Purchase Money Security Interest. If the Property includes items purchased with the Secured Debts, the Property purchased with the Secured Debts will remain subject to Secured Party’s security interest until the Secured Debts are paid in full. Payments on any non-purchase money loan also secured by this Agreement will not be applied to the purchase money loan. Payments on the purchase money loan will be applied first to the non-purchase money portion of the loan, if any, and then to the purchase money portion in the order in which the purchase money Property was acquired. If the purchase money Property was acquired at the same time, payments will be applied in the order Secured Party selects. No security interest will be terminated by application of this formula.
Appears in 3 contracts
Samples: Security Agreement (Miscor Group, Ltd.), Commercial Security Agreement (MGP Ingredients Inc), Security Agreement (Suncoast Holdings, Inc)
Purchase Money Security Interest. If the Property includes items purchased purchases with the Secured Debts, the Property purchased with the Secured Debts will remain subject to Secured Party’s security interest until the Secured Debts are paid in full. Payments on any non-purchase money loan also secured by this Agreement will not be applied to the purchase money loan. Payments on the purchase money loan will be applied first to the non-purchase money portion of the loan, if any, and then to the purchase money portion in the order in which the purchase money Property was acquired. If the purchase money Property was acquired at the same time, payments will be applied in the order Secured secured Party selects. No security interest Interest will be terminated by application of this formula.
Appears in 2 contracts
Samples: Security Agreement (Diversified Restaurant Holdings, Inc.), Security Agreement (Diversified Restaurant Holdings, Inc.)
Purchase Money Security Interest. If the Property includes items purchased with the Secured Debts, the Property purchased with the Secured Debts will remain subject to Secured Party’s 's security interest until the Secured Debts are paid in full. Payments on any non-purchase money loan also secured by this Agreement will not be applied to the purchase money loan. Payments on the purchase money loan will be applied first to the non-purchase money portion of the loan, if any, and then to the purchase money portion in the order in which the purchase money Property was acquired. If the purchase money Property was acquired at the same time, payments will be applied in the order Secured Party selects. No security interest will be terminated by application of this formula.
Appears in 2 contracts
Samples: Commercial Security Agreement (Husker Ag Processing LLC), Security Agreement (Hei Inc)
Purchase Money Security Interest. If the Property includes items purchased with the Secured Debts, the Property purchased with the Secured Debts will remain subject to Secured Party’s 's security interest until the Secured Debts are paid pain in full. Payments on any non-purchase money loan also secured by this Agreement will not be applied to on the purchase money loan. Payments on the purchase money loan will be applied first to the non-purchase money portion of the loan, if . If any, and then to the purchase money portion in the order in which the purchase money Property was acquired. If the purchase money Property was acquired at the same time, payments payment will be applied in the order Secured Party selects. No security interest will be terminated by application of this formula.
Appears in 1 contract
Samples: Commercial Security Agreement (Ebank Financial Services Inc)
