Common use of Indebtedness Secured Clause in Contracts

Indebtedness Secured. The security interest granted hereby is to secure payment in full of (i) any and all sums from time to time due from Debtor to the Bank, any instruments evidencing the indebtedness of Debtor to the bank and the full and complete performance of all agreements and documents executed or delivered pursuant to any indebtedness due from Debtor to the Bank all as same may be amended, modified or extended from time to time, (ii) any other indebtedness of Debtor, whether evidenced by instruments executed by Debtor or not, payable and owing to the Bank as provided by the terms of any such instrument (iii) all advances made by the Bank to discharge taxes or levies on, or made for repairs to, maintenance of, or insurance of, the Collateral, (iv) all money or other credit heretofore and hereafter advanced by the Bank to or for the account of Debtor, (v) all other present or future, direct or contingent, liabilities of Debtor to the Bank of any nature whatsoever and (vi) all costs and expenses incurred in the collection of the foregoing, including representation in any bankruptcy proceedings, including attorney's fees. It is the true, clear, and express intention of the Debtor that the continuing grant of this security interest remain as security for payment and performance of the indebtedness secured hereby, whether now existing, or which may hereinafter be incurred, or whether or not contemplated by the parties at the time of the granting of this security interest. The notice of the continuing grant of this security interest, therefore, shall not be required to be stated on the face of any document representing any such indebtedness, nor otherwise identify it as being secured hereby; and if such indebtedness shall remain, or become that of less than all of the Debtors herein, any Debtor not liable therefrom hereby expressly hypothecates his, her, its, or their ownership interest in the collateral to the extent required to satisfy said 4 Indebtedness, without restriction, or limitation. Any such Indebtedness shall be deemed to have been made pursuant to Section 400.9-204(5) of the Uniform Commercial Code of Missouri.

Appears in 1 contract

Samples: Security Agreement (Falconite Inc)

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Indebtedness Secured. The security interest granted hereby is to secure payment in full of (i) any and all sums from time to time due from Debtor to the BankSecured Party, any instruments evidencing the indebtedness of Debtor to Secured Party in respect of that certain Amended and Restated Subordinated Note dated as of January 31, 2003, executed by Debtor and payable to the bank order of Secured Party (the "Note"), and the full and complete performance of all agreements and documents executed or delivered pursuant to any indebtedness due from Debtor to the Bank thereto, all as the same may be amended, modified modified, or extended from time to time, (ii) any other indebtedness of Debtor, whether evidenced by instruments executed by Debtor or not, payable and owing to the Bank as provided by the terms of any such instrument (iii) all advances made by the Bank Secured Party to discharge taxes or levies on, or made for repairs to, maintenance of, or insurance ofon, the Collateral, (iviii) all money or other credit heretofore and hereafter advanced by the Bank Secured Party to or for the account of DebtorDebtor pursuant to the Note, and (v) all other present or future, direct or contingent, liabilities of Debtor to the Bank of any nature whatsoever and (vi) all costs and expenses incurred in the collection of the foregoing, including representation in any bankruptcy proceedings, including attorney's feesfees (all of the above being referred to, collectively, as the "Obligations"). It is the true, clear, and express intention of the Debtor that the continuing grant of this security interest remain as security for payment and performance of the indebtedness secured herebyObligations, whether now existing, or which may hereinafter be incurred, or whether or not contemplated by the parties at the time of the granting of this security interest. The notice of the continuing grant of this security interest, therefore, shall not be required to be stated on the face of any document representing any such indebtednessObligations, nor otherwise identify it as being secured hereby; and if such indebtedness Obligations shall remain, or become that of less than all of the Debtors herein, any Debtor not liable therefrom hereby expressly hypothecates his, her, its, its or their ownership interest in the collateral Collateral to the extent required to satisfy said 4 Indebtednessthe Obligations, without restriction, or limitation. Any such Indebtedness Obligations shall be deemed to have been made pursuant to Section 400.9-204(5) 204 of the Uniform Commercial Code of Missouri.

