Common use of Indebtedness Secured Clause in Contracts

Indebtedness Secured. This Mortgage has been given and is intended to secure the full and prompt payment and performance of the Obligations and constitutes a future advance mortgage under K.S.A. §58-2336. This Mortgage secures future advances from the Banks to Borrower or Other Borrower and other future obligations of Borrower and/or Other Borrower to the Banks and the Agent pursuant to the Credit Documents; provided, however, that, notwithstanding anything to the contrary in this Mortgage, (i) the maximum aggregate principal balance secured hereby shall not exceed $19,700,000 (the “Maximum Amount Secured”), and (ii) payments made on account of the obligations secured hereby or any portion thereof, whether in the ordinary course, as prepayments or otherwise, shall not reduce the Maximum Amount Secured unless the aggregate principal amount of obligations secured hereby is less than the Maximum Amount Secured. The priority of the lien hereunder securing such future advances and future obligations shall relate back to the date this Mortgage was recorded. In addition, the Mortgage shall secure unpaid balances of advances made by Agent or any Bank with respect to the Property, for the payment of Impositions, as hereinafter defined, insurance premiums and costs incurred for the protection of the Property and any charges, expenses and fees, including, without limitation, attorneys’ fees, which, by the terms hereof, shall be added to and increase the Obligations. Borrower agrees that all of the duties and obligations imposed on it hereunder, whether absolute or contingent, due or to become due, are for the reasonable protection of the lien of this Mortgage. This Mortgage shall remain in full force and effect with respect to all of the Property until all Obligations shall have been paid and performed in full. If the Obligations are paid and performed in accordance with the terms of the applicable Credit Documents, including, without limitation, the observance of all the agreements contained in this Mortgage, this Mortgage shall be released at the expense of Borrower. Borrower acknowledges that nothing in this Section 1 obligates Agent or any Bank to make future advances to Borrower or any other Person.

Appears in 1 contract

Sources: Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing (MGP Ingredients Inc)

Indebtedness Secured. This Mortgage has been given and is intended made to secure and enforce the full and prompt payment and performance of the following indebtedness, obligations and liabilities: (a) All sums advanced under the terms of that certain Term Note dated as of even date herewith, in the face amount of $12,240,000 executed by ▇▇▇▇▇▇▇▇▇ and made payable to Mortgagee bearing interest and payable as therein provided, and containing the usual provisions in notes of this character, and all renewals, rearrangements, amendments, modifications and extensions thereof (whether one or more, the “Note”). (b) All Obligations and constitutes a future advance mortgage under K.S.A. §58-2336. This Mortgage secures future advances from the Banks of Mortgagor owed to Borrower Mortgagee defined in or Other Borrower and other future obligations of Borrower and/or Other Borrower to the Banks and the Agent arising pursuant to the terms of that certain Term Credit Documents; providedAgreement dated as of even date herewith, howeverand all modifications, thatamendments, notwithstanding anything to the contrary in this Mortgage, (i) the maximum aggregate principal balance secured hereby shall not exceed $19,700,000 and restatements thereto (the “Maximum Amount SecuredCredit Agreement”), and . (iic) payments made Payment of any sums which may be advanced or paid by Mortgagee under the terms hereof on account of the failure of Mortgagor to comply with the covenants of Mortgagor contained herein; and all other indebtedness of Mortgagor arising pursuant to the provisions of this Mortgage. (d) All obligations secured hereby or any portion thereof, whether in the ordinary courseof Mortgagor owed to Swap Counterparty, as prepayments counterparty under those certain Permitted Swap Agreements defined in or otherwise, shall not reduce the Maximum Amount Secured unless the aggregate principal amount of obligations secured hereby is less than the Maximum Amount Secured. The priority of the lien hereunder securing such future advances and future obligations shall relate back arising pursuant to the date this Mortgage was recorded. In additionterms of that certain Credit Agreement, the Mortgage shall secure unpaid balances of advances made by Agent or any Bank with respect to the Property, for the payment of Impositions, as hereinafter defined, insurance premiums and costs incurred for the protection of the Property and any charges, expenses and fees, including, including without limitation, attorneys’ feesthat certain ISDA Master Agreement dated as of October 16, which2007 between ▇▇▇▇▇▇▇▇▇ and Swap Counterparty, by as referenced in the terms hereofIntercreditor Agreement (together with all schedules and confirmations in respect thereof, shall be added as amended, supplemented, restated, extended or replaced from time to and increase the Obligations. Borrower agrees that all time). (e) All obligations of the duties and obligations imposed on it hereunderRANCHER ENERGY WYOMING, whether absolute or contingentLLC, due or a Wyoming limited liability company, owed to become due, are for the reasonable protection of the lien of this Mortgage. This Mortgage shall remain in full force and effect with respect Mortgagee arising pursuant to all of the Property until all Obligations shall have been paid and performed in full. If the Obligations are paid and performed in accordance with the terms of the applicable Credit Documentsthat certain Guaranty dated as of even date herewith, includingand all modifications, without limitationamendments, the observance and restatements thereto. (f) All renewals, extensions, replacements and modifications of indebtedness described, referred to or mentioned in paragraphs (a) through (e) above, and all the agreements contained substitutions therefor, in this Mortgage, this Mortgage shall be released at the expense of Borrower. Borrower acknowledges that nothing whole or in this Section 1 obligates Agent or any Bank to make future advances to Borrower or any other Personpart.

