Common use of FOURTH CLAUSE Clause in Contracts

FOURTH CLAUSE. All general intangibles and accounts arising from the sale or lease by the Company of the Equipment and the use of the Simulators to provide services to third parties, including all rents, revenues and other income from the Equipment, and all proceeds of the Equipment and other property assigned herein, including insurance proceeds. A Lien upon all property mortgaged hereby and which is hereafter acquired by the Company or to which it may at any time hereby be, in any manner, entitled at law or in equity, and required to be covered hereby or intended to be covered hereby, shall vest in the Agent, under the terms and conditions of this Security Agreement, forthwith upon acquisition thereof by the Company (excluding, however, Additional Equipment, which shall only become subject to the Lien hereof as provided in Section 3.17), and such property shall be as fully embraced within the provisions of this Security Agreement and subject to the Lien hereof as if such property were now owned by the Company and more specifically described herein and mortgaged hereby. TO HAVE AND TO HOLD, all and singular said property unto the Agent, its successors and assigns, as security as aforesaid. All of the Subject Collateral shall secure all of the Obligations. IT IS HEREBY COVENANTED AND DECLARED by and between the parties hereto and their respective successors and assigns that the terms upon which the Subject Collateral shall be held, used and operated are as follows: