securityagreement.docVIP

SECURITY AGREEMENT THIS SECURITY AGREEMENT (this “Agreement”), dated as of this _______ day of _______________, is made by and between ________________________ corporation (the “Debtor”), with an address at _______________________________________________ (the “Secured Party”), with an address at _________________________________________. . Under the terms hereof, the Secured Party desires to obtain and the Debtor desires to grant the Secured Party security for all of the Obligations (as hereinafter defined). NOW, THEREFORE, the Debtor and the Secured Party, intending to be legally bound, hereby agree as follows: 1. Definitions. (a) “Collateral shall include the Debtors tangible personal property, fixtures, leasehold improvements, trade fixtures, equipment and other personal property described on Exhibit “A” attached hereto and made a part hereof (the “Personal Property”); all general intangibles relating to or arising from the Personal Property, all cash and non-cash proceeds (including insurance proceeds) of the Personal Property, all products thereof and all additions and accessions thereto, substitutions therefor and replacements thereof. (b) Collateral Assignment means that certain Collateral Assignment of Lessee’s Leasehold Interest in Lease, dated as of the date hereof, made by Debtor, as assignor, for the benefit of Secured Party, as assignee. (c) “Loan Documents” means the Note (as hereafter defined), the Collateral Assignment, this Agreement and all other documents and instruments evidencing, securing or executed in connection therewith. (d) “Note” means that certain Promissory Note, dated as of the date hereof, made by Debtor, for the benefit of Secured Party, in the original principal amount of $_______________ (e) Obligations shall include all debts, liabilities, obligations, covenants and duties owing from the Debtor to the Secured Party of any kind or nature, present or future (including any interest accruing thereon after matur