Appears in 1 contract

Sources: Mortgage, Security Agreement, Financing Statement and Assignment of Production and Revenues (Rancher Energy Corp.)

Indebtedness Secured. This Mortgage has been given and is intended to secure the full and prompt payment and performance of the Obligations and constitutes a future advance mortgage under K.S.A. §58-2336Obligations. This Mortgage secures shall secure, among other things, the payment and performance of all future advances from the Banks to Borrower or Other Borrower and other advances, future obligations and future extensions of Borrower and/or Other Borrower to the Banks and the Agent pursuant to the Credit Documents; provided, however, that, notwithstanding anything to the contrary in this Mortgage, (i) the maximum aggregate principal balance secured hereby shall not exceed $19,700,000 (the “Maximum Amount Secured”), and (ii) payments made on account of the obligations secured hereby or any portion thereof, whether in the ordinary course, as prepayments or otherwise, shall not reduce the Maximum Amount Secured unless the aggregate principal amount of obligations secured hereby is less than the Maximum Amount Securedcredit. The priority of the lien hereunder securing such future advances advances, future obligations, and future obligations extensions of credit shall relate back to the date this Mortgage was recorded. The lien of the mortgage will be valid even if no advance is made at the date of execution or if there is no indebtedness when a future advance is made. THE MAXIMUM PRINCIPAL AMOUNT OF OBLIGATIONS THAT MAY BE SECURED BY THIS MORTGAGE AT ANY ONE TIME IS TWENTY-NINE MILLION SIX HUNDRED FIFTY THOUSAND AND 00/100 DOLLARS ($29,650,000.00). In addition, the Mortgage shall secure unpaid balances of advances made by Agent or any Bank Lender (together with interest thereon) with respect to the Property, for the payment of Impositions, as hereinafter defined, insurance premiums and costs incurred for the protection of the Property and any charges, expenses and fees, including, without limitation, attorneys’ fees, which, by the terms hereof, shall be added to and increase the Obligations. Borrower agrees that all of the duties and obligations imposed on it hereunder, whether absolute or contingent, due or to become due, are for the reasonable protection of the lien of this Mortgage. This Mortgage shall remain in full force and effect with respect to all of the Property until all Obligations shall have been paid and performed in full. If the Obligations are paid and performed in accordance with the terms of the applicable Credit Loan Documents, including, without limitation, the observance of all the agreements contained in this Mortgage, this Mortgage shall become void and shall be released at the sole expense of Borrower. Borrower acknowledges that nothing in this Section 1 obligates Agent or any Bank to make future advances to Borrower or any other PersonMortgagor.

Appears in 1 contract

Sources: Mortgage of Leasehold, Security Agreement, Assignment of Rents and Leases and Fixture Filing (Blackhawk Biofuels, LLC)