Appears in 1 contract

Samples: Intercreditor and Subordination Agreement (Bakers Footwear Group Inc)

Indebtedness Secured. The security interest granted hereby This Mortgage has been given and is intended to secure payment in full of (i) any and all sums from time to time due from Debtor to the Bank, any instruments evidencing the indebtedness of Debtor to the bank and the full and complete performance of all agreements and documents executed or delivered pursuant to any indebtedness due from Debtor to the Bank all as same may be amended, modified or extended from time to time, (ii) any other indebtedness of Debtor, whether evidenced by instruments executed by Debtor or not, payable and owing to the Bank as provided by the terms of any such instrument (iii) all advances made by the Bank to discharge taxes or levies on, or made for repairs to, maintenance of, or insurance of, the Collateral, (iv) all money or other credit heretofore and hereafter advanced by the Bank to or for the account of Debtor, (v) all other present or future, direct or contingent, liabilities of Debtor to the Bank of any nature whatsoever and (vi) all costs and expenses incurred in the collection of the foregoing, including representation in any bankruptcy proceedings, including attorney's fees. It is the true, clear, and express intention of the Debtor that the continuing grant of this security interest remain as security for prompt payment and performance of the indebtedness 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 herebyhereby shall not exceed $700,000 (the “Maximum Amount Secured”), and (ii) payments made on account of the obligations secured hereby or any portion thereof, whether now existingin the ordinary course, as prepayments or which may hereinafter be incurred, or whether or not contemplated by the parties at the time of the granting of this security interest. The notice of the continuing grant of this security interest, thereforeotherwise, shall not be required to be stated on reduce the face Maximum Amount Secured unless the aggregate principal amount of any document representing any such indebtedness, nor otherwise identify it as being obligations secured hereby; and if such indebtedness shall remain, or become that of 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 Debtors hereinduties and obligations imposed on it hereunder, any Debtor not liable therefrom hereby expressly hypothecates hiswhether absolute or contingent, herdue or to become due, itsare 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, or their ownership interest in the collateral to the extent required to satisfy said 4 Indebtednessincluding, without restrictionlimitation, or limitation. Any such Indebtedness the observance of all the agreements contained in this Mortgage, this Mortgage shall be deemed released at the expense of Borrower. Borrower acknowledges that nothing in this Section 1 obligates Agent or any Bank to have been made pursuant make future advances to Section 400.9-204(5) of the Uniform Commercial Code of MissouriBorrower or any other Person.

Appears in 1 contract

Samples: MGP Ingredients Inc

Indebtedness Secured. The security interest granted hereby This Mortgage has been given and is intended to secure payment in full of (i) any and all sums from time to time due from Debtor to the Bank, any instruments evidencing the indebtedness of Debtor to the bank and the full and complete performance of all agreements and documents executed or delivered pursuant to any indebtedness due from Debtor to the Bank all as same may be amended, modified or extended from time to time, (ii) any other indebtedness of Debtor, whether evidenced by instruments executed by Debtor or not, payable and owing to the Bank as provided by the terms of any such instrument (iii) all advances made by the Bank to discharge taxes or levies on, or made for repairs to, maintenance of, or insurance of, the Collateral, (iv) all money or other credit heretofore and hereafter advanced by the Bank to or for the account of Debtor, (v) all other present or future, direct or contingent, liabilities of Debtor to the Bank of any nature whatsoever and (vi) all costs and expenses incurred in the collection of the foregoing, including representation in any bankruptcy proceedings, including attorney's fees. It is the true, clear, and express intention of the Debtor that the continuing grant of this security interest remain as security for prompt payment and performance of the indebtedness 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 herebyhereby 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 now existingin the ordinary course, as prepayments or which may hereinafter be incurred, or whether or not contemplated by the parties at the time of the granting of this security interest. The notice of the continuing grant of this security interest, thereforeotherwise, shall not be required to be stated on reduce the face Maximum Amount Secured unless the aggregate principal amount of any document representing any such indebtedness, nor otherwise identify it as being obligations secured hereby; and if such indebtedness shall remain, or become that of 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 Debtors hereinduties and obligations imposed on it hereunder, any Debtor not liable therefrom hereby expressly hypothecates hiswhether absolute or contingent, herdue or to become due, itsare 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, or their ownership interest in the collateral to the extent required to satisfy said 4 Indebtednessincluding, without restrictionlimitation, or limitation. Any such Indebtedness the observance of all the agreements contained in this Mortgage, this Mortgage shall be deemed released at the expense of Borrower. Borrower acknowledges that nothing in this Section 1 obligates Agent or any Bank to have been made pursuant make future advances to Section 400.9-204(5) of the Uniform Commercial Code of MissouriBorrower or any other Person.

