Security of Borrower Clause Samples
The 'Security of Borrower' clause defines the types of collateral or guarantees that the borrower must provide to secure the lender’s interest in a loan agreement. Typically, this clause outlines the specific assets, such as real estate, equipment, or receivables, that will serve as security, and may detail the process for perfecting the lender’s security interest, such as registration or notification requirements. Its core practical function is to protect the lender by ensuring there are tangible assets available to recover losses if the borrower defaults, thereby reducing the lender’s risk exposure.
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Security of Borrower. The Obligations shall be secured by (a) a -------------------- perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law) in all of the assets of the Borrower, whether now owned or hereafter acquired, pursuant to the terms of the Security Documents to which the Borrower is a party, and (b) a pledge of the Borrower of (i) one hundred percent (100%) of the capital stock owned by the Borrower of each of its Domestic Subsidiaries, (ii) sixty-five percent (65%) of the capital stock owned by the Borrower of each of its Foreign Subsidiaries, and (iii) any intercompany notes owed the Borrower by any Domestic Subsidiary pursuant to the terms of the Security Documents to which the Borrower is a party.
Security of Borrower. The Obligations shall be secured by a perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law) in all of the assets of the Borrower (other than Transferred Assets and the assets which have been transferred pursuant to, or are subject to a security interest under, any Sale Agreements existing as of the Closing Date) whether now owned or hereafter acquired, and a pledge of and perfected first priority lien on all of the issued and outstanding shares of ACFC pursuant to the terms of the Security Documents to which the Borrower is a party.
Security of Borrower. The Obligations shall be secured by a perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law) in all of the assets of the Borrower, whether now owned or hereafter acquired, pursuant to the terms of the Security Documents to which the Borrower is a party.
Security of Borrower. The Obligations shall be secured by a perfected first priority security interest (subject only to Permitted Liens) in favor of the Administrative Agent, on behalf of the Secured Parties, in all of the assets of the Borrower which are the subject of the Security Documents, whether now owned or hereafter acquired, pursuant to the terms of the Security Documents.
Security of Borrower. 34 7.2. Guaranties and Security of Domestic Subsidiaries. ...................................35 8.
Security of Borrower. Subject to the Security Documents, the Obligations are and shall continue to be secured by a first priority (subject only to Permitted Liens), perfected security interest in the Collateral specified in the Security Documents, whether now owned or hereafter acquired, pursuant to the terms of the Security Documents to which the Borrower is a party.
Security of Borrower. The Obligations shall be secured by a perfected first priority security interest (subject only to Permitted Liens that are entitled to priority under applicable law) in all of the assets of the Borrower and, subject to §8.17, each Guarantor, whether now owned or hereafter acquired, including, without limitation, all leases, lease receivables and other accounts receivable of the Borrower and, subject to §8.17, each Guarantor, and a pledge of 100% of the Capital Stock of each of the Borrower’s Subsidiaries (or, in the case of a non-Guarantor Subsidiary that is a “controlled foreign corporation” under Section 957 of the Code, 66% of the Capital Stock of each such first-tier foreign non-Guarantor Subsidiary), in each case pursuant to the terms of, and as provided in, the Security Documents to which the Borrower or such Guarantor is a party.
Security of Borrower. 45 6.2. Guaranties and Security of Guarantors...........................45 7.
Security of Borrower. All of the Obligations are to be secured by a perfected first priority security interest (except as set forth in Section 6.4 of this Agreement) in all of the assets of Borrower whether now owned or hereafter acquired, including any capital stock held by Borrower, pursuant to the terms of the Stock Pledge.
Security of Borrower. The Obligations shall continue to be equally and ratably secured by (a) a perfected first priority security interest in or lien on the Collateral (subject only to Permitted Liens entitled to priority under applicable law) pursuant to the terms of the Security Documents to which the Borrower is a party, and (b) a pledge by the Borrower of (i) one hundred percent (100%) of the capital stock of each of its Domestic Subsidiaries, and (ii) sixty-six percent (66%) of the capital stock of each of its Foreign Subsidiaries, pursuant to the terms of the Stock Pledge Agreement, provided, that the Borrower will not be required to -------- pledge the capital stock of any Subsidiary which is an Immaterial Subsidiary.