Indebtedness Secured. This Mortgage has been given is executed and is intended delivered by Mortgagor to secure and enforce the full and prompt payment following (the "INDEBTEDNESS"): (a) Payment of and performance of the Obligations any and constitutes a future advance mortgage under K.S.A. §58-2336. This Mortgage secures future advances from the Banks to Borrower or Other Borrower all indebtedness, obligations and other future obligations liabilities of Borrower and/or Other Borrower to the Banks and the Agent Mortgagor pursuant to the Credit Documents; providedAgreement, howeverwhether now existing or hereafter arising, thatincluding without limitation, notwithstanding anything those certain promissory notes which are or may be executed by Mortgagor payable to the contrary order of each Lender and being in this Mortgage, (i) the maximum aggregate principal balance secured hereby shall not exceed $19,700,000 (the “Maximum Amount Secured”), and (ii) payments made on account of the obligations secured hereby or any portion thereof, whether in the ordinary course, as prepayments or otherwise, shall not reduce the Maximum Amount Secured unless the aggregate principal amount of obligations secured hereby is less than $75,000,000 together with interest at the Maximum Amount Secured. The priority rate set forth on the Credit Agreement, with final maturity on or before February 9, 2004 and all other notes given in substitution therefor or in modification, renewal or extension thereof, in whole or in part (such notes, as from time to time supplemented, amended or modified and all other notes given in substitution therefor or in modification, renewal or extension thereof, in whole or in part, being hereafter called the "NOTE"). (b) Any sums which may be advanced or paid by Mortgagee under the terms hereof or of the lien hereunder securing Credit Agreement on account of the failure of Mortgagor to comply with the covenants of Mortgagor contained herein or in the Credit Agreement; and all other indebtedness of Mortgagor arising pursuant to the provisions of this Mortgage. (c) Any additional loans made by Mortgagee to Mortgagor. It is contemplated that Mortgagee may lend additional sums to Mortgagor from time to time, but shall not be obligated to do so, and Mortgagor agrees that any such future advances additional loans shall be secured by this Mortgage. (d) Payment of and performance of any and all present or future obligations shall relate back of Mortgagor according to the date this Mortgage was recorded. In additionterms of any present or future interest rate or currency swap, the Mortgage shall secure unpaid balances of advances made by Agent rate cap, rate floor, rate collar, forward rate agreement or other exchange or rate protection agreements or any Bank option with respect to any such transaction now existing or hereafter entered into between Mortgagor and Mortgagee. (e) Payment of and performance of any and all present or future obligations of Mortgagor according to the Propertyterms of any present or future swap agreements, cap, floor, collar, forward agreement or other exchange or protection agreements relating to crude oil, natural gas or other hydrocarbons or any option with respect to any such transaction now existing or hereafter entered into between Mortgagor and Mortgagee. (f) Performance of all Letter of Credit Agreements executed from time to time by Mortgagor under or pursuant to the Credit Agreement and all reimbursement obligations for drawn or undrawn portions under any Letter of Credit now outstanding or hereafter issued under or pursuant to the payment Credit Agreement. (g) Payment of Impositionsand performance of any and all other indebtedness, obligations and liabilities of any kind of Mortgagor to the Mortgagee, now or hereafter existing, arising directly between Mortgagor and the Mortgagee or acquired outright, as hereinafter defineda participation, insurance premiums and costs incurred for the protection of the Property and any charges, expenses and fees, including, without limitation, attorneys’ fees, which, conditionally or as collateral security from another by the terms hereofMortgagee, shall be added to and increase the Obligations. Borrower agrees that all of the duties and obligations imposed on it hereunder, whether absolute or contingent, joint and/or several, secured or unsecured, due or to become not due, are for arising by operation of law or otherwise, or direct or indirect, including indebtedness, obligations and liabilities to the reasonable protection Mortgagee of the lien Mortgagor as a member of this Mortgage. This Mortgage shall remain in full force any partnership, syndicate, association or other group, and effect with respect to all of the Property until all Obligations shall have been paid and performed in full. If the Obligations are paid and performed in accordance with the terms of the applicable Credit Documentswhether incurred by Mortgagor as principal, includingsurety, without limitationendorser, the observance of all the agreements contained in this Mortgageguarantor, this Mortgage shall be released at the expense of Borrower. Borrower acknowledges that nothing in this Section 1 obligates Agent accommodation party or any Bank to make future advances to Borrower or any other Personotherwise.

Appears in 1 contract

Sources: Mortgage, Deed of Trust, Assignment of Production, Security Agreement, and Financing Statement (Miller Exploration Co)

Indebtedness Secured. This Mortgage has been given is executed and is intended delivered by Mortgagor to secure and enforce the full and prompt payment following (the "INDEBTEDNESS"): (a) Payment of and performance of the Obligations any and constitutes a future advance mortgage under K.S.A. §58-2336. This Mortgage secures future advances from the Banks to Borrower or Other Borrower all indebtedness, obligations and other future obligations liabilities of Borrower and/or Other Borrower to the Banks and the Agent Mortgagor pursuant to the Credit Documents; providedAgreement, howeverwhether now existing or hereafter arising, thatincluding without limitation, notwithstanding anything those certain promissory notes which are or may be executed by Mortgagor payable to the contrary order of each Lender and being in this Mortgage, (i) the maximum aggregate principal balance secured hereby shall not exceed $19,700,000 (the “Maximum Amount Secured”), and (ii) payments made on account of the obligations secured hereby or any portion thereof, whether in the ordinary course, as prepayments or otherwise, shall not reduce the Maximum Amount Secured unless the aggregate principal amount of obligations secured hereby is less than $75,000,000 with final maturity on or before February 9, 2004 and all other notes given in substitution therefor or in modification, renewal or extension thereof, in whole or in part (such notes, as from time to time supplemented, amended or modified and all other notes given in substitution therefor or in modification, renewal or extension thereof, in whole or in part, being hereafter called the Maximum Amount Secured. The priority "NOTE"). (b) Any sums which may be advanced or paid by Mortgagee under the terms hereof or of the lien hereunder securing Credit Agreement on account of the failure of Mortgagor to comply with the covenants of Mortgagor contained herein or in the Credit Agreement; and all other indebtedness of Mortgagor arising pursuant to the provisions of this Mortgage. (c) Any additional loans made by Mortgagee to Mortgagor. It is contemplated that Mortgagee may lend additional sums to Mortgagor from time to time, but shall not be obligated to do so, and Mortgagor agrees that any such future advances additional loans shall be secured by this Mortgage. (d) Payment of and performance of any and all present or future obligations shall relate back of Mortgagor according to the date this Mortgage was recorded. In additionterms of any present or future interest rate or currency swap, the Mortgage shall secure unpaid balances of advances made by Agent rate cap, rate floor, rate collar, forward rate agreement or other exchange or rate protection agreements or any Bank option with respect to any such transaction now existing or hereafter entered into between Mortgagor and Mortgagee. (e) Payment of and performance of any and all present or future obligations of Mortgagor according to the Propertyterms of any present or future swap agreements, cap, floor, collar, forward agreement or other exchange or protection agreements relating to crude oil, natural gas or other hydrocarbons or any option with respect to any such transaction now existing or hereafter entered into between Mortgagor and Mortgagee. (f) Performance of all Letter of Credit Agreements executed from time to time by Mortgagor under or pursuant to the Credit Agreement and all reimbursement obligations for drawn or undrawn portions under any Letter of Credit now outstanding or hereafter issued under or pursuant to the payment Credit Agreement. (g) Payment of Impositionsand performance of any and all other indebtedness, obligations and liabilities of any kind of Mortgagor to the Mortgagee, now or hereafter existing, arising directly between Mortgagor and the Mortgagee or acquired outright, as hereinafter defineda participation, insurance premiums and costs incurred for the protection of the Property and any charges, expenses and fees, including, without limitation, attorneys’ fees, which, conditionally or as collateral security from another by the terms hereofMortgagee, shall be added to and increase the Obligations. Borrower agrees that all of the duties and obligations imposed on it hereunder, whether absolute or contingent, joint and/or several, secured or unsecured, due or to become not due, are for arising by operation of law or otherwise, or direct or indirect, including indebtedness, obligations and liabilities to the reasonable protection Mortgagee of the lien Mortgagor as a member of this Mortgage. This Mortgage shall remain in full force any partnership, syndicate, association or other group, and effect with respect to all of the Property until all Obligations shall have been paid and performed in full. If the Obligations are paid and performed in accordance with the terms of the applicable Credit Documentswhether incurred by Mortgagor as principal, includingsurety, without limitationendorser, the observance of all the agreements contained in this Mortgageguarantor, this Mortgage shall be released at the expense of Borrower. Borrower acknowledges that nothing in this Section 1 obligates Agent accommodation party or any Bank to make future advances to Borrower or any other Personotherwise.