Appears in 1 contract

Samples: MGP Ingredients Inc

Indebtedness Secured. The security interest granted hereby is to -------------------- secure payment in full of (i) any and all sums from time to time due from Debtor to Bank under the BankNote (as such term is defined in the Credit Agreement), any other instruments evidencing the indebtedness of Debtor to Bank under the bank Credit Agreement or any other Loan Document (as such term is defined in the Credit Agreement) and the full and complete performance of all agreements contained in the Credit Agreement, this Security Agreement and documents executed or delivered pursuant to any indebtedness due from Debtor to the Bank other Loan Documents, all as same may be amended, modified or extended from time to time, (ii) any other indebtedness of Debtor, whether evidenced by instruments executed by Debtor or not, payable and owing to the Bank as provided by the terms of any such instrument (iii) all advances made by the Bank to discharge taxes or levies on, or made for repairs to, maintenance of, or insurance ofon, the Collateral, (iv) all money or other credit heretofore and hereafter advanced by the Bank to or for the account of Debtor, (v) all other present or future, direct or contingent, liabilities of Debtor to the Bank of any nature whatsoever and (vi) all costs and expenses incurred in the collection of the foregoing, including representation in any bankruptcy proceedings, including reasonable attorney's fees, and (v) all obligations and liabilities of Debtor arising pursuant to or in connection with any interest rate swap, basis swap, forward rate, interest rate option, collar or corridor agreement or transaction or any similar transaction between the Debtor and Bank or any of Bank's affiliates which relates to the obligations of Debtor to Bank pursuant to the Credit Agreement, which may now or hereafter be entered into or amended, modified, extended, or renewed (all of the above being referred to, collectively, as the "Obligations"). It is the true, clear, and express intention of the Debtor that the continuing grant of this security interest remain as security for payment and performance of the indebtedness secured herebyObligations, whether now existing, or which may hereinafter be incurred, or whether or not contemplated by the parties at the time of the granting of this security interest. The notice of the continuing grant of this security interest, therefore, shall not be required to be stated on the face of any document representing any such indebtednessObligations, nor otherwise identify it as being secured hereby; and if such indebtedness Obligations shall remain, or become that of less than all of the Debtors herein, any Debtor not liable therefrom hereby expressly hypothecates his, her, its, its or their ownership interest in the collateral Collateral to the extent required to satisfy said 4 Indebtednessthe Obligations, without restriction, or limitation. Any such Indebtedness To the extent permitted by law, any Obligations shall be deemed to have been made pursuant to Section 400.9-204(5) 204 of the Uniform Commercial Code of Missouri.

Appears in 1 contract

Samples: Security Agreement (FutureFuel Corp.)

