Common use of COLLATERAL FOR THE OBLIGATIONS Clause in Contracts

COLLATERAL FOR THE OBLIGATIONS. Until finally paid and satisfied in full and this Agreement is no longer of any force or effect, the Obligations are and shall remain secured by a valid and enforceable first priority pledge, assignment of and/or grant of security interest and Lien in and to all personal property of the Company, tangible and intangible, now owned and existing or hereafter acquired or arising, including, without limitation, all accounts receivable, all Purchased Accounts Receivable, cash, Pledged Cash, Investment securities, all promissory notes (including, but not limited to, the Escalade Note) made and issued by Escalade and/or any of the Escalade Domestic Subsidiaries in favor of, and owned and held by, the Company, general intangibles and all proceeds and products thereof (collectively, the "COLLATERAL"), which assignments, security interests and pledges shall be granted to the Bank by the Company Security Agreement and the Escalade Note Pledge Agreement, respectively, subject only to Liens and security interests described in the exceptions enumerated in Section 5.02(b)