Common use of Grant of Security Interest; Acceptance by Collateral Agent Clause in Contracts

Grant of Security Interest; Acceptance by Collateral Agent. (a) (i) As security for the prompt and complete payment of Capital (including any Interest and Yield accrued thereon) and the performance of all of the Borrower's other obligations under this Agreement and the other Transaction Documents, the Borrower hereby grants to the Collateral Agent, for the benefit of the Secured Parties, without recourse except as provided herein, a security interest in and continuing Lien on all assets and personal property of the Borrower, including but not limited to, all of the Borrower's accounts, chattel paper, goods, deposit accounts (including, for the avoidance of doubt, the Collection Account, the Reserve Account and the Principal Collection Account), documents, general intangibles, instruments, investment property, letter of credit rights, money and supporting obligations and all proceeds of the foregoing (as each such term is defined in the UCC, collectively, the “Collateral”) now owned or hereafter acquired. The foregoing pledge does not constitute an assumption by the Collateral Agent of any obligations of the Borrower to Obligors or any other Person in connection with the Collateral or under any agreement or instrument relating to the Collateral, including, without limitation, any obligation to make future advances to or on behalf of such Obligors.

Appears in 3 contracts

Samples: Loan and Security Agreement (Credit Acceptance Corp), Loan and Security Agreement (Credit Acceptance Corp), Loan and Security Agreement (Credit Acceptance Corp)

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Grant of Security Interest; Acceptance by Collateral Agent. (a) (i) As security for the prompt and complete payment of Capital (including any Interest and Yield accrued thereon) and the payment and performance of all of the Borrower's ’s other obligations under this Agreement and the other Transaction Documents, the Borrower hereby grants to the Collateral Agent, for the benefit of the Secured Parties, without recourse except as provided herein, a security interest in and continuing Lien on all assets and personal property of the Borrower, including including, but not limited to, all of the Borrower's ’s accounts, chattel paper, goods, deposit bank accounts (including, for the avoidance of doubtwithout limitation, the Collection Account, the Reserve Account and the Principal Collection AccountControlled Accounts), documents, general intangibles, instruments, investment property, letter of credit rights, money and supporting obligations and all proceeds of the foregoing (as each such term is defined in the UCC, collectively, the “Collateral”) now owned or hereafter acquired. The foregoing pledge does not constitute an assumption by the Collateral Agent of any obligations of the Borrower to Obligors or any other Person in connection with the Collateral or under any agreement or instrument relating to the Collateral, including, without limitation, any obligation to make future advances to or on behalf of such Obligors.

Appears in 1 contract

Samples: Loan and Security Agreement (Credit Acceptance Corp)

Grant of Security Interest; Acceptance by Collateral Agent. (a) (i) As security for the prompt and complete payment of Capital (including any Interest and Yield accrued thereon) the Notes and the performance of all of the Borrower's other obligations under the Notes, this Agreement and the other Transaction Documents, the Borrower hereby grants to the Collateral Agent, for the benefit of the Secured Parties, without recourse except as provided herein, a security interest in and continuing Lien on all assets and personal property of the Borrower, including but not limited to, all of the Borrower's property (whether now owned or hereafter acquired or arising, and wherever located) including, without limitation, all of its right, title and interest to: (i) each Certificate, and all amounts distributed or to become distributable with respect thereto on and after the pledge of each such Certificate hereunder; (ii) all Related Security; (iii) all Dealer Loans, all collateral securing such Dealer Loans and all related rights, (iv) all accounts, general intangibles (including without limitation payment intangibles), chattel paper, goodsgoods (including without limitation vehicles), instruments, documents, deposit accounts (including, for the avoidance of doubt, the Collection Account, the Reserve Account and the Principal Collection Account), documents, general intangibles, instruments, investment property, letter of credit rights, money ; and supporting obligations (v) all income and all proceeds Proceeds of the foregoing (as each such term is defined in the UCC, collectively, the "Collateral”) now owned or hereafter acquired"). The foregoing pledge does not constitute an assumption by the Collateral Agent of any obligations of the Borrower to Obligors obligors relating to the Dealer Loans or the dealer agreements or contracts related thereto or any other Person in connection with the Collateral or under any agreement or instrument relating to the Collateral, including, without limitation, any obligation to make future advances to or on behalf of such Obligorsobligors.

Appears in 1 contract

Samples: Certificate Funding Agreement (Credit Acceptance Corporation)

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Grant of Security Interest; Acceptance by Collateral Agent. (a) (i) As security for the prompt and complete payment of Capital (including any Interest and Yield accrued thereon) the Notes and the performance of all of the Borrower's other ’s obligations under the Notes, this Agreement and the other Transaction Documents, the Borrower hereby reaffirms its grant of a security interst pursuant to the Existing Loan and Security Agreement and hereby grants to the Collateral Agent, for the benefit of the Secured Parties, without recourse except as provided herein, a security interest in and continuing Lien on all assets and personal property of the Borrower, including but not limited to, all of the Borrower's ’s accounts, chattel paper, goods, deposit accounts (including, for the avoidance of doubt, the Collection Account, the Reserve Account and the Principal Collection Account)accounts, documents, general intangibles, instruments, investment property, letter of credit rights, money and supporting obligations and all proceeds of the foregoing (as each such term is defined in the UCC, collectively, the “Collateral”) now owned or hereafter acquired. The foregoing pledge does not constitute an assumption by the Collateral Agent of any obligations of the Borrower to Obligors or any other Person in connection with the Collateral or under any agreement or instrument relating to the Collateral, including, without limitation, any obligation to make future advances to or on behalf of such Obligors.

Appears in 1 contract

Samples: Loan and Security Agreement (Credit Acceptance Corp)

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