Indebtedness Secured. The security interest granted hereby This Mortgage has been given and is intended to secure payment in full of (i) any and all sums from time to time due from Debtor to the Bank, any instruments evidencing the indebtedness of Debtor to the bank and the full and complete performance of all agreements and documents executed or delivered pursuant to any indebtedness due from Debtor to the Bank all as same may be amended, modified or extended from time to time, (ii) any other indebtedness of Debtor, whether evidenced by instruments executed by Debtor or not, payable and owing to the Bank as provided by the terms of any such instrument (iii) all advances made by the Bank to discharge taxes or levies on, or made for repairs to, maintenance of, or insurance of, the Collateral, (iv) all money or other credit heretofore and hereafter advanced by the Bank to or for the account of Debtor, (v) all other present or future, direct or contingent, liabilities of Debtor to the Bank of any nature whatsoever and (vi) all costs and expenses incurred in the collection of the foregoing, including representation in any bankruptcy proceedings, including attorney's fees. It is the true, clear, and express intention of the Debtor that the continuing grant of this security interest remain as security for prompt payment and performance of the indebtedness secured herebyObligations. This Mortgage may secure any additional indebtedness, whether now direct, indirect, existing, future, contingent or otherwise, that may be advanced by Agent or any of the Banks to or for the benefit of Borrower and/or Other Borrower pursuant to the Credit Documents, provided that, except as otherwise provided below, the maximum principal amount of all indebtedness which may be secured hereby at any time is $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 be incurreddefined, or whether or not contemplated 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 parties at the time of the granting of this security interest. The notice of the continuing grant of this security interest, thereforeterms hereof, shall not be required added to be stated on and increase the face of any document representing any such indebtedness, nor otherwise identify it as being secured hereby; and if such indebtedness shall remain, or become Obligations. Borrower agrees that of less than all of the Debtors hereinduties and obligations imposed on it hereunder, any Debtor not liable therefrom hereby expressly hypothecates hiswhether absolute or contingent, herdue or to become due, itsare 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, or their ownership interest in the collateral to the extent required to satisfy said 4 Indebtednessincluding, without restrictionlimitation, or limitation. Any such Indebtedness the observance of all the agreements contained in this Mortgage, this Mortgage shall be deemed released at the expense of Borrower. Borrower acknowledges that nothing in this Section 1 obligates Agent or any Bank to have been made pursuant make future advances to Section 400.9-204(5) of the Uniform Commercial Code of MissouriBorrower or any other Person.

Appears in 1 contract

Samples: Mortgage, Security Agreement (MGP Ingredients Inc)

Indebtedness Secured. The security interest Security Interest granted hereby is by Debtor to secure RBC secures payment in full and satisfaction of (i) any and all sums from time to time due from obligations, indebtedness and liability of Debtor to the Bank(or, if there is more than one Debtor, any instruments evidencing the indebtedness one or more of Debtor them) to the bank and the full and complete performance of all agreements and documents executed or delivered pursuant to any indebtedness due from Debtor to the Bank all as same may be amendedRBC (including interest thereon), modified or extended from time to time, (ii) any other indebtedness of Debtor, whether evidenced by instruments executed by Debtor or not, payable and owing to the Bank as provided by the terms of any such instrument (iii) all advances made by the Bank to discharge taxes or levies on, or made for repairs to, maintenance of, or insurance of, the Collateral, (iv) all money or other credit heretofore and hereafter advanced by the Bank to or for the account of Debtor, (v) all other present or future, direct or indirect, absolute or contingent, liabilities of 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 time reduced and thereafter increased or entirely extinguished and thereafter incurred again and whether Debtor to be bound alone or with another or others and whether as principal or surety (hereinafter collectively called "Indebtedness"). If the Bank of any nature whatsoever and (vi) all costs and expenses incurred Security Interest in Collateral is not sufficient, in the collection 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 foregoingevent RBC extends revolving credit facilities to Debtor, any advances made to Debtor pursuant thereto (including representation in any bankruptcy proceedings, including attorney's fees. It is the true, clear, interest thereon) are intended to constitute Indebtedness and express intention of the Debtor that the continuing grant of this security interest remain as security for payment and performance of the indebtedness be secured hereby. Debtor further acknowledges that so long as such credit facilities remain available to Debtor, whether now existing, or which may hereinafter be incurred, or whether or not contemplated by 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 parties at the time of the granting of this security interest. The notice of the continuing grant of this security interest, therefore, Security Interest granted hereby shall continue in full force and effect and Debtor shall not be required entitled to be stated on call for any discharge of such Security Interest or any registration evidencing the face of any document representing any such indebtedness, nor otherwise identify it as being secured hereby; and if such indebtedness shall remain, or become that of less than all of the Debtors herein, any Debtor not liable therefrom hereby expressly hypothecates his, her, its, or their ownership interest in the collateral to the extent required to satisfy said 4 Indebtedness, without restriction, or limitation. Any such Indebtedness shall be deemed to have been made pursuant to Section 400.9-204(5) of the Uniform Commercial Code of Missourisame.

