DEBTOR'S OBLIGATIONS. The obligations of Debtor under this Agreement respecting an Item of Equipment, except the obligation to pay installment payments with respect thereto which will commence as set forth in Paragraph 3 below, commence upon the grant to Secured Party of a security interest in the Item. Debtor's obligations hereunder with respect to an Item of Equipment and Secured Party's security interest therein will continue until payment of all amounts due, and performance of all terms and conditions required hereunder provided, however, that if this Agreement is in default said obligations and security interest will continue during the continuance of said default. Upon termination of Secured Party's security interest in an Item of Equipment, Secured Party will execute such release of interest with respect thereto as Debtor reasonably requests.
DEBTOR'S OBLIGATIONS. Debtor's obligations respecting an Item, except the related installment payment obligation which is governed by paragraph 3 below, commence upon the grant to Creditor of a security interest in the Item. Debtor's obligations with respect to an Item and Creditor's security interest will continue until full performance of all related obligations hereunder; provided, however, that if this Agreement is then in default, said obligations and security interest will continue during the continuance of said default. Upon termination of Creditor's security interest in an Item, Creditor will provide such release of interest with respect thereto as Debtor reasonably requests.
DEBTOR'S OBLIGATIONS. So long as the Note is outstanding, Debtor covenants and agrees with Secured Party (a) not to permit any material part of the Collateral to be levied upon under any legal process; (b) not to dispose of any of the Collateral without the prior written consent of Secured Party; (c) to comply with all applicable federal, state and local statutes, laws, rules and regulations, the noncompliance with which would have a material and adverse effect on the value of the Collateral; and (d) to pay all taxes accruing after the Closing Date which constitute, or may constitute, a lien against the Collateral, prior to the date when penalties or interest would attach to such taxes; provided, that Debtor may contest any such tax claim if done diligently and in good faith.
DEBTOR'S OBLIGATIONS. The obligations of Debtor to Secured Party, the performance and payment of which are secured by this Security Agreement, are as follows:
DEBTOR'S OBLIGATIONS. Debtor agrees that: --------- --------------------
DEBTOR'S OBLIGATIONS. This Agreement secures the payment of all amounts and performance of all obligations of the Debtor (the "Obligations") as provided in (i) the License granted pursuant to Section 1.5 of the Asset Purchase Agreement between the Debtor and the Secured Party (the "Purchase Agreement"); and (ii) that certain Promissory Note in the principal amount of $1,700,000 from the Debtor to the Secured Party, dated the date hereof (the "Note").
DEBTOR'S OBLIGATIONS. The Obligations secured by this Security -------------------- Agreement shall consist of all [obligations of Debtors under the Guaranty and under any other Loan Document], whether now existing or hereafter arising, voluntary or involuntary, whether or not jointly owed with others, direct or indirect, absolute or contingent, liquidated or unliquidated, and whether or not from time to time decreased or extinguished and later increased, created or incurred.
DEBTOR'S OBLIGATIONS. For so long as this Agreement remains in effect, each Debtor hereby agrees that it shall:
DEBTOR'S OBLIGATIONS. In the event of any damage to or loss or destruction of the Collateral, (i) Debtor shall promptly notify Secured Party of such event and take such steps as shall be necessary to preserve any undamaged portion of the Collateral and (ii) if, pursuant to Section 3.07(b), the insurance proceeds are applied to the restoration, replacement, or rebuilding of such Collateral (but regardless whether such insurance proceeds, if any, shall be sufficient for the purpose), Debtor shall promptly commence to seek, and diligently seek, building permits and, after obtaining same, shall promptly commence and diligently pursue to completion the restoration, replacement, and rebuilding of the Collateral as nearly as possible to its value, condition, and character immediately prior to such damage, loss, or destruction and in accordance with plans and specifications approved, and with other provisions for the preservation of the security hereunder established, by Secured Party.
