Common use of Secured Obligation Clause in Contracts

Secured Obligation. The parties acknowledge and agree that the obligations of the Company under this Agreement and the Debentures, are subject to the security interest granted by the Company and its Subsidiaries pursuant to the Security Agreement and that such obligations are “Obligations” under such Security Agreement and the Subsidiary Guarantees. The Company and the Subsidiaries shall take any and all actions as may be necessary or appropriate in order to grant the Purchasers a first priority security interest in the assets of the Company and the Subsidiaries, including assisting Purchasers in the filing of all UCC-1 filing receipts, if required. The Company shall update the disclosure schedules to the Security Agreement and provide them to the Purchaser prior to the Closing.

Secured Obligation. The parties acknowledge and agree that the obligations of the Company under this Agreement and the Debentures, are subject to the security interest granted by the Company and its Subsidiaries pursuant to the Security Agreement and that such obligations are “Obligations” under such Security Agreement and the Subsidiary Guarantees. The Subject to the Subordination Agreements, the Company and the Subsidiaries shall take any and all actions as may be necessary or appropriate in order to grant the Purchasers a first priority security interest in the assets of the Company and the Subsidiaries, including assisting Purchasers in the filing of all UCC-1 filing receipts, if required. The Company shall update the disclosure schedules to the Security Agreement and provide them to the Purchaser prior to the Closing.