Continuing Liens Clause Samples
The Continuing Liens clause establishes that any liens, such as security interests or claims on property, granted under an agreement will remain in effect even after certain obligations are fulfilled or the agreement ends. In practice, this means that if a borrower repays part of a loan but still owes a balance, the lender’s lien on collateral continues until all obligations are fully satisfied. This clause ensures that the secured party retains its rights and protection against default until complete repayment, thereby safeguarding its interests and minimizing risk.
Continuing Liens. Notwithstanding the refinancing of the Original Agreement Refinancing Amount pursuant hereto, the parties hereto hereby agree that the Liens created pursuant to the Security Trust Agreement and the other Credit Documents prior to such refinancing shall continue in full force and effect and shall not be terminated or released as a result of such refinancing.
Continuing Liens. Lender Type of Debt Amount ------ ------------ ------ Machinery to measure noise level and to laser etch bearings G.E. Capital $ 360,000 CNC Lathe G.E. Capital 113,900 2 Rotorpaks for trash disposal G.E. Capital 29,650 --------- Total G.E. CAPITAL $ 503,550 1996 Buick Century HSBC 4,264 1997 Buick LeSabre GMAC 4,646 --------- TOTAL CONTINUING LIENS $ 512,460 Schedule 7.3(j) EXISTING GMAC LETTERS OF CREDIT L/C L/C Issue Expiration Number Balance Payee Date Date ------ ------- ----- ---- ---- 347937 $296,745.01 Samara 06/04/99 01/31/00 348154 62,653.23 SMEC 07/30/99 01/21/00 348303 120,562.56 Shanghai ▇▇▇▇ ▇▇▇▇ Motors 09/09/99 01/21/00 348341 228,391.50 SPGBC 09/20/99 02/10/00 348357 36,596.70 Yuyao Foreign Trade 09/24/99 11/21/99 348426 878,300.77 Yuyao Foreign Trade 10/14/99 02/10/00 348503 147,796.02 China First Automobile 11/04/99 02/11/00 348593 61,173.99 Shanghai ▇▇▇▇ ▇▇▇▇ Motors 12/07/99 01/21/00 348594 118,901.64 SMEC 12/06/99 01/21/00 348605 148,399.39 Shanghai Dongyu 12/09/99 01/31/00 ------------- TOTAL: $2,099,520.81 EXHIBIT A REVOLVING NOTE West Nyack, New York $21,000,000 December 20, 1999 FOR VALUE RECEIVED, the undersigned, GENERAL BEARING CORPORATION, a Delaware corporation (the "Borrower"), hereby unconditionally promises to pay to the order of KeyBank National Association (the "Lender"), located at Key ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ on the Stated Maturity Date for all Revolving Loans, the principal amount of TWENTY ONE MILLION DOLLARS ($21,000,000) in lawful money of the United States and in immediately available funds or, if less, the aggregate unpaid principal amount of all Revolving Loans made by the Lender to the Borrower pursuant to that Section 2.3 of the Credit Agreement, dated as of December 20, 1999 (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement") among General Bearing Corporation (the "Borrower"), various financial institutions as are, or may be from time to time parties thereto (the "Lenders"), and KeyBank National Association, as Administrative Agent, which principal amount, together with certain other information, shall be noted by the Lender on the schedules attached hereto (and any continuation thereof). Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. The Borrower also promises to pay interest in like money at such office on the unpaid principal amount he...
Continuing Liens. Until the Termination Date, Lender shall retain the security interests in the Collateral granted under the Collateral Documents and the ability to exercise all rights and remedies available to it under the Loan Documents and applicable laws.
Continuing Liens. All liens and security interests securing all or any of the indebtedness evidenced by the Modified Note, including, but not limited to, the liens and security interests arising under or by virtue of the Amended Agreements, the Transaction Documents (other than the Security Agreement and the Subsidiary Security Agreement) and the Second Pledge and Security Agreement, are hereby ratified, affirmed, extended and continued, and shall remain in full force and effect to secure the payment of the entire indebtedness evidenced and to be evidenced by the Modified Note. All covenants, guarantees, agreements, warranties and remedies heretofore made or given for the benefit of the Lender regarding the Modified Note shall remain in full force and effect regarding the Modified Note.
Continuing Liens. This Amendment shall in no manner effect or impair the liens or security interests securing payments of the Obligation, and, except as provided in Paragraph 1(a) FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT Page 4 AND RELATED LOAN DOCUMENTS hereof, such liens and security interests shall not in any manner be waived, which liens are acknowledged by each of Borrower, ▇▇▇▇, GreenSpring, LDG and Bit 3 to be valid and subsisting.
Continuing Liens. Except as provided in Article 5 and this Article 10, the Company represents that this Indenture shall create a continuing Lien on the Collateral with respect to which a security interest is granted pursuant to Section 10.01(a), and on any Released Kaiser Shares in which a security interest may hereafter be granted by the Company pursuant to Section 10.01(b), that shall (i) remain in full force and effect until payment in full of the Securities, (ii) be binding upon the Company and its successors and assigns and (iii) enure to the benefit of the Trustee and its successors, transferees and assigns.
Continuing Liens. The security interests and liens previously granted by Borrower to Bank, including without limitation the Security Agreement made by the Borrower in favor of the Bank dated December 5, 2007 (“Security Agreement”), are intended to continue in full force and effect and to secure among others all obligations under or related to this Agreement, and are reaffirmed including if and as modified by any written agreement between Borrower and Bank made in connection herewith. Borrower hereby confirms that all locations at which Borrower maintains assets are listed below Borrower’s signature on the Security Agreement, and that the Schedules to such Security Agreement remain complete and accurate.
Continuing Liens. The Borrowers, Guarantor and TBS hereby acknowledge and agree that the liens previously granted, or in the case of TBS and Total granted contemporaneous herewith, remain in full force and effect.
Continuing Liens. Until the Termination Date, Agent shall retain the security interests in the Collateral granted under the Collateral Documents, subject only to the Liens of the Senior Lender, and the ability to exercise all rights and remedies available to it under the Loan Documents and applicable laws.
Continuing Liens. The security interests and liens previously granted by Borrower to Bank are intended to continue in full force and effect and are reaffirmed as modified by any written agreement between Borrower and Bank made in connection herewith.