Security for Loan Sample Clauses
The 'Security for Loan' clause establishes the requirement that the borrower provides collateral to secure the lender’s interest in the loan. This clause typically details the type of assets pledged—such as real estate, equipment, or inventory—and outlines the lender’s rights to claim these assets if the borrower defaults. By specifying the collateral and the conditions under which it may be seized, this clause protects the lender against the risk of non-payment and increases the likelihood of loan recovery.
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Security for Loan. The Loan will be secured by a first lien on Borrower’s interests in the land, the improvements (the “Improvements”) and the other real property interests described in Exhibit C, by a first security interest in the personal property and other intangibles described in Exhibit C, by a collateral assignment of the leases affecting, and the rents, issues, profits and revenues arising from, such property, and by the additional collateral, security and security interests, if any, described or referred to in Exhibit C (collectively, the “Property”).
Security for Loan. (a) The Borrower covenants that the principal sum of loan, interest, commitment and other charges and any other dues under this Agreement shall be secured by such security as IHFL shall determine in its own discretion with IHFL, having the right to decide the place, timing and type of the security including the manner of its creation and/or additional security it may require and the Borrower shall create the security accordingly and furnish any such additional security as may be decided by IHFL.
(b) Where the Loan has been availed for Repayment of an existing Loan/facility against any Security, then the Borrower/s shall within 7 days from disbursement of the Loan get the previous security removed from the records of the appropriate registering authority and have the security, if any, in favour· of IHFL/ its trustees or agents registered with such registering authority.
(c) The Borrower/s shall not enter into any agreement/ arrangement whatsoever with any person, body or authority for the use, transfer or disposal of the Security(ies) in any manner whatsoever without consent of IHFL. The Borrower/s will not part with the possession, give on hire, lease, leave license or conduct any arrangement or otherwise deal with the Security(ies) or any part thereof without, prior consent of IHFL.
(d) To secure, to the satisfaction of IHFL, the fulfillment of all the obligations of the Borrower(s) under the Loan Documents including payment of the Borrower's Dues and other amounts by the Borrower(s) to IHFL under the Loan Documents, the Borrower hereby undertake(s) to forthwith create, and/or shall cause the Borrower(s) to forthwith create, (a) such Security in favour of IHFL as mentioned in the Loan Documents (including those mentioned hereunder) and (b) such other additional Security of adequate value (to the satisfaction of IHFL), if IHFL so requests from time to time for any reason(s) whatsoever including due to inadequate value (in the opinion of IHFL) of any Security and/or IHFL's right on any Security getting adversely affected in any manner pursuant to, inter alia, injunction/stay order/freeze/attachment of any Security or any part thereof. The Borrower shall, and/or shall cause the Borrower(s) to, (a) forthwith execute and register, if required, appropriate Security Documents and other agreements/deeds relating thereto (in a format acceptable to IHFL) and (b) take/obtain a written no objection certificate (“NOC”) from IHFL prior to, inter alia, any application(s...
Security for Loan. The loan under this contract is secured by pledge of equity and the Pledge Agreement will be entered into separately. If it’s secured at the highest amount, the No. of the Pledge Agreement is / .
Security for Loan. Repayment of the Loan shall be secured by (i) granting to Holder a lien on, assignment of and security interest in and to certain oil and gas property rights that are held by Borrower (the “Collateral”) pursuant to a Mortgage, Assignment of Production, Security Agreement and Financing Statement (the “Assignment”) dated February 8, 2013 and as amended on April 23, 2013, (ii) the Guaranty (the “Guaranty”) of Cellteck dated February 8, 2013, and (iii) a first priority position or call right for an amount equal to the then-outstanding principal balance of and accrued interest on this Note on the first draw down by either Borrower or Cellteck of the $20,000,000 Equity Line of Credit (the “GEM Equity Line of Credit”) with Global Emerging Markets (“GEM”) (the “GEM Priority Call Rights”).
