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Title: |
Security Agreement |
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Date: |
2007 |
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Preview shows 9KB of 33KB total |
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Price: |
$39 |
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ID: |
#3011025 |
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SECURITY AGREEMENT
THIS SECURITY AGREEMENT (?Security Agreement?) is made as of this 15th day of August, 2007, by Ballistic Recovery Systems, Inc., a Minnesota corporation (?Borrower?), in favor of Anchor Bank Saint Paul, N.A., having an address of 66 Thompson Avenue East, West St. Paul, Minnesota 55118 (?Bank?).
RECITALS:
A. Borrower has requested a working capital line of credit from Bank pursuant to the terms of that certain Loan Agreement, of even date herewith, between Borrower and Bank (the Loan Agreement, as it may be amended, modified, supplemented, increased, or restated from time to time referred to herein as the ?Loan Agreement?), and as further documented by that certain Promissory Note, of even date herewith, in the maximum principal amount of Eight Hundred Twenty Thousand and no/100ths Dollars (U.S. $820,000.00), executed by Borrower in favor of Bank (the ?Note?). In the event of any conflict between a term herein and a term in the Loan Agreement, then the Loan Agreement shall control.
B. As a condition to such extensions of credit, Bank requires that Borrower grant a security interest in its assets in accordance with this Agreement.
C. Borrower has determined that the execution, delivery, and performance of this Agreement is in its best business and pecuniary interest.
NOW, THEREFORE, Borrower and Bank hereby as follows:
ARTICLE I
DEFINITIONS
As used herein, the following terms shall have the meanings set forth in this Section:
?Bank? shall have the meaning set forth in the preamble hereto.
?Borrower? shall have the meaning provided in the preamble hereto.
?Collateral? shall mean all property in which a security interest is granted hereunder.
?Data Processing Records and Systems? shall mean all of Borrower?s now existing or hereafter acquired electronic data processing and computer records, software (including, but not limited to, all ?Software? as defined in the UCC), systems, manuals, procedures, disks, tapes, and all other storage media and memory.
?Default? shall mean any event which if it continued uncured would, with notice or lapse of time or both, constitute an Event of Default.
?Document? shall have the meaning provided in the UCC.
?Event of Default? shall have the meaning specified in Article VI hereof.
?Insurance Proceeds? shall mean all proceeds of any and all insurance policies payable to Borrower with respect to the Collateral, or on behalf of the Collateral, whether or not such policies are issued to or owned by Borrower, and whether or not such policies are required by the Loan Documents.
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?Loan Agreement? shall have the meaning provided in the recitals hereto.
?Loan Documents? shall have the meaning provided in the Loan Agreement.
?Loan Party? shall mean a party to the Loan Agreement.
?Obligations? shall mean all loans (including, but not limited to, the Loan), advances, debts, liabilities, obligations, covenants, and duties owing by any Loan Party to Bank of any kind or nature, present or future, whether or not evidenced by any note, guaranty, or other instrument, whether arising under the Loan Agreement, the other Loan Documents, or under any other agreement or by operation of law, whether or not for the payment of money, whether arising by reason of an extension of credit, opening, guarantying or confirming of a letter of credit, guaranty, indemnification, or in any other manner, whether joint, several, or joint and several, direct or indirect (including, but not limited to, those acquired by assignment or purchases), absolute or contingent, due or to become due, and however acquired. The term includes, but is not limited to, all principal, interest, fees, charges, expenses, attorneys? fees, and any other sum chargeable to any Loan Party under the Loan Agreement or any other related document.
?Proceeds? shall have the meaning provided in the UCC.
?UCC? shall mean the Uniform Commercial Code as enacted in the State of Minnesota, as amended from time to time, including, but not limited to, on and after the effective date of Minn. Laws 2000, Chapter 399, substantially adopting Revised Article 9 of the Uniform Commercial Code as approved by the National Conference of Commissioners on Uniform State Laws in July, 1998 (as so adopted being sometimes hereinafter referred to as ?Revised Article 9?), by Revised Article 9; provided, however, that: (a) to the extent that the UCC is used to define any term herein, and such term is defined differently in different Articles of the UCC, the definition of such term contained in Article 9 shall govern; and (b) if, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Bank?s security interest in the Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of Minnesota, the term ?UCC? shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, or priority of, or remedies with respect to, Bank?s security interest and for purposes of definitions related to such provisions.
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