Appears in 1 contract

Samples: Security Agreement

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Indebtedness Secured. The security interest granted hereby is to secure payment in full of (ia) any and all sums from time to time due from Debtor to the BankLender, any instruments evidencing the indebtedness of Debtor to the bank Lender and the full and complete performance of all agreements and documents executed or delivered pursuant to any indebtedness due from Debtor to the Bank Lender, all as same may be amended, modified or extended from time to time, (iib) any other indebtedness of Debtor, whether evidenced by instruments executed by Debtor Debtors or not, payable and owing to the Bank Lender as provided by the terms of any such instrument instrument, (iiic) all advances made by the Bank Lender to discharge taxes or levies on, or made for repairs to, maintenance of, or insurance ofon, the Collateral, (ivd) all money or other credit heretofore and hereafter advanced by the Bank Lender to or for the account of Debtor, (ve) all other present or future, direct or contingent, liabilities of Debtor to the Bank Lender of any nature whatsoever whatsoever, and (vif) all costs and expenses incurred in the collection of the foregoing, including representation in any bankruptcy proceedings, including reasonable attorney's fees’s fees (all of the above being referred to, collectively, as the “Obligations”). It is the true, clear, and express intention of the Debtor that the continuing grant of this security interest remain as security for payment and performance of the indebtedness secured herebyObligations, whether now existing, or which may hereinafter be incurred, or whether or not contemplated by the parties at the time of the granting of this security interest. The notice of the continuing grant of this security interest, therefore, shall not be required to be stated on the face of any document representing any such indebtednessObligations, nor otherwise identify it as being secured hereby; and if such indebtedness shall remain, or become that of less than all of the Debtors herein, any Debtor not liable therefrom hereby expressly hypothecates his, her, its, or their ownership interest in the collateral to the extent required to satisfy said 4 Indebtedness, without restriction, or limitation. Any such Indebtedness Obligations shall be deemed to have been made pursuant to Section 400.9-204(5) 204 of the Uniform Commercial Code of Missouri. This Security Agreement shall terminate, and the security interest and liens granted hereunder shall terminate, upon Debtor’s repayment in full to Lender of the Obligations.

Appears in 1 contract

Samples: Operating Agreement (Liquidmetal Technologies Inc)

