{"component": "clause", "props": {"groups": [{"samples": [{"hash": "4M4KwIrmGaF", "uri": "/contracts/4M4KwIrmGaF#excepted-property", "label": "Loan Contract (Oglethorpe Power Corp)", "score": 22.3579730988, "published": true}, {"hash": "7UJMzeSjpCK", "uri": "/contracts/7UJMzeSjpCK#excepted-property", "label": "Loan Contract (Oglethorpe Power Corp)", "score": 21.8624229431, "published": true}, {"hash": "lsqymQbjm6E", "uri": "/contracts/lsqymQbjm6E#excepted-property", "label": "Loan Contract (Oglethorpe Power Corp)", "score": 21.0, "published": true}], "size": 9, "snippet": "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\u2019s aggregate cost of operation and maintenance for the preceding twelve (12) calendar month period or (ii) the Borrower\u2019s 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.", "snippet_links": [{"key": "highest-oversight-period", "type": "definition", "offset": [9, 33]}, {"key": "the-borrower-shall", "type": "clause", "offset": [35, 53]}, {"key": "actions-necessary", "type": "clause", "offset": [63, 80]}, {"key": "the-trust-estate", "type": "clause", "offset": [95, 111]}, {"key": "subject-to-the", "type": "definition", "offset": [113, 127]}, {"key": "lien-of-the-indenture", "type": "clause", "offset": [134, 155]}, {"key": "in-writing", "type": "definition", "offset": [190, 200]}, {"key": "by-the-government", "type": "clause", "offset": [201, 218]}, {"key": "the-lien", "type": "clause", "offset": [288, 296]}, {"key": "securities-held", "type": "definition", "offset": [326, 341]}, {"key": "working-capital-purposes", "type": "definition", "offset": [346, 370]}, {"key": "five-percent", "type": "clause", "offset": [416, 428]}, {"key": "of-the-borrower", "type": "clause", "offset": [435, 450]}, {"key": "cost-of-operation-and-maintenance", "type": "definition", "offset": [463, 496]}, {"key": "calendar-months", "type": "definition", "offset": [642, 657]}, {"key": "by-the-borrower", "type": "clause", "offset": [669, 684]}, {"key": "as-shown", "type": "definition", "offset": [741, 749]}], "hash": "241c36d23848147c471adbf88c48a26b", "id": 1}, {"samples": [{"hash": "juaDbSGHoG1", "uri": "/contracts/juaDbSGHoG1#excepted-property", "label": "Security Agreement (Oglethorpe Power Corp)", "score": 18.0, "published": true}], "size": 4, "snippet": "There is, however, expressly excepted and excluded from the security interest and operation of this Security Agreement the following described property of the Company, now owned or hereafter acquired (collectively, the \"Excepted Property\"):\n(A) All cash on hand or in banks or other financial institutions (excluding proceeds of the Trust Estate, including the Collateral, in which the security interest created by the Indenture or this Security Agreement continues to be perfected pursuant to the Uniform Commercial Code, for so long as such perfection continues, and also excluding amounts deposited or required to be deposited with the Trustee pursuant to the Indenture) claims, choses in action and judgments, contracts and contract rights (except to the extent set forth in Section 3(A) of this Security Agreement), shares, stocks, interests, participations or other equivalents (including, without limitation, any interest of the Company in the National Rural Utilities Cooperative Finance Corporation or in CoBank, ACB, but excluding shares of stock or other ownership interests of the Company in any Subsidiary then issuing Designated Qualifying Securities), Undesignated Qualifying Securities, allowances for emissions or similar rights granted by any governmental authority, bonds, notes, repurchase agreements, evidences of indebtedness and other securities and instruments, bills, patents, patent licenses and other patent rights, patent applications, service marks, trade names and trademarks, other than (i) Pledged Securities, (ii) Designated Qualifying Securities and (iii) any other property referred to in this paragraph which is specifically described in Section 3(A) of this Security Agreement or is by the express provisions of this Security Agreement or the Indenture subjected or required to be subjected to the lien hereof or thereof;\n(B) all automobiles, buses, trucks, truck cranes, tractors, trailers, rolling stock, railcars and similar vehicles and movable equipment, and all parts, tools, accessories and supplies used