Common use of Representations and Warranties Regarding Collateral Clause in Contracts

Representations and Warranties Regarding Collateral. Debtor represents and warrants, as of the date of this Agreement and as of each date hereafter (except for changes permitted or contemplated by this Agreement) until termination of this Agreement: (i) The correct name of Debtor is set forth in the first paragraph of this Agreement. The chief place of business, chief executive office of Debtor and all Collateral of Debtor is located at the address specified as the notice address for Debtor (the "Premises") and Debtor has exclusive possession and control of the Collateral. All records concerning any Accounts and all originals of all chattel paper which evidence any Account are located at the Premises and none of the Accounts is evidenced by a promissory note or other instrument except for such notes and other instruments delivered to Secured Party. (ii) Debtor is the legal and beneficial owner of the Collateral free and clear of all liens except for liens of Secured Party. (iii) This Agreement creates in favor of Secured Party a legal, valid an enforceable security interest in the Collateral. When financing statements have been filed in the office of the Secretary of State of Michigan and Massachusetts and the County Recorder's office or delivery of Collateral made to Secured Party, Secured Party will have a fully perfected first priority lien on, and security interest in, the Collateral in which a security interest may be perfected by filing or delivery. (iv) No authorization, approval or other action by, and no notice to or filin with, any governmental authority that have not already been taken or made and which are in full force and effect, is required (A) for the grant by Debtor of the security interest in the Collateral granted hereby; (B) for performance of this Agreement by Debtor; or (C) for the exercise by Secured Party of any of its other rights or remedies hereunder.

Representations and Warranties Regarding Collateral. Debtor represents and warrants, as of the date of this G|\law\lac\phc\loandoc 7/16/96 Agreement and as of each date hereafter (except for changes permitted or contemplated by this Agreement) until termination of this Agreement: (i) The correct name of Debtor is set forth in the first paragraph of o this Agreement. The chief place plac e of business, chief executive office of Debtor and all Collateral Inventory and Equipment of Debtor is located at the address specified as the notice address for Debtor (the "Premises") and Debtor has exclusive possession and control of the CollateralEquipment and Inventory. All records concerning any Accounts and all originals of all chattel paper which evidence any Account are located at the Premises and none of the Accounts is evidenced by a promissory note or other instrument except for such notes and other instruments delivered to Secured Party. (ii) Debtor is the legal and beneficial owner of the Collateral free and clear of all liens except for liens of o Secured Party.arty. Debtor currently conducts business under the name: NORTH POINT - PIONEER, INC.. (iii) This Agreement creates in favor of Secured Party a legal, valid an and enforceable security interest in the Collateral. When financing flanking statements have been filed in the office of the Secretary of State States of Michigan and Massachusetts and the County Recorder's office Nevada or delivery of Collateral made to Secured Party, Secured Party will have a fully perfected first priority lien on, and security interest in, the Collateral in which a security interest may be perfected by filing or delivery. (iv) No authorization, authorization approval or other action by, and no notice to or filin filing with, any governmental authority authorit y that have not already been taken or made and which are in full force and effect, is required (A) for the grant by Debtor of the security interest in the Collateral granted hereby; (B) for performance of this Agreement by Debtor; or (C) for the exercise by Secured Party of any of its other rights or remedies hereunder.