Existing Security Interest Clause Samples
The Existing Security Interest clause defines and acknowledges any security interests or liens that already exist on the assets or property subject to the agreement. In practice, this clause requires the party granting the security interest to disclose any prior claims or encumbrances, such as a bank's lien on equipment or inventory, before entering into a new security arrangement. Its core function is to ensure transparency and prevent conflicts between competing security interests, thereby protecting the rights of both the lender and the borrower.
Existing Security Interest. No Security exists on or over the assets of the Obligor except as permitted by sub-clause 5.6.1 (Negative Pledge).
Existing Security Interest. In the event a security interest has heretofore been granted and given to * by Seller in a prior agreement(s) or document(s) to secure certain obligations, then in such event, and notwithstanding anything in this Agreement to the contrary, the lien and security interest herein granted and given to * hereunder is in renewal and continuation, and not in extinguishment of, all such prior liens and security interests and continue to be valid and subsisting liens and security interests to secure all prior, existing and future Obligations.
Existing Security Interest. All indebtedness of Borrower to Lender, whenever and however arising, including without limitation, the indebtedness arising under the Existing Loan Documents, is and continues to be secured by a duly perfected, blanket first priority lien security interest in all of Borrower's accounts, inventory, machinery, patents, trademarks, and other general intangibles and all other assets of Borrower, and the Loans will be secured as set forth in Article XII below.
Existing Security Interest. No Security exists on or over the assets of the Obligor except as permitted by sub-clause 5.2.1.
Existing Security Interest. In the event a security interest has heretofore been granted and given to KBK by Seller in a prior agreement(s) or document(s) to secure certain obligations, then, in such event, and notwithstanding anything in this Agreement to the contrary, the lien and security interest herein granted and given to KBK hereunder is in renewal and continuation, and not in extinguishment of, all such prior liens and security interests and continue to be valid and subsisting liens and security interests to secure all prior, existing and future Obligations.