Security for Loan. The Company and the Sole Member intend that the loans contemplated by the Credit Agreement, dated as of November 13, 2012 (the “Loan Agreement”), by and among Broadview Networks Holdings, Inc., Broadview Networks, Inc., ARC Networks, Inc. and Bridgecom Solutions Group, Inc., as borrowers, the guarantors party thereto, the various financial institutions and other persons from time to time parties thereto, as lenders, and CIT Finance LLC, as administrative agent (the “Lender”), if extended by the Lender, will be secured by a security interest in the Company as more specifically set forth herein below. In furtherance thereof, the Company and the Sole Member hereby agree as follows for the specific benefit of the Lender:
Security for Loan. The Loan, the Note and the payment of all interest and fees under this Loan Agreement shall be secured by:
(a) A first priority perfected mortgage lien encumbering Borrower’s fee simple interest in the Land and the Project, in the amount of Twelve Million United States Dollars (US$12,000,000);
(b) A first priority perfected lien on the personal property and fixtures located on the Project, granted by the Mortgage and evidenced by the Mortgage and UCC-1 Financing Statements;
(c) A first “all assets” security agreement encumbering all of the personal and real property of the Borrower, including, without limitation, goods, chattel paper, documents, accounts, intangibles, securities, monies, books and records and all replacements of, substitutions for and increases, additions and accessories to the foregoing and proceeds thereof, present and future in the form attached hereto as Exhibit Q and made a part hereof;
(d) A security agreement to secure Guarantor’s obligations to Lender under the Guaranty, the Completion Guaranty and the Environmental Indemnity Agreement, encumbering all personal property of the Guarantor, including, without limitation, goods, chattel paper, documents, accounts, intangibles, securities, monies, books and records and all replacements of, substitutions for and increases, additions and accessories to the foregoing and proceeds thereof, present and future in the form attached hereto as Exhibit R and made a part hereof
(e) An acknowledgment of the status and terms of any contracts affecting or with respect to the Project or Land including, without limitation, any pertaining to ownership, insurance, shared facilities, passageway agreements or other similar matters specifically, but without limitation, confirming the good standing of such contracts and the rights of the Lender under its security;
(f) An assignment of the Plans and Specifications, the Construction Agreement, as evidenced by the Assignment of Construction Agreement attached hereto as Exhibit C, and the Architect’s Agreement, as evidenced by the Assignment of Architect’s Agreement attached hereto as Exhibit D, and UCC-1 Financing Statements;
(g) An assignment of all sales agreements and escrow deposits relating to all Units in the Improvements, as evidenced by the Assignment of Sales Contracts and Proceeds in the form attached hereto as Exhibit O;
(h) An assignment of all insurance policies with respect to the Project and the Land, together with all proceeds and benefits there...
Security for Loan. The Loan shall be secured and/or supported by, among other things, the Mortgage, the Cash Management Agreement, the Clearing Account Agreement, the Pledge and Assignment of Reserve Accounts, the Environmental Indemnity, all of the Accounts, the Guaranty, and the other Loan Documents.
Security for Loan. The Loans, together with interest thereon and all other charges and amounts payable by, the Letters of Credit, and all other Obligations of, the Borrower and the other Loan Parties to the Agent and/or each of the Lenders, shall be secured by the following collateral (the "Collateral") which the Borrower agrees to provide and maintain, or cause to be provided and maintained (whether provided for each in separate agreements or combined with various other agreements):
Security for Loan. Repayment of the Loan shall be secured by (i) granting to Holder a lien on, assignment of and security interest in and to certain oil and gas property rights that are held by Borrower (the “Collateral”) pursuant to a Mortgage, Assignment of Production, Security Agreement and Financing Statement (the “Assignment”) dated concurrently herewith, (ii) the Guaranty (the “Guaranty”) of Cellteck, and (iii) a first priority position or call right for an amount equal to the then-outstanding principal balance of and accrued interest on this Note on the first draw down by either Borrower or Cellteck of the $20,000,000 Equity Line of Credit (the “GEM Equity Line of Credit”) with Global Emerging Markets (“GEM”) (the “GEM Priority Call Rights”).
Security for Loan. The Loan shall be secured by the Deed of Trust, Regulatory Agreement, the Financing Statement, Assignment of Leases and the Request for Notice of Default.