Appears in 1 contract

Sources: Mortgage (Miller Exploration Co)

Indebtedness Secured. This Mortgage has been given and is intended to secure the full and prompt payment and performance of the Obligations and constitutes a future advance mortgage under K.S.A. §58-2336. This Mortgage secures future advances from the Banks to Borrower or Other Borrower and other future obligations of Borrower and/or Other Borrower to the Banks and the Agent pursuant to the Credit Documents; provided, however, that, notwithstanding anything to the contrary in this Mortgage, (i) the maximum aggregate principal balance secured hereby shall not exceed $19,700,000 700,000 (the “Maximum Amount Secured”), and (ii) payments made on account of the obligations secured hereby or any portion thereof, whether in the ordinary course, as prepayments or otherwise, shall not reduce the Maximum Amount Secured unless the aggregate principal amount of obligations secured hereby is less than the Maximum Amount Secured. The priority of the lien hereunder securing such future advances and future obligations shall relate back to the date this Mortgage was recorded. In addition, the Mortgage shall secure unpaid balances of advances made by Agent or any Bank with respect to the Property, for the payment of Impositions, as hereinafter defined, insurance premiums and costs incurred for the protection of the Property and any charges, expenses and fees, including, without limitation, attorneys’ fees, which, by the terms hereof, shall be added to and increase the Obligations. Borrower agrees that all of the duties and obligations imposed on it hereunder, whether absolute or contingent, due or to become due, are for the reasonable protection of the lien of this Mortgage. This Mortgage shall remain in full force and effect with respect to all of the Property until all Obligations shall have been paid and performed in full. If the Obligations are paid and performed in accordance with the terms of the applicable Credit Documents, including, without limitation, the observance of all the agreements contained in this Mortgage, this Mortgage shall be released at the expense of Borrower. Borrower acknowledges that nothing in this Section 1 obligates Agent or any Bank to make future advances to Borrower or any other Person.

Appears in 1 contract

Sources: Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing (MGP Ingredients Inc)

Indebtedness Secured. This Mortgage has been given and is intended to secure the full and prompt payment and performance of the Obligations and constitutes a future advance mortgage under K.S.A. §58-2336. This Mortgage secures future advances from the Banks to Borrower or Other Borrower and other future obligations of Borrower and/or Other Borrower to the Banks and the Agent pursuant to the Credit Documents; provided, however, that, notwithstanding anything to the contrary in this Mortgage, (i) the maximum aggregate principal balance secured hereby shall not exceed $19,700,000 300,000 (the "Maximum Amount Secured"), and (ii) payments made on account of the obligations secured hereby or any portion thereof, whether in the ordinary course, as prepayments or otherwise, shall not reduce the Maximum Amount Secured unless the aggregate principal amount of obligations secured hereby is less than the Maximum Amount Secured. The priority of the lien hereunder securing such future advances and future obligations shall relate back to the date this Mortgage was recorded. In addition, the Mortgage shall secure unpaid balances of advances made by Agent or any Bank with respect to the Property, for the payment of Impositions, as hereinafter defined, insurance premiums and costs incurred for the protection of the Property and any charges, expenses and fees, including, without limitation, attorneys' fees, which, by the terms hereof, shall be added to and increase the Obligations. Borrower agrees that all of the duties and obligations imposed on it hereunder, whether absolute or contingent, due or to become due, are for the reasonable protection of the lien of this Mortgage. This Mortgage shall remain in full force and effect with respect to all of the Property until all Obligations shall have been paid and performed in full. If the Obligations are paid and performed in accordance with the terms of the applicable Credit Documents, including, without limitation, the observance of all the agreements contained in this Mortgage, this Mortgage shall be released at the expense of Borrower. Borrower acknowledges that nothing in this Section 1 obligates Agent or any Bank to make future advances to Borrower or any other Person.

