Excepted Property Clause Samples
The Excepted Property clause defines specific assets or items that are excluded from the scope of a contract, agreement, or transaction. In practice, this means that certain property—such as pre-existing intellectual property, personal belongings, or assets not intended to be transferred—are clearly listed and carved out from the deal. For example, in a sale of business assets, the seller might retain ownership of certain vehicles or proprietary technology by designating them as excepted property. This clause ensures clarity for both parties by preventing misunderstandings about what is and is not included in the transaction, thereby reducing the risk of future disputes.
Excepted Property. During a Highest Oversight Period, the Borrower shall take all actions necessary to include in the Trust Estate, subject to the first lien of the Indenture, the Excepted Property designated in writing by the Government; provided, however, the Borrower shall not be required to subject to the lien of the Indenture cash and/or securities held for working capital purposes in an amount up to the greater of (i) twenty five percent (25%) of the Borrower’s aggregate cost of operation and maintenance for the preceding twelve (12) calendar month period or (ii) the Borrower’s aggregate cost of operation and maintenance for three (3) consecutive calendar months designated by the Borrower during such preceding twelve (12) calendar month period as shown on RUS Form 12(a), lines 14 and 19.
Excepted Property. Anything in this Trust Agreement to the ----------------- contrary notwithstanding, any amounts or payments constituting Excepted Property received by the Owner Trustee shall be paid promptly by the Owner Trustee to the Person to whom such amounts or payments are payable pursuant to the terms of the Operative Agreements.
Excepted Property. Expressly excepting and excluding, however, from the Lien of this Indenture all right, title and interest of the Company in and to the following property, whether now owned or hereafter acquired (herein sometimes called “Excepted Property”):
(a) all cash on hand or in banks or other financial institutions, cash equivalents, deposit accounts, shares of stock, interests in general or limited partnerships or limited liability entities, bonds, notes, other evidences of indebtedness and other securities, of whatsoever kind and nature, not hereafter paid or delivered to, deposited with or held by the Trustee hereunder or required by the express terms of this Indenture so to be;
(b) all contracts (other than gas supply contracts referred to in granting Clause III above), leases, operating agreements and other agreements of whatsoever kind and nature; all contract rights, bills, notes and other instruments and chattel paper (except to the extent that any of the same constitute securities, in which case they are separately excepted from the Lien of this Indenture under clause (a) above); all revenues, income and earnings, all accounts, accounts receivable and unbilled revenues, and all rents, tolls, issues, product and profits, claims, credits, demands and judgments; all governmental and other licenses, permits, franchises, consents and allowances (except to the extent that any of the same are specifically described in Granting Clause I above, in which case they are included within the Lien of this Indenture); and all patents, patent licenses and other patent rights, patent applications, trade names, trademarks, copyrights, domain names, claims, credits, choses in action and other intangible property and general intangibles including, but not limited to, computer software;
(c) all gas and by-products thereof, materials, supplies, merchandise, goods and appliances held for the purpose of sale in the ordinary course of business; and all fuel, materials, supplies and similar personal property which is consumable in its use in the operation of the plants or systems of the Company;
(d) all automobiles, buses, trucks, truck cranes, tractors, trailers and similar vehicles and movable equipment; all rolling stock, rail cars and other railroad equipment; all vessels, boats, barges and other marine equipment; all airplanes, helicopters, aircraft engines and other flight equipment; all parts, accessories and supplies used in connection with any of the foregoing;
(e) all goods...
Excepted Property. Expressly excepting and excluding, however, from the Lien and operation of the Indenture all Excepted Property of the Company, whether now owned or hereafter acquired; TO HAVE AND TO HOLD all such property, real, personal and mixed, unto the Trustee, its successors in trust and their assigns forever; SUBJECT, HOWEVER, to (a) Existing Liens, (b) Acquisition Liens, (c) Retained Interests and (d) any other Permitted Liens; IN TRUST, NEVERTHELESS, for the equal and ratable benefit and security of the Holders from time to time of all Outstanding Securities without any priority of any such Security over any other such Security; PROVIDED, HOWEVER, that the right, title and interest of the Trustee in and to the Mortgaged Property shall cease, terminate and become void in accordance with, and subject to the conditions set forth in, Article Eight of the Original Indenture; otherwise the Indenture, and the estate and rights thereby granted shall be and remain in full force and effect; and THE PARTIES HEREBY FURTHER COVENANT AND AGREE as follows:
Excepted Property. 3 Section 3.5
Excepted Property. 2 ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION............5
Excepted Property. EXPRESSLY EXCEPTING AND EXCLUDING, HOWEVER, from the Indenture and from the lien and operation thereof:
Excepted Property. Expressly excepting and excluding, however, from the Lien of this Indenture all right, title and interest of the Company in and to the following property, whether now owned or hereafter acquired (herein sometimes called "Excepted Property"):
Excepted Property. The Company shall not indemnify the Insured under Sections 1 to 3 against any loss in respect of:
(a) glass other than fixed glass, china, earthenware, marble, or other fragile or brittle objects;
(b) jewellery, precious stones, precious metals, bullion, furs, curiosities, works of art, or rare books;
(c) Money; other than loss caused by a Defined Peril and not otherwise excluded.
Excepted Property. Indenture Trustee shall deliver any Excepted Property received by it to whomsoever is lawfully entitled to the same.