Grant of Security Interest in Collateral definition

Grant of Security Interest in Collateral. As an inducement for the Secured Parties to extend the loans as evidenced by the Notes and to secure the complete and timely payment, performance and discharge in full, as the case may be, of all of the Obligations, each Debtor hereby unconditionally and irrevocably pledges, grants and hypothecates on a first priority basis to the Secured Parties to be shared on a first priority basis, pari passu with the Holders of the August 2017 Notes, a security interest in and to, a lien upon and a right of set-off against all of their respective right, title and interest of whatsoever kind and nature in and to, the Collateral (a “Security Interest” and, collectively, the “Security Interests”). The proceeds received through enforcement of the liens and security interests granted and provided for in this Agreement shall be shared pro rata and on a pari passu basis among the Holders of the Notes and the holders of the notes issued in the May 2018 Financing in accordance with the aggregate amount of principal and interest outstanding under each of the Notes and notes issued in the May 2018 Financing, in accordance with the terms of the Intercreditor Agreement.”
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Examples of Grant of Security Interest in Collateral in a sentence

  • Each Qualified ECP Loan Party intends that this Section 2.2(b) (Grant of Security Interest in Collateral) constitute, and this Section 2.2(b) (Grant of Security Interest in Collateral) shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Grantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

  • Such Grantor shall maintain the security interest created by this Agreement as a perfected security interest having at least the priority described in Section 3.2 (Perfection and Priority) and Section 2.2 (Grant of Security Interest in Collateral) and shall use its commercially reasonable efforts to defend such security interest and such priority against the claims and demands of all Persons.

  • Such Grantor shall maintain the security interest created by this Agreement as a perfected security interest having at least the priority described in Section 3.2 (Perfection and Priority) and Section 2.2 (Grant of Security Interest in Collateral) and shall use commercially reasonable efforts to defend such security interest and such priority against the claims and demands of all Persons.

  • ARTICLE II GRANT OF SECURITY INTEREST 7 Section 2.1 Collateral 7 Section 2.2 Grant of Security Interest in Collateral 8 Section 2.3 Cash Management Accounts 8 G.

Related to Grant of Security Interest in Collateral

  • Prior Security Interest means a valid and enforceable perfected first-priority security interest under the Uniform Commercial Code in the Collateral which is subject only to statutory Liens for taxes not yet due and payable or Purchase Money Security Interests.

  • Security Interest means any mortgage, security interest, pledge, lien, charge, claim, option, right to acquire, voting or other restriction, right-of-way, covenant, condition, easement, encroachment, restriction on transfer, or other encumbrance of any nature whatsoever.

  • Purchase Money Security Interest means Liens upon tangible personal property securing loans to any Loan Party or Subsidiary of a Loan Party or deferred payments by such Loan Party or Subsidiary for the purchase of such tangible personal property.

  • Permitted Security Interest means any Security Interest:

  • UCC Filing Collateral means any Collateral, including Collateral constituting investment property, for which a security interest can be perfected by filing a UCC-1 financing statement.