in connection with any of the foregoing;\n(C) all vessels, boats, barges and other marine equipment, all airplanes, airplane engines and other flight equipment, and all parts, tools, accessories and supplies used in connection with any of the foregoing;\n(D) all goods, inventory, wares and merchandise acquired or produced for the purpose of resale in the ordinary course of business, all materials and supplies and other personal property, other than fuel, which are consumable (otherwise than by ordinary wear and tear) in their use in the operation of the business of the Company, and all hand and other portable tools and equipment;\n(E) all office furniture, equipment and supplies and all data processing, accounting and other computer equipment, software and supplies;\n(F) all leasehold interests of the Company (for other than office purposes) under leases for an original term (including any period for which the Company shall have a right of renewal) of less than five (5) years;\n(G) all leasehold interests for office purposes;\n(H) all timber separated from the land included in the Trust Estate and all coal, ore, gas (natural or otherwise), oil and other minerals, mined, extracted or otherwise separated from the land included in the Trust Estate and all electric energy, gas, steam, water and other products generated, produced or purchased;\n(I) the last day of the term of each leasehold estate (oral or written) and any agreement therefor, now or hereafter enjoyed by the Company and whether falling within a general or specific description of property herein; provided, however, that the Company covenants and agrees that it will hold each such last day in trust for the use and the benefit of the Holders;\n(J) all permits, licenses, franchises, leases, contracts, agreements, contract rights and other rights not specifically subjected or required to be subjected to the lien of the Indenture by the express provisions of the Indenture, whether now owned or hereafter acquired by the Company, which by their terms or by reason of applicable law would become void or voidable if granted, conveyed, mortgaged, transferred, assigned or pledged by this Security Agreement without the consent of other parties whose consent is not secured, or without subjecting the Trustee to a liability not otherwise contemplated by the provisions of the Indenture, or the granting, conveying, mortgaging, transferring or assigning of which would result in a breach or a default thereof or would permit the termination or cancellation thereof, or which otherwise may not be hereby lawfully and effectively granted, conveyed, mortgaged, transferred and assigned by the Company;\n(K) all personal property which is (i) located outside the State of Georgia, (ii) not specifically described in Section 3 of this Security Agreement, (iii) not specifically subjected or required to be subjected to the lien of this Security Agreement or the Indenture by any provision hereof or thereof, and (iv) not part of or used or for use in connection with any property specifically subjected or required to be subjected to the lien hereof by the express provisions of this Security Agreement or the Indenture;\n(L) all personal property located outside the State of Georgia in which a security interest cannot be perfected solely by the filing of a financing statement under the Uniform Commercial Code;\n(M) all personal property in which a security interest cannot be lawfully perfected under the laws of the United States or of any state or in which the grant of a security interest would in the Opinion of Counsel be prohibited by applicable law;\n(N) all property released pursuant to the last paragraph of Section 5.2 of the Indenture;\n(O) all nuclear fuel located outside the State of Georgia; and\n(P) the property described on Exhibit B hereto. PROVIDED, HOWEVER, that if, upon the occurrence of an Event of Default, the Trustee, or any separate trustee or co-trustee appointed under the Indenture or any receiver appointed pursuant to a statutory provision or order of court, shall have entered into possession of all or substantially all of the Trust Estate (including the Collateral), all the Excepted Property described or referred to in the foregoing paragraphs (A) through (H), inclusive, then owned or thereafter acquired by the Company, shall