Uniform Commercial Code Security Interest Clause Samples

A Uniform Commercial Code (UCC) Security Interest clause establishes a lender's legal right to take possession of specified collateral if a borrower defaults on a loan. This clause typically applies to personal property, such as inventory, equipment, or receivables, and is perfected by filing a financing statement with the appropriate government office. Its core function is to secure the lender's interest in the collateral, ensuring they have priority over other creditors and reducing the risk of loss in the event of borrower default.
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Uniform Commercial Code Security Interest. This Mortgage shall constitute a security agreement as defined in the Uniform Commercial Code and SHALL BE EFFECTIVE AS A FINANCING STATEMENT FILED AS A FIXTURE FILING which is to be filed in the real estate records of the County where the Mortgaged Property is situated. The name of the record owner of said real estate is the Mortgagor set forth on page one of this Mortgage. Information concerning the security interest created by this Mortgage may be obtained from the Mortgagee, as secured party, at its address as set forth on page one of this Mortgage. The name and address of the Mortgagor, as debtor, and the name and address of the Mortgagee, as secured party, are as set forth on page one of this Mortgage. This Mortgage covers goods which are, or are to become, "fixtures" as defined in the Uniform Commercial Code. This Mortgage is sufficient as a financing statement, and as a fmancing statement it covers goods which are, or are to become, fixtures on the Land. In addition, the Mortgagor shall execute and deliver to the Mortgagee, upon the Mortgagee's request, any fmancing statements or amendments thereto or continuation statements thereto that the Mortgagee may require to perfect a security interest in said items or types of property. The Mortgagor shall pay all costs of filing such instruments. All references to the Uniform Commercial Code in this Mortgage shall mean the Uniform Commercial Code as in effect in the State of Minnesota.
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Uniform Commercial Code Security Interest. This Deed of Trust shall constitute a security agreement as defined in the Uniform Commercial Code and SHALL BE EFFECTIVE AS A FINANCING STATEMENT FILED AS A FIXTURE FILING which is to be filed in the real estate records of the County where the Trust Property is situated. The name of the record owner of said real estate is the Trustor set forth on page one of this Deed of Trust. Information concerning the security interest created by this Deed of Trust may be obtained from the Beneficiary, as secured party, at its address as set forth on page one of this Deed of Trust. The name and address of the Trustor, as debtor, and the name and address of the Beneficiary, as secured party, are as set forth on page one of this Deed of Trust. This Deed of Trust covers goods which are, or are to become, “fixtures” as defined in the Uniform Commercial Code. This Deed of Trust is sufficient as a financing statement, and as a financing statement it covers goods which are, or are to become, fixtures on the Land. In addition, the Trustor shall execute and deliver to the Beneficiary, upon the Beneficiary’s request, any financing statements or amendments thereto or continuation statements thereto that the Beneficiary may require to perfect a security interest in said items or types of property. The Trustor shall pay all costs of filing such instruments. All references to the Uniform Commercial Code in this Deed of Trust shall mean the Uniform Commercial Code as in effect in the State of Nebraska.
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Uniform Commercial Code Security Interest. This Mortgage shall constitute a security agreement pursuant to the Uniform Commercial Code covering any of the items or types of property included as part of the Mortgaged Property that may be subject to a security interest pursuant to the Uniform Commercial Code, and Mortgagor hereby grants Mortgagee a security interest in such items or types of property. This Mortgage or a reproduction hereof, is sufficient as a financing statement and as a financing statement, it covers goods which are or are to become fixtures on the Land. The Mortgagor hereby authorizes the Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements with or without the signature of the Mortgagor as authorized by applicable law, as applicable to all or part of the Mortgaged Property and/or the Mortgaged Property. Mortgagor shall pay all costs of filing such instruments. For purposes of such filings, the Mortgagor agrees to furnish any information requested by the Mortgagee promptly upon request by the Mortgagee. The Mortgagor also ratifies its authorization for the Mortgagee to have filed any like initial financing statements, amendments thereto and continuation statements, if filed prior to the date of this security instrument. The Mortgagor hereby irrevocably constitutes and appoints the Mortgagee and any officer or agent of the Mortgagee, with full power of substitution, as its true and lawful attorneys-in-fact with full irrevocable power and authority in the place and stead of the Mortgagor or in the Mortgagor’s own name to execute in the Mortgagor’s name any documents and otherwise to carry out the purposes of this Section 12, to the extent that the Mortgagor’s authorization above is not sufficient. To the extent not permitted by law, the Mortgagor hereby ratifies all acts said attorneys-in-fact have lawfully done in the past or shall lawfully do or cause to be done in the future by virtue hereof. This power of attorney is coupled with an interest and shall be irrevocable.
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Uniform Commercial Code Security Interest. Following Closing, Buyer shall grant Seller a Uniform Commercial Code ("UCC") security interest in Buyer's net adviser fee proceeds from the Viking advisory contracts with respect to the Closing Date Shares in order to secure the Buyers obligations to pay 10 BPS in each of the three 12 month periods following Closing under Section 1.4. Said security interest shall be in the form of the UCC Security Agreement attached hereto as Schedule 1.15. In addition, following the Closing until all payments pursuant to Section 1.4 of this Agreement are made, Buyer shall timely provide Seller annual audited financial statements and semiannual financial statements containing Buyer's balance sheet and statement of operations. Financial statements are only to be sent to the Chief Financial Officer of Integrity Public and, further only the members of the Corporate Board of Integrity Public are allowed to see the information. Any other persons outside of those mentioned will be deemed in violation of confidentiality.
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Uniform Commercial Code Security Interest. This instrument is intended to be a security agreement pursuant to the Uniform Commercial Code covering any of the items or types of property included as part of the Mortgaged Property that may be subject to a security interest pursuant to the Uniform Commercial Code, and Mortgagor hereby grants Mortgagee a security interest in such items or types of property. This Mortgage or a reproduction hereof is sufficient as a financing statement and as a financing statement it covers goods which are, or are to become, fixtures on the Land. In addition, Mortgagor will execute and deliver to Mortgagee, upon Mortgagee's request, any financing statements or amendments thereof or continuation statements thereto that Mortgagee may require to perfect a security interest in said items or types of property. Mortgagor shall pay all costs of filing such instruments.
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Uniform Commercial Code Security Interest. This instrument is intended to be a security agreement pursuant to the Uniform Commercial Code covering any of the items or types of property included as part of the Mortgaged Property that may be subject to a security interest pursuant to the Uniform Commercial Code, and Mortgagor hereby grants Mortgagee a security interest in such items or types of property. This Mortgage or a reproduction hereof is sufficient as a financing statement and as a financing statement, it covers goods which are or are to become fixtures on the Land. In addition, Mortgagor will execute and deliver to Mortgagee, upon Mortgagee’s request, any financing statements or amendments thereof or continuation statements thereto that Mortgagee may require to perfect a security interest in said items or types of property. Mortgagor shall pay all costs of filing such instruments.
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Related to Uniform Commercial Code Security Interest

