SECTION SECURITY FOR OBLIGATIONS Sample Clauses
The 'SECTION Security for Obligations' clause establishes that a party must provide security or collateral to guarantee the fulfillment of its contractual obligations. In practice, this may involve pledging assets, providing a bank guarantee, or setting aside funds in escrow to ensure that the obligations under the agreement are met. The core function of this clause is to protect the interests of the other party by reducing the risk of non-performance or default, thereby ensuring greater certainty and financial assurance in the contractual relationship.
SECTION SECURITY FOR OBLIGATIONS. This Agreement secures with respect to each Grantor, and the Collateral of such Grantor is collateral security for, the prompt payment and performance in full when due, whether on a specified payment date, at stated maturity, by acceleration or otherwise (including, without limitation, the payment of amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code or any similar law) of all Obligations of such Grantor to any Secured Party now or hereafter existing under the Credit Agreement, this Agreement, the Guaranty, the Notes, any Swap Contract entered into with a Lender and permitted under the Credit Agreement and the other Loan Documents in each case whether for principal (including reimbursement for amounts drawn or available to be drawn under Letters of Credit), interest (including, without limitation, interest that, but for the filing of a petition in bankruptcy would accrue on such obligations), fees, expenses, increased costs, indemnification or otherwise (any and all such Obligations being the "Secured Obligations"). Without limiting the generality of the foregoing, this Agreement secures the payment of all amounts that constitute part of the Secured Obligations and would be owed by any Grantor to the Agent, the Lender Agent, the Lenders, this Agreement, the Guaranty, the Notes, and the other Loan Documents but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceedings.
SECTION SECURITY FOR OBLIGATIONS. In the case of the Secured Lender Parties, this Agreement secures, and the Pledged Collateral is collateral security for, the prompt payment or performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including the payment of amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. ss.362(a)), of all obligations and liabilities of every nature of Pledgor now or hereafter existing under or arising out of or in connection with the Credit Agreement and the other Loan Documents and the Lender Interest Rate Agreements and all extensions or renewals thereof, whether for principal, interest (including interest that, but for the filing of a petition in bankruptcy with respect to Pledgor, would accrue on such obligations), reimbursement of amounts drawn under Letters of Credit, payments for early termination of Lender Interest Rate Agreements, fees, expenses, indemnities or otherwise, whether voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased or extinguished and later increased, created or incurred, and all or any portion of such obligations or liabilities that are paid, to the extent all or any part of such payment is avoided or recovered directly or indirectly from Administrative Agent or any Lender or Lender Counterparties as a preference, fraudulent transfer or otherwise, and all obligations of every nature of Pledgor now or hereafter existing under this Agreement (all such obligations of Pledgor being the "SECURED OBLIGATIONS").
SECTION SECURITY FOR OBLIGATIONS. This Agreement secures the payment of all obligations of the Borrower now or hereafter existing under the Credit Agreement and the Notes, whether for principal, interest, fees, expenses or otherwise, and all obligations of the Grantor now or hereafter existing under this Agreement (all such obligations of the Borrower and the Grantor being the "OBLIGATIONS"). Without limiting the generality of the foregoing, this Agreement secures the payment of all amounts which constitute part of the Obligations and would be owed by the Borrower to the Agent or the Lenders under the Credit Agreement and the Notes but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the Borrower.
SECTION SECURITY FOR OBLIGATIONS. This Pledge Agreement secures the payment in full of all Obligations of each Obligor now or hereafter existing under the Credit Agreement and each other Loan Document, whether for principal, interest, costs, fees, indemnities, expenses, or otherwise (including all Obligations of the Pledgor now or hereafter existing under this Pledge Agreement and each other Loan Document to which such Pledgor is or may become a party), with all such Obligations being referred to as the "Secured Obligations".
SECTION SECURITY FOR OBLIGATIONS. This Pledge Agreement secures the payment of all amounts now or hereafter payable by Pledgor to the Company on or with respect to the Note and the performance of all obligations set forth in this Pledge Agreement (the "Obligations").