Personal Property Collateral definition
Examples of Personal Property Collateral in a sentence
The Security Agreements signed by the applicable Borrower granting an Encumbrance in all applicable Personal Property Collateral.
Each Borrower shall at all times maintain, in good order, condition and repair, free of Encumbrances (other than Permitted Encumbrances) and in compliance with all applicable laws, the business of such Borrower, assets and properties of such Borrower, including (without limitation) the Personal Property Collateral of such Borrower.
Each Loan Party shall give Lender prompt written notice of (i) any litigation or governmental proceedings against any such Loan Party or the Personal Property Collateral, which might reasonably be expected to have a Material Adverse Effect, (ii) any Default or Event of Default under the Loan Documents and (iii) any notices of default received from any lender or material contractor of any Borrower.
Each Borrower shall timely pay all applicable taxes and other charges now existing or hereafter levied against such Borrower or the Personal Property Collateral of such Borrower, and any taxes on the income of the business of such Borrower, subject to such Borrower’s good faith right to contest, at such Borrower’s expense, the validity or application in whole or part of such taxes, provided that there is no Event of Default then continuing under the Loan Documents.