immediately, and, in the case of any Excepted Property described or referred to in paragraphs (I), (J), (L), (N) and (P) (excluding the property described in Section 2 of Exhibit B hereto), upon demand of the Trustee or such other trustee or receiver, become subject to the security interest hereof to the extent permitted by law, and the Trustee or such other trustee or receiver may, to the extent permitted by law, at the same time likewise take possession thereof, and whenever all Events of Default shall have been cured and the possession of all or substantially all of the Trust Estate (including the Collateral) shall have been restored to the Company, such Excepted Property shall again be excepted and excluded from the security interest hereof to the extent and otherwise as hereinabove set forth.", "snippet_links": [{"key": "the-security-interest", "type": "definition", "offset": [56, 77]}, {"key": "and-operation", "type": "clause", "offset": [78, 91]}, {"key": "security-agreement", "type": "clause", "offset": [100, 118]}, {"key": "property-of-the-company", "type": "clause", "offset": [143, 166]}, {"key": "cash-on-hand", "type": "definition", "offset": [249, 261]}, {"key": "other-financial-institutions", "type": "definition", "offset": [277, 305]}, {"key": "the-trust-estate", "type": "clause", "offset": [329, 345]}, {"key": "the-collateral", "type": "clause", "offset": [357, 371]}, {"key": "created-by", "type": "definition", "offset": [404, 414]}, {"key": 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3115]}, {"key": "the-land", "type": "clause", "offset": [3116, 3124]}, {"key": "oil-and", "type": "definition", "offset": [3201, 3208]}, {"key": "other-minerals", "type": "definition", "offset": [3209, 3223]}, {"key": "electric-energy", "type": "definition", "offset": [3316, 3331]}, {"key": "other-products", "type": "definition", "offset": [3355, 3369]}, {"key": "day-of", "type": "clause", "offset": [3417, 3423]}, {"key": "term-of", "type": "clause", "offset": [3428, 3435]}, {"key": "leasehold-estate", "type": "definition", "offset": [3441, 3457]}, {"key": "by-the-company", "type": "clause", "offset": [3529, 3543]}, {"key": "a-general", "type": "clause", "offset": [3571, 3580]}, {"key": "specific-description-of-property", "type": "clause", "offset": [3584, 3616]}, {"key": "the-company-covenants", "type": "clause", "offset": [3649, 3670]}, {"key": "in-trust-for", "type": "definition", "offset": [3719, 3731]}, {"key": "benefit-of-the-holders", "type": "clause", "offset": [3748, 3770]}, {"key": "other-rights", "type": "clause", "offset": [3862, 3874]}, {"key": "lien-of-the-indenture", "type": "clause", "offset": [3937, 3958]}, {"key": "provisions-of-the-indenture", "type": "clause", "offset": [3974, 4001]}, {"key": "applicable-law", "type": "definition", "offset": [4096, 4110]}, {"key": "consent-of-other-parties", "type": "clause", "offset": [4246, 4270]}, {"key": "the-provisions-of-the", "type": "clause", "offset": [4380, 4401]}, {"key": "a-default", "type": "definition", "offset": [4516, 4525]}, {"key": "termination-or-cancellation", "type": "clause", "offset": [4554, 4581]}, {"key": "effectively-granted", "type": "definition", "offset": [4641, 4660]}, {"key": "all-personal-property", "type": "clause", "offset": [4728, 4749]}, {"key": "state-of-georgia", "type": "clause", "offset": [4783, 4799]}, {"key": "statement-under", "type": "clause", "offset": [5388, 5403]}, {"key": "laws-of-the-united-states", "type": "definition", "offset": [5527, 5552]}, {"key": "any-state", "type": "definition", "offset": [5559, 5568]}, {"key": "grant-of-a-security-interest", "type": "clause", "offset": [5585, 5613]}, {"key": "opinion-of-counsel", "type": "clause", "offset": [5627, 5645]}, {"key": "all-property", "type": "clause", "offset": [5683, 5695]}, {"key": "section-52", "type": "clause", "offset": [5739, 5750]}, {"key": "nuclear-fuel", "type": "definition", "offset": [5777, 5789]}, {"key": "the-property", "type": "clause", "offset": [5836, 5848]}, {"key": "exhibit-b", "type": "definition", "offset": [5862, 5871]}, {"key": "upon-the-occurrence-of-an-event-of-default", "type": "clause", "offset": [5908, 5950]}, {"key": "separate-trustee", "type": "definition", "offset": [5972, 5988]}, {"key": "receiver-appointed", "type": "clause", "offset": [6040, 6058]}, {"key": "pursuant-to-a", "type": "definition", "offset": [6059, 