Secured Transaction Clause Samples

Secured Transaction. The Obligor acknowledges that this ------------------- is a secured transaction within the meaning of and governed by Article 9 of the Uniform Commercial Code of the State of New York. The Obligor further acknowledges that there is executed, along with the Note, a Term Loan Agreement and Security Agreement in order to secure the indebtedness created herein. This Note, the Term Loan Agreement and Security Agreement together set forth the terms and conditions of the obligation of the Borrower/Obligor to the Bank/Obligee and each separate instrument incorporates by reference the other instruments. Notwithstanding the foregoing, in the event of default, the Bank (Holder) shall be free to elect any one or a combination of all of the remedies available to it pursuant to the provisions of the Loan Documents and the election of any one remedy shall not preclude the holder from thereafter pursuing any and all other remedies available to it under law or pursuant to the Loan Documents. It is further intended that the terms and conditions of the commitment letter issued by the Bank dated the 15th day of July 1997 are intended to survive the execution of this Note and Loan Documents and are incorporated by reference herein.

Secured Transaction. To secure the payment of Debtor's obligation hereunder and any and all other indebtedness owed by Debtor to Secured Party (whether now existing or hereafter arising), as well as any renewals, extensions or changes in the form of said obligations or indebtedness, Debtor has contemporaneously herewith executed an Aircraft Security Agreement (hereinafter "Security Agreement") granting to Secured Party a security interest in the property set forth therein, together with all instruments, avionics, equipment, parts and accessories attached to or installed in said aircraft; all aircraft and engine log books; all additions, accessions and substitutions of any of the foregoing property; all of Debtor's inventory (whether now existing or hereafter acquired) of air carrier aircraft engines, propellers, appliances, spare parts, avionics, accessories, instruments, rotables, equipment (including ground support equipment), subassemblies, tools, kits, consumables, components and related items for installation in or use in connection with the Aircraft described in Table 1(b) not to exceed an aggregate of $[*] per Aircraft, all unearned insurance premiums and insurance proceeds of any of the foregoing property; and the proceeds of all of the foregoing property. The above-mentioned property is hereinafter collectively referred to (as appropriate within the context of this Agreement) as either the "Aircraft" or the "Collateral".

Secured Transaction