  • Uniform Commercial Code Security Agreement (a) This Instrument is also a security agreement under the Uniform Commercial Code for any of the Mortgaged Property which, under applicable law, may be subjected to a security interest under the Uniform Commercial Code, whether such Mortgaged Property is owned now or acquired in the future, and all products and cash and non-cash proceeds thereof (collectively, "UCC Collateral"), and Borrower hereby grants to Lender a security interest in the UCC Collateral. Borrower hereby authorizes Lender to prepare and file financing statements, continuation statements and financing statement amendments in such form as Lender may require to perfect or continue the perfection of this security interest and Borrower agrees, if Lender so requests, to execute and deliver to Lender such financing statements, continuation statements and amendments. Borrower shall pay all filing costs and all costs and expenses of any record searches for financing statements and/or amendments that Lender may require. Without the prior written consent of Lender, Borrower shall not create or permit to exist any other lien or security interest in any of the UCC Collateral. (b) Unless Borrower gives Notice to Lender within 30 days after the occurrence of any of the following, and executes and delivers to Lender modifications or supplements of this Instrument (and any financing statement which may be filed in connection with this Instrument) as Lender may require, Borrower shall not (i) change its name, identity, structure or jurisdiction of organization; (ii) change the location of its place of business (or chief executive office if more than one place of business); or (iii) add to or change any location at which any of the Mortgaged Property is stored, held or located. (c) If an Event of Default has occurred and is continuing, Lender shall have the remedies of a secured party under the Uniform Commercial Code, in addition to all remedies provided by this Instrument or existing under applicable law. In exercising any remedies, Lender may exercise its remedies against the UCC Collateral separately or together, and in any order, without in any way affecting the availability of Lender's other remedies. (d) This Instrument constitutes a financing statement with respect to any part of the Mortgaged Property that is or may become a Fixture, if permitted by applicable law.

  • Uniform Commercial Code The Uniform Commercial Code (Florida Statutes, Chapter 672) shall prevail as the basis for contractual obligations between the Contractor and the County for any terms and conditions not specifically stated in this Invitation for Bids.

  • Uniform Commercial Code Terms All terms used herein and defined in the Uniform Commercial Code as adopted in the State of New York from time to time (the “Uniform Commercial Code”) shall have the meaning given therein unless otherwise defined herein. Without limiting the foregoing, the terms “accounts”, “chattel paper” (and “electronic chattel paper” and “tangible chattel paper”), “commercial tort claims”, “deposit accounts”, “documents”, “equipment”, “financial asset”, “fixtures”, “general intangibles”, “goods”, “instruments”, “inventory”, “investment property”, “letter-of-credit rights”, “payment intangibles”, “proceeds”, “promissory note” “securities”, “software” and “supporting obligations” as and when used in the description of Collateral shall have the meanings given to such terms in Articles 8 or 9 of the Uniform Commercial Code. To the extent the definition of any category or type of collateral is expanded by any amendment, modification or revision to the Uniform Commercial Code, such expanded definition will apply automatically as of the date of such amendment, modification or revision.

  • Uniform Commercial Code Remedies Mortgagee may exercise any or all of the remedies granted to a secured party under the Uniform Commercial Code in the State in which the Property is located.

  • Perfected Security Interest On the Closing Date, after giving effect to the filing of the FAA Filed Documents and the Financing Statements, Mortgagee shall have received a duly perfected first priority security interest in all of Owner's right, title and interest in the Aircraft, subject only to Permitted Liens.