Appears in 1 contract

Sources: Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing (MGP Ingredients Inc)

Indebtedness Secured. This Mortgage has been given and The security interest granted hereby is intended to secure payment in full of (a) any and all sums from time to time due from Debtor to Lender, any instruments evidencing the indebtedness of Debtor to Lender and the full and prompt complete performance of all agreements and documents executed or delivered pursuant to any indebtedness due from Debtor to Lender, all as same may be amended, modified or extended from time to time, (b) any other indebtedness of Debtor, whether evidenced by instruments executed by Debtors or not, payable and owing to Lender as provided by the terms of any such instrument, (c) all advances made by Lender to discharge taxes or levies on, or made for repairs to, maintenance of, or insurance on, the Collateral, (d) all money or other credit heretofore and hereafter advanced by Lender to or for the account of Debtor, (e) all other present or future, direct or contingent, liabilities of Debtor to Lender of any nature whatsoever, and (f) all costs and expenses incurred in the collection of the foregoing, including representation in any bankruptcy proceedings, including reasonable attorney’s fees (all of the above being referred to, collectively, as the “Obligations”). It is the true, clear, and express intention of Debtor that the continuing grant of this security interest remain as security for payment and performance of the Obligations and constitutes a future advance mortgage under K.S.A. §58-2336. This Mortgage secures future advances from Obligations, whether now existing, or which may hereinafter be incurred, or whether or not contemplated by the Banks to Borrower or Other Borrower and other future obligations of Borrower and/or Other Borrower to parties at the Banks and the Agent pursuant to the Credit Documents; provided, however, that, notwithstanding anything to the contrary in this Mortgage, (i) the maximum aggregate principal balance secured hereby shall not exceed $19,700,000 (the “Maximum Amount Secured”), and (ii) payments made on account time of the obligations secured hereby or any portion thereofgranting of this security interest. The notice of the continuing grant of this security interest, whether in the ordinary course, as prepayments or otherwisetherefore, shall not reduce be required to be stated on the Maximum Amount Secured unless the aggregate principal amount face of obligations any document representing any Obligations, nor otherwise identify it as being secured hereby is less than the Maximum Amount Securedhereby. The priority Any Obligations shall be deemed to have been made pursuant to Section 400.9-204 of the lien Uniform Commercial Code of Missouri. This Security Agreement shall terminate, and the security interest and liens granted hereunder securing such future advances and future obligations shall relate back terminate, upon Debtor’s repayment in full to the date this Mortgage was recorded. In addition, the Mortgage shall secure unpaid balances of advances made by Agent or any Bank with respect to the Property, for the payment of Impositions, as hereinafter defined, insurance premiums and costs incurred for the protection Lender of the Property and any charges, expenses and fees, including, without limitation, attorneys’ fees, which, by the terms hereof, shall be added to and increase the Obligations. Borrower agrees that all of the duties and obligations imposed on it hereunder, whether absolute or contingent, due or to become due, are for the reasonable protection of the lien of this Mortgage. This Mortgage shall remain in full force and effect with respect to all of the Property until all Obligations shall have been paid and performed in full. If the Obligations are paid and performed in accordance with the terms of the applicable Credit Documents, including, without limitation, the observance of all the agreements contained in this Mortgage, this Mortgage shall be released at the expense of Borrower. Borrower acknowledges that nothing in this Section 1 obligates Agent or any Bank to make future advances to Borrower or any other Person.

Appears in 1 contract

Sources: Securities Purchase Agreement (Liquidmetal Technologies Inc)

