Loan and Collateral Sample Clauses

Loan and Collateral. (a) In conjunct on with the execution of this Agreement, Borrower will execute and deliver to Lender a Promissory Note dated as of the date of this Agreement in the maximum principal amount of $500,000.00 payable to Lender in substantially the form attached hereto as Exhibit “A” (which Promissory Note along with any renewals, extensions and amendments thereto is hereinafter referred to as the “Note”). Borrower shall be entitled to an initial advance of $350,000.00 in principal amount under the Note at Closing, and subsequent advances (each, an “Advance”) after Closing up to an aggregate principal amour{ together with the initial advance of $500,000.00, as follows: (i) each Advance must be at least $20,000.00, (ii) Borrower shall provide Lender with a written request for each Advance at least five (5) days prior to funding of such Advance, which must set forth a proper use of proceeds (as provided in Section 8(i) hereof), (iii) no default or Event of Default shall have occurred under this Agreement or any other Loan Document, (iv) each Advance is subject to and contingent upon Lender determining, in its discretion, that Borrower is creditworthy, and (v) Borrower and its affiliates and related parties shall not be in default of any obligations owed to Lender. No Advances will be made after the expiration of six (6) months from the date of this Agreement. (b) In consideration of the extension of credit under the Note and to secure all amounts owing under the Note and any other indebtedness now or hereafter owed by Borrower to Lender (collectively, the “Indebtedness”), Guarantor shall execute and deliver to Lender a guaranty of the Indebtedness (the “Guaranty”) and Borrower will execute and deliver to Lender (i) a Subordinated Deed of Trust covering al] of Borrower’s oil and gas properties (the “Mortgaged Properties”), and (ii) a Security Agreement covering all of the non-real property assets of Borrower other than those assets located on the Mortgaged Properties (the “Pledged Assets”) (said Deed of Trust and Security Agreement are referred to collectively herein as the “Security Documents”). The Note, this Agreement, the Security Documents, the Guaranty and all other documents or instruments related thereto. are referred to herein as the “Loan Documents”.
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Loan and Collateral. (a) In conjunction with the execution of this Agreement, Borrower will execute and deliver to Lender (i) Promissory Note No. 1 dated as of the date of this Agreement in the original principal amount of $325,000.00 payable to Lender in substantially the form attached hereto as Exhibit “A”, and (ii) Promissory Note No. 2 dated as of the date of this Agreement in the original principal amount of $175,000.00 payable to Lender in substantially the form attached hereto as Exhibit “B” (which Promissory Notes along with any renewals, extensions and amendments thereto are hereinafter referred to as the “Notes”). Borrower shall only be entitled to a single advance of the entire original principal amount under each of the Notes at Closing. (b) In consideration of the advancement of credit under the Notes and to secure all amounts owing under the Notes and any other indebtedness now or hereafter owed by Borrower to Lender (collectively, the “Indebtedness”), Guarantor will execute and deliver to Lender a guaranty of the Indebtedness (the “Guaranty”). The Notes, this Agreement, the Guaranty and all other documents or instruments related thereto, are referred to herein as the “Loan Documents”.
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Loan and Collateral 
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Related to Loan and Collateral

  • Security Interest and Collateral To secure the payment and performance of the Obligations, Borrower hereby grants Lender a security interest (herein called the "Security Interest") in the following Collateral, whether now owned or hereafter acquired by Borrower and wherever located, and all products and proceeds thereof: (a) Crops, whether annual or perennial, whether grown, growing or to be grown, and whether harvested or unharvested, the products and proceeds thereof and stored grain (including all of the foregoing designated as inventory) and any negotiable or nonnegotiable documents, scale tickets and the like resulting from the storage thereof; also seed, fertilizer, chemicals, and other supplies used or produced by Borrower in farming operations; also accounts, contract rights (including proceeds from insurance policies covering the other Collateral), instruments, documents and general intangibles, whether now owned or hereafter acquired and wherever located; hedging and commodity accounts or agreements, now or hereafter or in effect, together with all rights in and to such accounts or agreements and all payments due or to become due thereunder. (b) Livestock (including livestock in gestation) and their young, products and proceeds and progeny thereof and produce thereof, including all livestock designated as inventory; also feed, medicines and other supplies used or produced by Borrower in farming operations; also accounts, contract rights (including proceeds from insurance policies covering the other Collateral), instruments, documents and general intangibles, whether now owned or hereafter acquired and wherever located; hedging and commodity accounts or agreements, now or hereafter or in effect, together with all rights in and to such accounts or agreements and all payments due or to become due thereunder. (c) All of Borrower’s equipment and machinery, and all accessions and attachments thereto and replacements and substitutions therefore (the Equipment). Borrower shall not remove any of the Collateral from locations disclosed in this Agreement, nor sell, convey or encumber said Collateral, provided, however, that Borrower may sell said Collateral or any part thereof if, and only if: (i) the proceeds of such sale are made payable jointly to Lender and Borrower if requested by ▇▇▇▇▇▇, it being specifically understood and agreed that all Obligations secured by the Collateral to the extent of the sale price shall be due and payable at the time of such sale; and (ii) Borrower sells the Collateral only to buyers listed on the Credit Application if required pursuant to the terms of Subsection 2(c) below.

  • Collateral Each of the Banks represents to the Agent and each of the other Banks that it in good faith is not relying upon any "margin stock" (as defined in Regulation U) as collateral in the extension or maintenance of the credit provided for in this Agreement.

  • Possessory Collateral Immediately upon Borrower's receipt of any portion of the Collateral evidenced by an agreement, Instrument or Document, including, without limitation, any Tangible Chattel Paper and any Investment Property consisting of certificated securities, Borrower shall deliver the original thereof to Lender together with an appropriate endorsement or other specific evidence of assignment thereof to Lender (in form and substance acceptable to Lender). If an endorsement or assignment of any such items shall not be made for any reason, Lender is hereby irrevocably authorized, as Borrower's attorney and agent-in-fact, to endorse or assign the same on Borrower's behalf.

  • Security Interest in Collateral The provisions of this Agreement and the other Loan Documents create legal and valid Liens on all of the Collateral in favor of the Administrative Agent, for the benefit of the Secured Parties, and such Liens constitute perfected and continuing Liens on the Collateral, securing the Secured Obligations, enforceable against the applicable Loan Party and all third parties, and having priority over all other Liens on the Collateral except in the case of (a) Permitted Encumbrances, to the extent any such Permitted Encumbrances would have priority over the Liens in favor of the Administrative Agent pursuant to any applicable law or agreement and (b) Liens perfected only by possession (including possession of any certificate of title) to the extent the Administrative Agent has not obtained or does not maintain possession of such Collateral.

  • CREDIT AND COLLATERAL REQUIREMENTS The applicable credit and collateral requirements are specified on the Cover Sheet.