Required Notifications. Each Grantor shall promptly notify the Secured Party, in writing, of: (i) any Lien (other than Permitted Liens) on any of the Collateral which would adversely affect the ability of the Secured Party to exercise any of its remedies hereunder and (ii) the occurrence of any other event which could reasonably be expected to have a material impairment on the aggregate value of the Collateral or on the security interests created hereby.
Appears in 4 contracts
Samples: Amended and Restated Security Agreement (Air T Inc), Amended and Restated Security Agreement (Air T Inc), Security Agreement (Pro Dex Inc)
Required Notifications. Each Grantor shall promptly notify the Secured Party, in writing, of: (ia) any Lien (other than the Security Interests or Permitted Liens) on any of the Collateral which would adversely affect the ability of the Secured Party to exercise any of its remedies hereunder and Collateral, or (iib) the occurrence of any other event which could reasonably be expected to have a material impairment adverse effect on the aggregate value of the Collateral or on the security interests created herebySecurity Interests.
Appears in 3 contracts
Samples: Collateral Agreement (XZERES Corp.), Collateral Agreement (XZERES Corp.), Collateral Agreement (XZERES Corp.)
