Definition of Prior Security Agreement


Prior Security Agreement means the Security Agreement, dated as of June 30, 2016, by and between the Company, SG Building Blocks, Inc., and the Purchasers, pursuant to which the Company granted security interests in certain property to the Purchasers as further described therein.

Examples of Prior Security Agreement in a sentence

The Company (and each Subsidiary) owns its property and assets free and clear of all mortgages, liens, loans, pledges, security interests, claims, equitable interests, charges, and encumbrances, except such encumbrances and liens which arise in the ordinary course of business and do not materially impair the Company's (and each Subsidiary's) ownership or use of such property or assets and/or any such liens, encumbrances and security interests which arose in connection with the Prior Security Agreement.
Without limiting the foregoing, the parties hereby terminate each and all Prior Security Agreements and Executive hereby releases and forever waives any rights Executive may have against the Company under any Prior Security Agreement.
Each Grantor hereby agrees that, effective upon the execution and delivery of this Security Agreement by such Grantor, the terms and provisions of the Prior Security Agreement shall be and hereby are amended, restated and superseded in their entirety by the terms and provisions of this Security Agreement.
This Security Agreement amends and restates in its entirety the Prior Security Agreement.
Nothing expressed or implied in this Security Agreement shall be construed as a release or other discharge of any Grantor from any of its obligations or liabilities under the Prior Security Agreement or any of the other loan documents executed in connection therewith.