SECURITY FOR THE OBLIGATION Sample Clauses

The 'Security for the Obligation' clause establishes that a party must provide collateral or some form of security to guarantee fulfillment of their contractual duties. This security can take various forms, such as a bank guarantee, a pledge of assets, or a personal guarantee, and is typically held until all obligations under the agreement are satisfied. The core function of this clause is to protect the interests of the party receiving the security by reducing the risk of non-performance or default by the other party.
SECURITY FOR THE OBLIGATION. This Security Agreement secures the payment and performance of the Obligation, including, without limitation, all obligations now or hereafter existing under the Credit Agreement, the Notes, this Security Agreement and each of the other Loan Papers to which Grantor is or may become a party, whether for principal, interest, costs, fees, expenses or otherwise (including all such amounts which would become due but for the operation of the automatic stay under Section 362(a) of the United States Bankruptcy Code, 11 U.S.C. Section 362(a), and the operation of Sections 502(b) and 506(b) of the United States Bankruptcy Code, 11 U.S.C. Sections 502(b) and 506(b)) (all of the foregoing, together with all renewals, extensions and modifications of all or any part thereof, being the "SECURED INDEBTEDNESS").
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SECURITY FOR THE OBLIGATION. The Collateral shall secure the payment of the Obligation, including, without limitation, all obligations now or hereafter existing under the Note, this Agreement, and each of the other Loan Documents to which Pledgor is or may become a party, whether for principal, interest, costs, fees, expenses, or otherwise (including all such amounts which would become due but for the operation of the automatic stay under Section 362(a) of the United States Bankruptcy Code, 11 U.S.C. ss. 362(a), and the operation of Sections 502(b) and 506(b) of the United States Bankruptcy Code, 11 U.S.C. ss.s▇. ▇▇2(b) and 506(b)) (all of the foregoing, together with all renewals, extensions and modifications of all or any part thereof, being the "SECURED INDEBTEDNESS")
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Related to SECURITY FOR THE OBLIGATION

  • Security for the Obligations To secure the payment and performance by Borrowers of the Obligations hereunder, each Borrower grants, under and pursuant to the Security Agreement executed by Borrowers dated as of the date hereof, to Lender, its successors and assigns, a continuing, first-priority security interest in, and does hereby assign, transfer, mortgage, convey, pledge, hypothecate and set over to Lender, its successors and assigns, all of the right, title and interest of each Borrower in and to the Collateral, whether now owned or hereafter acquired, and all proceeds (including, without limitation, all insurance proceeds) and products of any of the Collateral. At any time upon Lender’s request, Borrowers shall execute and deliver to Lender any other documents, instruments or certificates requested by Lender for the purpose of properly documenting and perfecting the security interests of Lender in and to the Collateral granted hereunder, including any additional security agreements, mortgages, control agreements, and financing statements.

  • Security for the Loan The Loan will be evidenced, secured and guaranteed by the Loan Documents.

  • Security for Obligations This Agreement secures, and the Collateral is collateral security for, the prompt and complete 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. §362(a) (and any successor provision thereof)), of all Obligations with respect to every Grantor (the “Secured Obligations”).

  • Security for Secured Obligations This Patent Security Agreement and the Security Interest created hereby secures the payment and performance of the Secured Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing, this Patent Security Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would be owed by Grantors, or any of them, to Agent, the other members of the Lender Group, the Bank Product Providers or any of them, whether or not they are unenforceable or not allowable due to the existence of an Insolvency Proceeding involving any Grantor.

  • Guaranty of the Obligations Subject to the provisions of Section 7.2, Guarantors jointly and severally hereby irrevocably and unconditionally guaranty to Administrative Agent for the ratable benefit of the Beneficiaries the due and punctual payment in full of all Obligations when the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including 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. § 362(a)) (collectively, the “Guaranteed Obligations”).