Indebtedness Secured. The security interest granted hereby This Mortgage has been given and is intended to secure payment in full of (i) any and all sums from time to time due from Debtor to the Bank, any instruments evidencing the indebtedness of Debtor to the bank and the full and complete performance of all agreements and documents executed or delivered pursuant to any indebtedness due from Debtor to the Bank all as same may be amended, modified or extended from time to time, (ii) any other indebtedness of Debtor, whether evidenced by instruments executed by Debtor or not, payable and owing to the Bank as provided by the terms of any such instrument (iii) all advances made by the Bank to discharge taxes or levies on, or made for repairs to, maintenance of, or insurance of, the Collateral, (iv) all money or other credit heretofore and hereafter advanced by the Bank to or for the account of Debtor, (v) all other present or future, direct or contingent, liabilities of Debtor to the Bank of any nature whatsoever and (vi) all costs and expenses incurred in the collection of the foregoing, including representation in any bankruptcy proceedings, including attorney's fees. It is the true, clear, and express intention of the Debtor that the continuing grant of this security interest remain as security for prompt payment and performance of the indebtedness 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 herebyhereby shall not exceed $300,000 (the "Maximum Amount Secured"), and (ii) payments made on account of the obligations secured hereby or any portion thereof, whether now existingin the ordinary course, as prepayments or which may hereinafter be incurred, or whether or not contemplated by the parties at the time of the granting of this security interest. The notice of the continuing grant of this security interest, thereforeotherwise, shall not be required to be stated on reduce the face Maximum Amount Secured unless the aggregate principal amount of any document representing any such indebtedness, nor otherwise identify it as being obligations secured hereby; and if such indebtedness shall remain, or become that of 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 Debtors hereinduties and obligations imposed on it hereunder, any Debtor not liable therefrom hereby expressly hypothecates hiswhether absolute or contingent, herdue or to become due, itsare 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, or their ownership interest in the collateral to the extent required to satisfy said 4 Indebtednessincluding, without restrictionlimitation, or limitation. Any such Indebtedness the observance of all the agreements contained in this Mortgage, this Mortgage shall be deemed released at the expense of Borrower. Borrower acknowledges that nothing in this Section 1 obligates Agent or any Bank to have been made pursuant make future advances to Section 400.9-204(5) of the Uniform Commercial Code of MissouriBorrower or any other Person.

Appears in 1 contract

Samples: MGP Ingredients Inc

Indebtedness Secured. The security interest granted hereby is to secure payment in full of of: (i) any and all sums from time to time due from Debtor to Bank arising under or in connection with the BankCredit Agreement or any other Loan Document, or any other instruments evidencing the indebtedness of Debtor to the bank Bank and the full and complete performance of all agreements and documents executed or delivered pursuant to any indebtedness due from Debtor to the Bank Bank, all as same may be amended, . modified or extended from time to time, (ii) any other indebtedness of Debtor, whether evidenced by instruments executed by Debtor or not, payable and owing to the Bank as provided by the terms of any such instrument (iii) all advances made by the Bank to discharge taxes or levies on, or made for repairs to, maintenance of, or insurance ofon, the Collateral, (iviii) all money or other credit heretofore and hereafter advanced by the Bank to or for the account of Debtor, including without limitation pursuant to the Credit Agreement, pursuant to that certain Credit Agreement dated as of May 14, 2015, as amended, and evidenced by a Revolving Line of Credit Note in the amount of $50,000,000 dated November 14, 2016, and pursuant to that certain commitment letter from Bank to Debtor dated March 14, 2014, as amended as of March 14, 2016 and as further amended as of November 1 0, 2016, and evidenced by a Promissory Note in the amount of $7,500,000 dated November 1 0, 2016, (viv) all other present or future, direct or contingent, liabilities of Debtor to the Bank of any nature whatsoever whatsoever, and (viv) all costs and expenses incurred in the collection of the foregoing, including attorneys' fees and representation in any bankruptcy proceedingsproceedings (alt of the above being referred to, including attorney's feescollectively, as the "Obligations"). It is the true, clear, and express intention of the Debtor that the continuing grant of this security interest remain as security for payment and performance of the indebtedness secured herebyObligations, whether now existing, or which may hereinafter be incurred, or whether or not contemplated by the parties at the time of the granting of this security interest. The notice of the continuing grant of this security interest, therefore, shall not be required to be stated on the face of any document representing any such indebtednessObligations, nor otherwise identify it as being being, secured hereby; and if such indebtedness shall remain, or become that of less than all of the Debtors herein, any Debtor not liable therefrom hereby expressly hypothecates his, her, its, or their ownership interest in the collateral to the extent required to satisfy said 4 Indebtedness, without restriction, or limitation. Any such Indebtedness Obligations shall be deemed to have been made pursuant to Section 400.99-204(5) 204 of the Uniform Commercial Code of MissouriUCC.

Appears in 1 contract

Samples: Security Agreement (America First Multifamily Investors, L.P.)

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