Secured Interest Sample Clauses

A Secured Interest clause establishes a lender's legal right to claim specific assets of a borrower as collateral in the event of default. In practice, this clause identifies which assets are subject to the security interest, such as equipment, inventory, or receivables, and outlines the procedures for perfecting and enforcing the interest. By doing so, it protects the lender by providing a clear mechanism for recovering value if the borrower fails to meet their obligations, thereby reducing the lender's risk and encouraging responsible borrowing.
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Secured Interest. (A) Company hereby grants to Payee a security interest in that certain microreactor equipment and any related ancillary equipment purchased from FutureChemistry with funds directed from that certain Escrow Agreement of even date herewith (collectively, the “Microreactor”) to secure the payment of the indebtedness and obligations of this Debenture. Company authorizes Payee to file financing statements with respect to the security interest of Payee, continuation statements with respect thereto, and any amendments to such financing statements that may be necessitated. Company agrees that, notwithstanding any provision in the Uniform Commercial Code as adopted in the State of Texas (the “UCC”) to the contrary, Company shall not file a termination statement of any financing statement filed by Payee in connection with any security interest granted under this Debenture if Payee reasonably objects to the filing of such termination statement. If the Microreactor, (including any ancillary equipment related thereto) funded through the Phase 2 Debenture, is installed into or upon real property where Company holds a leasehold estate, Company shall, prior to such installation, execute with its Landlord an Agreement, approved by Payee, specifying the Payee’s senior security interest in the Phase 2 Microreactor, (including any ancillary equipment related thereto) funded through the Phase 2 Debenture, specifically subordinating the landlord’s liens and to protect the priority of the Payee’s senior purchase money security interest in the Microreactor (including any ancillary equipment related thereto). (B) Payee shall at all times have a perfected security interest in the Microreactor that shall be prior to any other interests therein. Company shall do all acts and things, shall execute and file all instruments (including security agreements, UCC financing statements, continuation statements, etc.) requested by Payee to establish, maintain and continue the perfected security interest of Payee in the Microreactor, and shall promptly on demand pay all costs and expenses of (i) filing and recording, including the costs of any searches deemed necessary by Payee from time to time to establish and determine the validity and the continuing priority of the security interest of Payee, and (ii) all other claims and charges that in the reasonable opinion of Payee might prejudice, imperil or otherwise affect the Microreactor or security interest therein of Payee. Company agrees that a ...
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Secured Interest. The Note shall be secured by all of the assets of Debtor pursuant to the Security Agreement attached hereto (the “Security Agreement”).
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Secured Interest. The Notes shall be secured against the plant, property and equipment of the Company and any and all receivables of the Company.
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Secured Interest. The Company hereby acknowledges that any existing secured interest in certain equipment of the Company held by the Employee, as evidenced by a filed UCC-1 Financing Statement, shall remain in effect until all amounts owed to the Employee under this Separation Agreement has been paid in full.
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Secured Interest. To secure payment of all amounts due under this Agreement, the Company grants the Investor a security interest in all of its personal property, now existing or hereafter arising, including all accounts, inventory, equipment, general intangibles, financial assets, investment property, securities, deposit accounts, and the proceeds thereof. The Company authorizes the Investor to file a financing statement to perfect this security interest.
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Secured Interest. In the event that the Company grants a secured interest in its lease interests or properties in connection with any future financing, then the Buyer(s) will be entitled to a pari passu interest in such secured interest with any such investors. The Company will undertake to have all required liens filed with the appropriate office to protect the Buyer(s) secured interest.
