Common use of Borrower Collateral Clause in Contracts

Borrower Collateral. It is and shall continue to be the sole owner of the Borrower Collateral; Borrower is fully authorized to sell, transfer, pledge and/or grant a security interest in each and every item of the Borrower Collateral to Lender; all documents and agreements related to the Borrower Collateral shall be true and correct and in all respects what they purport to be; all signatures and endorsements that appear thereon shall be genuine and all signatories and endorsers shall have full capacity to contract; none of the transactions underlying or giving rise to the Borrower Collateral shall violate any applicable state or federal laws or regulations; all documents relating to the Borrower Collateral shall be legally sufficient under such laws or regulations and shall be legally enforceable in accordance with their terms; and Borrower agrees to defend the Borrower Collateral against the claims of all persons other than Lender.