Grant of Security Interest Clause Example from Business Contracts

Grant of Security Interest. New Borrower hereby grants Bank, to secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Bank, New Borrower's Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. New Borrower represents, warrants, and covenants that the security interest granted by New Borrower herein is and shall at all times continue to be a first priority perfected security interest in the Co...llateral (subject only to Permitted Liens that expressly may have superior priority to Bank's Lien under the Loan Agreement). New Borrower hereby authorizes Bank to file financing statements, without notice to any Borrower, with all appropriate jurisdictions to perfect or protect Bank's interest or rights hereunder, including a notice that any disposition of the Collateral, by either any Borrower or any other Person, shall be deemed to violate the rights of Bank under the Code. View More