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Secured Interest. A. The Debtor hereby grants to the Secured Party a security interest in all accounts, chattel paper (both tangible and electronic), goods, inventory, equipment, fixtures, payment intangibles, general intangibles, software, instruments, letters of credit, letter-of-credit rights, money, documents, deposit accounts, investment property, commodity contracts, commodity accounts, crops, farm products, timber to be cut, oil, gas and other minerals before extraction, as-extracted collateral, vehicles, manufactured homes and supporting obligations, and all products and their proceeds, whether now owned or later acquired (the "Collateral"). Terms used in the preceding collateral description shall have the respective meanings accorded such terms in the Uniform Commercial Code as enacted in the State of Michigan as of the date of this Agreement. B. The security interest hereby granted is to secure any and all Indebtedness of Debtor to Secured Party. The word "Indebtedness" as used herein means any and all sums which may become due to Secured Party by Debtor under that certain Promissory Note dated August 1, 2022 in the original principal sum of $1,136,000 (the "Note"), as may be extended, renewed, modified, or amended from time to time, and such sums as may be due to Secured Party pursuant to the terms of this Agreement.
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Secured Interest. This Security Instrument is given to secure “future advances” as defined and authorized under applicable Illinois statutes, including, without limitation, 205 ILCS 5/5d, 205 ILCS 105/l-6b, 815 ILCS 205/4.1, 735 ILCS 5/15-1207 and 735 ILCS 5/15-1302. Mortgagee is obligated under the terms of the Note Document to make advances upon the satisfaction of certain conditions as provided therein, and ▇▇▇▇▇▇▇▇▇ acknowledges and intends that all such advances, including future advances whenever hereafter made, shall be a lien from the time this Security Instrument is recorded, as provided in Section 15-1302(b)(1) of the Act. Mortgagor covenants and agrees that this Security Instrument shall secure the payment of all loans and advances made pursuant to the terms and provisions of the Note Document, whether such loans and advances are made as of the date hereof or at any time in the future, and whether such future advances are obligatory or are to be made at the option of Mortgagee or otherwise (but not advances or loans made more than 20 years after the date hereof), to the same extent as if such future advances were made on the date of the execution of this Security Instrument and although there may be no advances made at the time of the execution of this Security Instrument and although there may be no other indebtedness outstanding at the time any advance is made. The lien of this Security Instrument shall be valid as to all Obligations, including future advances, from the time of its filing of record in the office of the recorder of deeds of the county in which the Property is located. The total amount of the Obligations may increase or decrease from time to time, but the total unpaid principal balance of the Obligations (including disbursements which Mortgagee may make under this Security Instrument or any other document or instrument evidencing or securing the Obligations) at any time outstanding shall not exceed $800,000,000.00. This Security Instrument shall be valid and shall have priority over all subsequent liens and encumbrances, including statutory liens except taxes and assessments levied on the Property, to the extent of the maximum amount secured hereby.
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Secured Interest. The original Holders of all Series A Notes are ---------------- parties to a Security Agreement dated for reference purposes only as of May 31, 1996 (the "Security Agreement") which encumbers the assets of the Company as provided in the Security Agreement (herein the "Collateral"). Any permitted transferees of the Notes will be entitled to become parties to the Security Agreement. Variations or amendments with or among the Series A Notes shall not affect the pari passu security interest of each Holder therein in the Collateral. The Holder will share in the Collateral and proceeds therefrom in the ratio that ▇▇▇▇▇▇'s Series A Note principal bears to the aggregate unpaid principal then due all Holders of Series A Notes. THE RIGHTS OF ANY TRANSFEREE, PLEDGEE OR OTHER ASSIGNEE OF THIS NOTE UNDER THE SECURITY AGREEMENT COULD POTENTIALLY BE ENCUMBERED BY CERTAIN THIRD PARTY CLAIMS AND COULD THEREFORE PROVE TO BE INEFFECTUAL UNLESS EACH PREVIOUSLY REGISTERED HOLDER OF THIS NOTE HAS PROPERLY FILED A FORM UCC-2 STATEMENT OF ASSIGNMENT OF ITS RIGHTS UNDER THE SECURITY AGREEMENT PURSUANT TO APPLICABLE STATE LAW COMMERCIAL CODES IN CONNECTION WITH ANY SALE, TRANSFER OR PLEDGE OF SUCH NOTE.
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Related to Secured Interest