Indebtedness Secured. This Mortgage has been given secures the payment or other satisfaction of the aforesaid indebtedness, with interest thereon, the payment of all other moneys secured hereby or advanced hereunder and is intended to secure the full and prompt payment and performance of the Obligations and constitutes a future advance mortgage under K.S.A. §58-2336. This Mortgage secures future advances from the Banks to Borrower or Other Borrower and other future obligations agreements in favor of Borrower and/or Other Borrower to the Banks and the Agent pursuant to the Credit Documents; provided, however, that, notwithstanding anything to the contrary Mortgagee contained in this Mortgage, (i) the maximum aggregate principal balance secured hereby shall not exceed $19,700,000 (the “Maximum Amount Secured”), Mortgage and (ii) payments made on account all other instruments now or hereafter evidencing or securing payment of the obligations indebtedness secured hereby or any portion thereof, whether in the ordinary course, as prepayments or otherwise, shall not reduce the Maximum Amount Secured unless the aggregate by this Mortgage. The total principal amount of obligations Obligations that may be secured hereby at any one time is less than the Maximum Amount Secured. The priority of the lien hereunder securing such future advances and future obligations shall relate back to the date this Mortgage was recordedNine Hundred Fifty Thousand Dollars ($950,000). In addition, the this Mortgage shall secure unpaid balances of advances made by Agent or any Bank Mortgagee with respect to the Property, for the payment of Impositions, as hereinafter defined, insurance premiums and costs incurred for the protection of the Property and any charges, expenses and fees, including, without limitation, attorneys’ fees, which, by the terms hereof, shall be added to and increase the Obligations. Borrower agrees that all of the duties and obligations imposed on it hereunder, whether absolute or contingent, due or to become due, are for the reasonable protection of the lien of this Mortgage. This Mortgage shall remain in full force and effect with respect to all of the Property until all Obligations shall have been paid or satisfied and performed in full. If the Obligations are paid or satisfied and performed in accordance with the terms of the applicable Credit Loan Documents, including, without limitation, the observance of all the agreements contained in this Mortgage, this Mortgage shall become void and shall be released at the sole expense of Borrower. Borrower acknowledges that nothing in this Section 1 obligates Agent or any Bank to make future advances to Borrower or any other PersonMortgagor.

Appears in 1 contract

Sources: Mortgage, Security Agreement, Assignment of Rents and Leases, and Fixture Filing

Indebtedness Secured. This Mortgage has been given is executed and is intended delivered by ▇▇▇▇▇▇▇▇▇ to secure and enforce the full and prompt payment following (the "INDEBTEDNESS"): (a) Payment of and performance of the Obligations any and constitutes a future advance mortgage under K.S.A. §58-2336. This Mortgage secures future advances from the Banks to Borrower or Other Borrower all indebtedness, obligations and other future obligations liabilities of Borrower and/or Other Borrower to the Banks and the Agent Mortgagor pursuant to the Credit Documents; providedAgreement, howeverwhether now existing or hereafter arising, thatincluding without limitation, notwithstanding anything those certain promissory notes which are or may be executed by Mortgagor payable to the contrary order of each Lender and being in this Mortgage, (i) the maximum aggregate principal balance secured hereby shall not exceed $19,700,000 (the “Maximum Amount Secured”), and (ii) payments made on account of the obligations secured hereby or any portion thereof, whether in the ordinary course, as prepayments or otherwise, shall not reduce the Maximum Amount Secured unless the aggregate principal amount of obligations secured hereby is less than $75,000,000 with final maturity on or before February 9, 2004 and all other notes given in substitution therefor or in modification, renewal or extension thereof, in whole or in part (such notes, as from time to time supplemented, amended or modified and all other notes given in substitution therefor or in modification, renewal or extension thereof, in whole or in part, being hereafter called the Maximum Amount Secured. The priority "NOTE"). (b) Any sums which may be advanced or paid by Mortgagee under the terms hereof or of the lien hereunder securing Credit Agreement on account of the failure of Mortgagor to comply with the covenants of Mortgagor contained herein or in the Credit Agreement; and all other indebtedness of Mortgagor arising pursuant to the provisions of this Mortgage. (c) Any additional loans made by Mortgagee to Mortgagor. It is contemplated that Mortgagee may lend additional sums to Mortgagor from time to time, but shall not be obligated to do so, and ▇▇▇▇▇▇▇▇▇ agrees that any such future advances additional loans shall be secured by this Mortgage. (d) Payment of and performance of any and all present or future obligations shall relate back of Mortgagor according to the date this Mortgage was recorded. In additionterms of any present or future interest rate or currency swap, the Mortgage shall secure unpaid balances of advances made by Agent rate cap, rate floor, rate collar, forward rate agreement or other exchange or rate protection agreements or any Bank option with respect to any such transaction now existing or hereafter entered into between Mortgagor and Mortgagee. (e) Payment of and performance of any and all present or future obligations of Mortgagor according to the Propertyterms of any present or future swap agreements, cap, floor, collar, forward agreement or other exchange or protection agreements relating to crude oil, natural gas or other hydrocarbons or any option with respect to any such transaction now existing or hereafter entered into between Mortgagor and Mortgagee. (f) Performance of all Letter of Credit Agreements executed from time to time by ▇▇▇▇▇▇▇▇▇ under or pursuant to the Credit Agreement and all reimbursement obligations for drawn or undrawn portions under any Letter of Credit now outstanding or hereafter issued under or pursuant to the payment Credit Agreement. (g) Payment of Impositionsand performance of any and all other indebtedness, obligations and liabilities of any kind of Mortgagor to the Mortgagee, now or hereafter existing, arising directly between Mortgagor and the Mortgagee or acquired outright, as hereinafter defineda participation, insurance premiums and costs incurred for the protection of the Property and any charges, expenses and fees, including, without limitation, attorneys’ fees, which, conditionally or as collateral security from another by the terms hereofMortgagee, shall be added to and increase the Obligations. Borrower agrees that all of the duties and obligations imposed on it hereunder, whether absolute or contingent, joint and/or several, secured or unsecured, due or to become not due, are for arising by operation of law or otherwise, or direct or indirect, including indebtedness, obligations and liabilities to the reasonable protection Mortgagee of the lien Mortgagor as a member of this Mortgage. This Mortgage shall remain in full force any partnership, syndicate, association or other group, and effect with respect to all of the Property until all Obligations shall have been paid and performed in full. If the Obligations are paid and performed in accordance with the terms of the applicable Credit Documentswhether incurred by ▇▇▇▇▇▇▇▇▇ as principal, includingsurety, without limitationendorser, the observance of all the agreements contained in this Mortgageguarantor, this Mortgage shall be released at the expense of Borrower. Borrower acknowledges that nothing in this Section 1 obligates Agent accommodation party or any Bank to make future advances to Borrower or any other Personotherwise.

