Monday, January 02, 2017 1:38:08 PM
Security Agreement. To secure the payment and performance by Borrower of the Obligations hereunder, each of the Credit Parties grants, under and pursuant to the Security Agreement executed by the Credit Parties dated as of the Effective Date, to Lender, its successors and assigns, an unconditional, continuing, first-priority, perfected Lien and security interest in, and does hereby assign, transfer, mortgage, convey, pledge, hypothecate and set over to Lender, its successors and assigns, all of the right, title and interest of the Credit Parties in and to the Collateral, whether now owned or hereafter acquired, and all proceeds (including all insurance proceeds) and products of any of the Collateral.
Forgive me for probably being a little dense here, but when you were asking "did anyone notice, etc.?" were you actually challenging any of us to find such a section of loan documentation, or was it just a rhetorical question on your part? Even if it was just a rhetorical question, I didn't mind devoting the energy to peruse the long legal document, as it brought back lots of fond memories of bond issue documents-meetings from roughly 25 to 35 years ago. Thanks again!
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