents executed between Bank and Debtorin connection with the indebtedness described in subpart i. above. If Debtor is not the obligor of the Obligation, and in In the event any amount paid to Bank on any Obligation is subsequently recovered from Bank in or as a result of any bankruptcy, insolvency or fraudulent conveyance proceedingproceeding involving an obligor of the Obligation other than Pledgor, Debtor Xxxxxxx shall be liable to Bank for the amounts so recovered up to the fair market value of the Collateral whether or not the Collateral has been released or the security interest terminated. In the event the Collateral has been released or the security security. interest terminated, the fair market value of the Collateral shall be determined, at Bank's option, as of the date the Collateral Collateral. was released, the security interest terminated, or said amounts were recovered.. B.

DESCRIPTION OF OBLIGATION. (S). The following obligations ("Obligation" or "Obligations") are secured by this Agreement: (a) All debts, obligations, liabilities and agreements of Debtor to Bank, now or hereafter existing, arising directly or indirectly between Debtor and Bank whether absolute or contingentunder the Loan Documents, joint or severalincluding, secured or unsecuredwithout limitation, due or not due, contractual or tortious, liquidated or unliquidated, arising by operation of law or otherwise, and all renewals, extensions or rearrangement of any of the above"Obligations" as defined in the Loan Agreement referred to in Section 8 C. hereof; (b) All reasonable out-of-pocket costs incurred by Bank to obtain, preserve, perfect and enforce this Agreement and maintain, preserve, collect and realize upon the Collateral; (c) All debtsdebt, obligationsobligations and liabilities of MiliRisk, liabilities and agreements of Debtor Inc. to Bank of the kinds described in this Item 3., now existing or hereafter arisingSection 3 A.; and (d) All other costs and attorney's fees incurred by Bank, for which Debtor is obligated to reimburse Bank in accordance with the terms of the Loan Documents (hereinafter defined), together with interest at the maximum rate allowed by law, or if none, Prime plus 3% per annum; and (e) All amounts which may be owed to Bank pursuant to all other loan documents executed between Bank and DebtorBank's prime rate. If Debtor is not the obligor of the Obligation, and in the event any amount paid to Bank on any Obligation is subsequently recovered from Bank in or as a result of any bankruptcy, insolvency or fraudulent conveyance proceeding, Debtor shall be liable to Bank for the amounts so recovered up to the fair market value of the Collateral whether or not the Collateral has been released or the security interest terminated. In the event the Collateral has been released or the security interest terminated, the fair market value of the Collateral shall be determined, at Bank's option, as of the date the Collateral was released, the security interest terminated, or said amounts were recovered.