Appears in 1 contract

Sources: Mortgage, Deed of Trust, Assignment of Production, Security Agreement and Financing Statement (Miller Exploration Co)

Indebtedness Secured. This Mortgage has been given and is intended Security Interest granted by Debtor to secure the full and prompt RBC secures payment and performance satisfaction of the Obligations any and constitutes a future advance mortgage under K.S.A. §58-2336. This Mortgage secures future advances from the Banks all obligations, indebtedness and liability of Debtor (or, if there is more than one Debtor, any one or more of them) to Borrower or Other Borrower and other future obligations of Borrower and/or Other Borrower to the Banks and the Agent pursuant to the Credit Documents; provided, however, that, notwithstanding anything to the contrary in this Mortgage, RBC (i) the maximum aggregate principal balance secured hereby shall not exceed $19,700,000 (the “Maximum Amount Secured”including interest thereon), and (ii) payments made on account of the obligations secured hereby present or any portion thereoffuture, whether in the ordinary coursedirect or indirect, as prepayments or otherwise, shall not reduce the Maximum Amount Secured unless the aggregate principal amount of obligations secured hereby is less than the Maximum Amount Secured. The priority of the lien hereunder securing such future advances and future obligations shall relate back to the date this Mortgage was recorded. In addition, the Mortgage shall secure unpaid balances of advances made by Agent or any Bank with respect to the Property, for the payment of Impositions, as hereinafter defined, insurance premiums and costs incurred for the protection of the Property and any charges, expenses and fees, including, without limitation, attorneys’ fees, which, by the terms hereof, shall be added to and increase the Obligations. Borrower agrees that all of the duties and obligations imposed on it hereunder, whether absolute or contingent, due matured or not, extended or renewed, wheresoever and howsoever incurred and any ultimate unpaid balance thereof including, for greater certainty, any Visa debt, and whether the same is from time to become duetime reduced and thereafter increased or entirely extinguished and thereafter incurred again and whether Debtor be bound alone or with another or others and whether as principal or surety (hereinafter collectively called "Indebtedness"). If the Security Interest in Collateral is not sufficient, in the event of default, to satisfy all Indebtedness of Debtor, then Debtor acknowledges and agrees that Debtor shall continue to be liable for any Indebtedness remaining outstanding and RBC shall be entitled to pursue full payment thereof. Debtor hereby acknowledges that in the event RBC extends revolving credit facilities to Debtor, any advances made to Debtor pursuant thereto (including interest thereon) are intended to constitute Indebtedness and be secured hereby. Debtor further acknowledges that so long as such credit facilities remain available to Debtor, whether or not they are being used at any given time and whether or not RBC is committed to make advances pursuant thereto, Debtor shall have an ongoing obligation to RBC to notify RBC in writing when Debtor wishes to terminate Debtor's right to apply for advances under such facilities, and until Debtor fulfills that obligation and pays all Indebtedness this Security Agreement and the reasonable protection of the lien of this Mortgage. This Mortgage Security Interest granted hereby shall remain continue in full force and effect with respect and Debtor shall not be entitled to all call for any discharge of the Property until all Obligations shall have been paid and performed in full. If the Obligations are paid and performed in accordance with the terms of the applicable Credit Documents, including, without limitation, the observance of all the agreements contained in this Mortgage, this Mortgage shall be released at the expense of Borrower. Borrower acknowledges that nothing in this Section 1 obligates Agent such Security Interest or any Bank to make future advances to Borrower or any other Personregistration evidencing the same.

