Obligations of Debtor Clause Samples
The "Obligations of Debtor" clause defines the specific duties and responsibilities that the debtor must fulfill under the agreement. Typically, this includes timely repayment of the debt, maintaining any collateral, providing necessary information to the creditor, and complying with all relevant laws or covenants outlined in the contract. By clearly outlining these requirements, the clause ensures both parties understand what is expected from the debtor, thereby reducing the risk of misunderstandings and providing a basis for enforcement if the debtor fails to meet their obligations.
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Obligations of Debtor. Debtor hereby covenants, represents, warrants and agrees that:
(a) The Collateral, or any part thereof, will not be sold, leased, licensed, assigned, conveyed, transferred, disposed of or become subjected to any subsequent interest, lien, security interest or encumbrance of any party, created or suffered by Debtor, voluntarily or involuntarily, except in the ordinary course of Debtor's business or as expressly authorized in writing by Secured Parties;
(b) The obligations, liabilities and indebtedness of Debtor to Secured Parties hereunder shall not be released, discharged or impaired in any manner or to any extent if Secured Parties renew, extend, modify, change or waive the time of payment and/or the manner, place or terms of payment of all or any part of the indebtedness secured hereby or any renewal thereof, or Secured Parties make any exchange, release, substitution, addition, surrender, settlement or compromise with respect to the Collateral, the indebtedness secured hereby or any party liable thereon; or Secured Parties subordinate such indebtedness or Collateral, or both, to any other indebtedness of Debtor, or security therefor, or both which may exist at any time hereafter; and
(c) Upon the execution hereof, Debtor and Secured Parties shall execute a UCC-1 financing statement relating to the security interest granted in this Security Agreement and Debtor shall promptly file (or cause to be filed) the UCC-1 financing statement with the State of New York. At any time and from time to time, upon the request of the Secured Parties, the Debtor shall execute, deliver and acknowledge or cause to be executed, delivered and acknowledged, such further documents, agreements and instruments, and do such other acts and things as the Secured Parties may reasonably request in order to fully perfect the security interest granted herein and otherwise effect the purposes of this Agreement.
(d) Debtor has full power and capacity to execute, deliver and perform this Agreement. No consent or approval of any entity is required as a condition to the validity of this Agreement. The making and performance of this Agreement will not (x) violate or conflict with any provision of law or any rule or regulation, or (y) will not violate or conflict with or result in a breach of any order, writ, injunction or decree of any court or governmental authority, or create a default under or breach of any agreement, bond, note or indenture to which it is a party or by which it is bound ...
Obligations of Debtor. Debtor warrants and covenants to Secured Party as follows:
Obligations of Debtor. Debtor warrants and covenants:
Obligations of Debtor. Debtor warrants to and covenants to Secured Party as follows:
Obligations of Debtor. This Agreement has been duly executed to secure payment and performance of certain obligations of Debtor under that Loan Agreement effective May 30, 2007, between Debtor and Secured Party (the "Loan Agreement").
Obligations of Debtor. If this Lease is not terminated in accordance with subsection 26.3(a) above because such termination is not allowed under the Bankruptcy Code (hereinafter defined), upon the filing of a petition by or against Tenant under the Bankruptcy Code, Tenant, as debtor and as debtor in possession, and any trustee who may be appointed, agree:
(1) To perform promptly each and every obligation of Tenant under this Lease until such time as this Lease is either rejected or assumed by order of a United States Bankruptcy Court or other United States Court of competent jurisdiction; or deemed rejected by operation of law, pursuant to 11 U.S.C. § 365(C)(4);
(2) To pay monthly in advance on the first day of each month as reasonable compensation for use and occupancy of the Premises an amount equal to all Base Rent and all Additional Rent;
(3) To reject or assume this Lease within sixty (60) days of the filing of such petition under Chapter 7 of the Bankruptcy Code or within thirty (30) days of the filing of a petition under any other Chapter;
(4) To give Landlord at least forty-five (45) days’ prior written notice of any proceeding relating to any assumption of this Lease;
(5) To give Landlord at least thirty (30) days’ prior written notice of any abandonment of the Premises, any such abandonment to be deemed conclusively a rejection of this Lease;
(6) To be deemed conclusively to have rejected this Lease in the event of the failure to comply with any of the above;
(7) To have consented to the entry of an order by an appropriate United States Bankruptcy Court providing all of the above, waiving notice and hearing of the entry of same; and
(8) That this is a “lease of real property in a shopping center” as such term is used in the Bankruptcy Code.
Obligations of Debtor. Debtor hereby covenants, represents, warrants and agrees that:
(a) On or prior to January 20, 2002, so long as no Event of Default has occurred and is continuing under the Promissory Note, dated September 17, 2001, issued by Debtor to SpaceLogix, or after January 20, 2002 promptly if any Event of Default in existence on such date is subsequently cured, Debtor shall execute and deliver to Serif Inc. the irrevocable instruction letter attached hereto as Exhibit A.
(b) Subject to the SpaceLogix Interest and the K&M Interest, Debtor shall, at no cost or expense to the Secured Parties, defend their right, title and interest in and to the Collateral, and defend the Collateral against all other claims or demands of any other party and all other liabilities of any nature whatsoever;
(c) Subject to the SpaceLogix Interest and the K&M Interest, the Collateral is free and clear from, and is not subject to, any assignment, security interest, mortgage, pledge, lien, levy for taxes (other than for taxes not yet due and payable) or other assessments, interest, charge, adverse claim or other encumbrance, including any financing statement or other document filed in any public office ("Encumbrance"), and Debtor shall keep and maintain the Collateral, and each part thereof, free and clear of any Encumbrance which is not subordinate to the security interest granted hereunder, and shall not create nor permit to remain any such Encumbrance;
(d) Debtor shall duly and promptly pay and discharge when due and payable, or cause to be paid and discharged all taxes, assessments and governmental charges or levies upon or against it or its profits, income, properties or assets;
Obligations of Debtor. Debtor shall have the following obligations to Secured Party:
Obligations of Debtor. Debtor shall pay to Creditor the sum evidenced by the Note or any renewals or extensions thereof executed pursuant to this security agreement in accordance with the terms of the Note.
Obligations of Debtor. The obligations of the Debtor that are subject to this Security Agreement are as follows: This Security Agreement secures repayment of the Notes in the aggregate amount of $1,300,000.00, together with interest on the outstanding balance existing from time to time at the rate stated in the Notes.