Fillable Security Agreement Template (January 2014) (Page 6 of 11) in pdf

terms of this Agreement without the consent or approval of any other Person other than any consent

or approval that has been obtained.

(b)

Validity of Security Interest.

The Security Interest granted by Grantor

constitutes a valid, legal and, upon the filing of the financing statements referred to in Section 2.2, a

first-priority perfected security interest in all the Collateral granted by Grantor for payment and

performance of the Obligations, and the Collateral granted by Grantor is not subject to any Liens

other than Permitted Encumbrances.

(c)

Information Regarding Names and Locations.

Grantor has disclosed in

writing to Secured Party any and all trade names which Grantor used or currently uses to identify

itself in its business or in the ownership of any of its assets.

(d)

Absence of Other Liens. Grantor has neither filed nor had filed against it any

financing statement under the Code, or its equivalent in any other jurisdiction, regarding any portion

of the Collateral, except solely for the Permitted Encumbrances and the Security Interest granted in

this Agreement.

(e)

Taxes. Grantor will pay any and all taxes and other charges relating to the

Collateral or its use and will remain current on all taxes.

3.2

Inspection and Verification. Secured Party and such Persons as Secured

Party may reasonably designate shall have the right, at any reasonable time or times upon reasonable

prior notice during the usual business hours of Grantor, to inspect all Books and Records which relate

to the Loan, the Project, or the Collateral, which are in Grantor’s possession and to make extracts,

summaries and copies from such Books and Records. Secured Party must give Grantor reasonable

notice of its desire to conduct such an inspection. Grantor hereby authorizes the Secured Party to

access and review Grantor’s project information on record with the SREC Program Administrator.

3.3

Protection of Security Interest. Grantor shall, at its sole cost and expense: (a)

take any and all actions necessary to defend its respective title, rights and interests in and to the

Collateral against all Persons and, further, to defend the Security Interest of Secured Party in the

Collateral and the priority thereof against any Lien that is not a Permitted Encumbrance; and (b)

advise Secured Party promptly, in reasonable detail, of any Lien made or asserted against any of the

Collateral and of the occurrence of any event that may have an adverse effect on the aggregate value

of the Collateral and/or on the Security Interest granted in this Agreement.

3.4

Use and Disposition of Collateral. Grantor shall neither make nor permit to

be made any assignment, pledge or hypothecation of the Collateral and/or grant any other security

interest in the Collateral other than as permitted hereunder.

3.5

Insurance. Grantor shall insure the Collateral for such coverages and in such

amounts as required by the Loan Agreement.

3.6

Maintenance of Collateral. Grantor will properly protect, maintain and care for

the Collateral, defend same against any adverse claims and demands and protect and maintain the

Collateral in accordance with the highest standards customary for businesses similar to Grantor's.

Security Agreement Template (January 2014) Page 6

Related Articles

Related forms

Related Categories