Appears in 1 contract

Sources: Security Agreement

Indebtedness Secured. This Mortgage has been given and is intended (a) Security Interest granted by Debtor to secure the full and prompt RBC secures payment and performance satisfaction of the Obligations any and constitutes a future advance mortgage under K.S.A. §58-2336. This Mortgage secures future advances from the Banks all obligations, indebtedness and liability of Debtor (or, if there is more than one Debtor, any one or more of them) to Borrower or Other Borrower and other future obligations of Borrower and/or Other Borrower to the Banks and the Agent pursuant to the Credit Documents; provided, however, that, notwithstanding anything to the contrary in this Mortgage, RBC (i) the maximum aggregate principal balance secured hereby shall not exceed $19,700,000 (the “Maximum Amount Secured”including interest thereon), and (ii) payments made on account of the obligations secured hereby present or any portion thereoffuture, whether in the ordinary coursedirect or indirect, as prepayments or otherwise, shall not reduce the Maximum Amount Secured unless the aggregate principal amount of obligations secured hereby is less than the Maximum Amount Secured. The priority of the lien hereunder securing such future advances and future obligations shall relate back to the date this Mortgage was recorded. In addition, the Mortgage shall secure unpaid balances of advances made by Agent or any Bank with respect to the Property, for the payment of Impositions, as hereinafter defined, insurance premiums and costs incurred for the protection of the Property and any charges, expenses and fees, including, without limitation, attorneys’ fees, which, by the terms hereof, shall be added to and increase the Obligations. Borrower agrees that all of the duties and obligations imposed on it hereunder, whether absolute or contingent, due matured or not, extended or renewed, wheresoever and howsoever incurred and any ultimate unpaid balance thereof including, for greater certainty, any Visa debt, and whether the same is from time to become duetime reduced and thereafter increased or entirely extinguished and thereafter incurred again and whether Debtor be bound alone or with another or others and whether as principal or surety (hereinafter collectively called "Indebtedness"). If the Security Interest in Collateral is not sufficient, in the event of default, to satisfy all Indebtedness of Debtor, then Debtor acknowledges and agrees that Debtor shall continue to be liable for any Indebtedness remaining outstanding and RBC shall be entitled to pursue full payment thereof. (b) Debtor hereby acknowledges that in the event RBC extends revolving credit facilities to Debtor, any advances made to Debtor pursuant thereto (including interest thereon) are intended to constitute Indebtedness and be secured hereby. Debtor further acknowledges that so long as such credit facilities remain available to Debtor, whether or not they are being used at any given time and whether or not RBC is committed to make advances pursuant thereto, Debtor shall have an ongoing obligation to RBC to notify RBC in writing when Debtor wishes to terminate Debtor's right to apply for advances under such facilities, and until Debtor fulfills that obligation and pays all Indebtedness this Security Agreement and the reasonable protection of the lien of this Mortgage. This Mortgage Security Interest granted hereby shall remain continue in full force and effect with respect and Debtor shall not be entitled to all call for any discharge of the Property until all Obligations shall have been paid and performed in full. If the Obligations are paid and performed in accordance with the terms of the applicable Credit Documents, including, without limitation, the observance of all the agreements contained in this Mortgage, this Mortgage shall be released at the expense of Borrower. Borrower acknowledges that nothing in this Section 1 obligates Agent such Security Interest or any Bank to make future advances to Borrower or any other Personregistration evidencing the same.

Appears in 1 contract

Sources: Security Agreement

Indebtedness Secured. This Mortgage has been given and is intended to secure the full and prompt payment and performance of the Obligations and constitutes a future advance mortgage under K.S.A. §58-2336Obligations. This Mortgage secures future advances from may secure any additional indebtedness, whether direct, indirect, existing, future, contingent or otherwise, that may be advanced by Agent or any of the Banks to Borrower or Other Borrower and other future obligations for the benefit of Borrower and/or Other Borrower to the Banks and the Agent pursuant to the Credit Documents; provided, however, provided that, notwithstanding anything to the contrary in this Mortgageexcept as otherwise provided below, (i) the maximum aggregate principal balance secured hereby shall not exceed $19,700,000 (the “Maximum Amount Secured”), and (ii) payments made on account of the obligations secured hereby or any portion thereof, whether in the ordinary course, as prepayments or otherwise, shall not reduce the Maximum Amount Secured unless the aggregate principal amount of obligations all indebtedness which may be secured hereby at any time is less than the Maximum Amount Secured$55,000,000. The priority of the lien hereunder securing such future advances and future obligations shall relate back to the date this Mortgage was recorded. In addition, the Mortgage shall secure unpaid balances of advances made by Agent or any Bank with respect to the Property, for the payment of Impositions, as hereinafter defined, insurance premiums and costs incurred for the protection of the Property and any charges, expenses and fees, including, without limitation, attorneys’ fees, which, by the terms hereof, shall be added to and increase the Obligations. Borrower agrees that all of the duties and obligations imposed on it hereunder, whether absolute or contingent, due or to become due, are for the reasonable protection of the lien of this Mortgage. This Mortgage shall remain in full force and effect with respect to all of the Property until all Obligations shall have been paid and performed in full. If the Obligations are paid and performed in accordance with the terms of the applicable Credit Documents, including, without limitation, the observance of all the agreements contained in this Mortgage, this Mortgage shall be released at the expense of Borrower. Borrower acknowledges that nothing in this Section 1 obligates Agent or any Bank to make future advances to Borrower or any other Person.

Appears in 1 contract

Sources: Mortgage, Security Agreement, Assignment of Leases and Rents (MGP Ingredients Inc)