  • Deferred Interest The amount by which the interest due on a Mortgage exceeds the borrower’s monthly payment, which amount is added to the unpaid principal balance of the Mortgage.

  • Periodic Interest Periodic Interest will be payable on each Tranche of the Recovery Bonds on each Payment Date in an amount equal to one-half of the product of (i) the applicable Recovery Bond Interest Rate and (ii) the Outstanding Amount of the related Tranche of Recovery Bonds as of the close of business on the preceding Payment Date after giving effect to all payments of principal made to the Holders of the related Tranche of Recovery Bonds on such preceding Payment Date; provided, however, that with respect to the Initial Payment Date, or, if no payment has yet been made, interest on the outstanding principal balance will accrue from and including the Closing Date to, but excluding, the following Payment Date.

  • Scheduled Interest The Borrower shall pay interest on the unpaid principal amount of each Advance owing to each Lender from the date of such Advance until such principal amount shall be paid in full, at the following rates per annum:

  • Assigned Interest Facility Assigned Aggregate Amount of Commitment/Loans for all Lenders Amount of Commitment/Loans Assigned Percentage Assigned of Commitment/Loans2 Revolving Commitment $ $ % $ $ % Effective Date: , 20___ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] The Assignee agrees to deliver to the Administrative Agent a completed Administrative Questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Company, the other Loan Parties and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the Assignee’s compliance procedures and applicable laws, including Federal and state securities laws. The terms set forth in this Assignment and Assumption are hereby agreed to: [NAME OF ASSIGNOR] By: Name: Title: [NAME OF ASSIGNEE] By: Name: Title: 2 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. Consented to and Accepted: JPMORGAN CHASE BANK, N.A., as Administrative Agent, Issuing Bank and Swingline Lender By: Name: Title: [Consented to:]3 CRICUT, INC., a Delaware corporation, as Borrower Representative By: Name: Title: 3 To be added only if the consent of the Borrower Representative is required by the terms of the Credit Agreement ANNEX 1

  • Interest and Principal (a) The principal balance of the Loan shall bear interest at the Interest Rate or, as applicable, the Default Rate. Interest shall accrue on the outstanding principal balance of the Loan, from time to time, based on a 360 day year and charged for the actual number of days outstanding. On the Closing Date, Borrower shall make a payment of interest on the outstanding Loan balance for the Initial Interest Period. Commencing on the first Scheduled Payment Date, and on or before each Scheduled Payment Date thereafter, Borrower shall pay all Accrued Interest. In addition to the interest payments required above, Borrower shall make the applicable Minimum Amortization Payment, commencing on the Amortization Commencement Date and on each Scheduled Payment Date thereafter. (b) On the Maturity Date, Borrower shall pay all Indebtedness, including the entire outstanding principal balance of the Loan and all Accrued Interest. (c) Following the occurrence of an Event of Default, interest shall be computed at, and Borrower shall pay interest on the unpaid principal balance of the Loan at, the Default Rate. All other payments, reimbursements and other amounts due from Borrower to Lender under the Loan Documents not paid when due shall bear interest at the Default Rate from the date when due until the date when received by Lender. (d) At any time after the expiration of the Lockout Period (but not prior thereto), upon not less than sixty (60) days prior written notice to Lender, Borrower may prepay the Loan in whole but not in part (except as otherwise expressly permitted by the terms of this Agreement) on any Business Day, provided that upon any such prepayment of the Loan, Borrower shall also pay in full (i) all Accrued Interest; (ii) if such prepayment is received by Lender on a date other than on a Scheduled Payment Date, the Interest Shortfall; (iii) all other Indebtedness; and (iv) if the Loan is prepaid in whole or in part prior to the Scheduled Payment Date in October, 2020 (other than with the proceeds of any Loss Recoveries pursuant to Section 6.1(d) of this Agreement), the applicable Prepayment Fee. Without limiting the aforesaid, upon any payment of the Loan on any day that is not a Scheduled Payment Date (regardless of the source of such prepayment and whether voluntary, by acceleration or otherwise), Borrower shall pay Lender the Breakage Amount. (e) Unless otherwise specified, all other amounts payable to Lender under the Loan Documents shall be due and payable within ten (10) days after written request or invoice. (f) Lender shall have the right from time to time, in its sole discretion, upon not less than ten (10) days prior written notice to Borrower, to change the Scheduled Payment Date to a different calendar day provided such amended Scheduled Payment Date shall not be earlier than the fifth (5th) day of each calendar month and, if requested by Lender, Borrower shall promptly execute an amendment to this Agreement to evidence such change; provided, however, that if Lender shall have elected to change the Scheduled Payment Date as aforesaid, Lender shall have the option, but not the obligation, to adjust the Interest Period and the Determination Date accordingly. All amounts due pursuant to this Agreement and the other Loan Documents shall be payable without setoff, counterclaim, defense or any other deduction whatsoever.