6072]}, {"key": "statutory-provision", "type": "clause", "offset": [6073, 6092]}, {"key": "order-of", "type": "clause", "offset": [6096, 6104]}, {"key": "entered-into", "type": "clause", "offset": [6123, 6135]}, {"key": "possession-of", "type": "clause", "offset": [6136, 6149]}, {"key": "all-or-substantially-all", "type": "clause", "offset": [6150, 6174]}, {"key": "in-the-case", "type": "clause", "offset": [6404, 6415]}, {"key": "in-section-2", "type": "clause", "offset": [6541, 6553]}, {"key": "upon-demand", "type": "clause", "offset": [6576, 6587]}, {"key": "trustee-or-receiver", "type": "clause", "offset": [6617, 6636]}, {"key": "subject-to-the", "type": "definition", "offset": [6645, 6659]}, {"key": "to-the-extent-permitted-by-law", "type": "clause", "offset": [6685, 6715]}, {"key": "take-possession", "type": "clause", "offset": [6830, 6845]}, {"key": "default-shall", "type": "definition", "offset": [6882, 6895]}, {"key": "to-the-company", "type": "definition", "offset": [7031, 7045]}], "hash": "7161e171f006f355b77455be62ccf84e", "id": 2}, {"samples": [{"hash": "6eLfsKexpju", "uri": "/contracts/6eLfsKexpju#excepted-property", "label": "Participation Agreement (Mondavi Robert Corp)", "score": 18.0, "published": true}], "size": 4, "snippet": "Anything in this Trust Agreement to the contrary notwithstanding, any amounts or payments constituting Excepted Payments received by the Owner Trustee shall be paid promptly by the Owner Trustee to the Person to whom such amounts or payments shall be payable pursuant to the terms of the Operative Documents.", "snippet_links": [{"key": "agreement-to", "type": "definition", "offset": [23, 35]}, {"key": "trustee-shall", "type": "definition", "offset": [143, 156]}, {"key": "payments-shall-be", "type": "clause", "offset": [233, 250]}, {"key": "the-operative-documents", "type": "clause", "offset": [284, 307]}], "hash": "97312fb99d4f3d1a9a29c3b2d801298d", "id": 3}, {"samples": [{"hash": "8oxfN7HHSls", "uri": "/contracts/8oxfN7HHSls#excepted-property", "label": "Bond Purchase Agreement (Southwestern Public Service Co)", "score": 34.6344985962, "published": true}, {"hash": "cOMTRSbz1pk", "uri": "/contracts/cOMTRSbz1pk#excepted-property", "label": "Supplemental Indenture (Southwestern Public Service Co)", "score": 25.4353179932, "published": true}, {"hash": "9p20RDrd3YC", "uri": "/contracts/9p20RDrd3YC#excepted-property", "label": "Supplemental Indenture (Southwestern Public Service Co)", "score": 22.6043796539, "published": true}], "size": 3, "snippet": "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:", "snippet_links": [{"key": "the-lien", "type": "clause", "offset": [49, 57]}, {"key": "the-indenture", "type": "clause", "offset": [75, 88]}, {"key": "property-of-the-company", "type": "clause", "offset": [102, 125]}, {"key": "to-have-and-to-hold-all", "type": "clause", "offset": [168, 191]}, {"key": "the-trustee", "type": "clause", "offset": [238, 249]}, {"key": "in-trust", "type": "definition", "offset": [266, 274]}, {"key": "existing-liens", "type": "clause", "offset": [327, 341]}, {"key": "acquisition-liens", "type": "clause", "offset": [347, 364]}, {"key": "retained-interests", "type": "definition", "offset": [370, 388]}, {"key": "other-permitted-liens", "type": "definition", "offset": [401, 422]}, {"key": "equal-and-ratable-benefit", "type": "clause", "offset": [456, 481]}, {"key": "the-holders", "type": "clause", "offset": [498, 509]}, {"key": "from-time-to-time", "type": "clause", "offset": [510, 527]}, {"key": "outstanding-securities", "type": "clause", "offset": [535, 557]}, {"key": "such-security", "type": "definition", "offset": [586, 599]}, {"key": "the-right", "type": "clause", "offset": [654, 663]}, {"key": "title-and-interest", "type": "clause", "offset": [665, 683]}, {"key": "the-mortgaged-property", "type": "clause", "offset": [709, 731]}, {"key": "in-accordance-with", "type": "clause", "offset": [771, 789]}, {"key": "the-conditions", "type": "clause", "offset": [806, 820]}, {"key": "article-eight", "type": "definition", "offset": [835, 848]}, {"key": "original-indenture", "type": "clause", "offset": [856, 874]}, {"key": "and-rights", "type": "clause", "offset": [916, 926]}, {"key": "full-force-and-effect", "type": "clause", "offset": [966, 987]}, {"key": "the-parties", "type": "clause", "offset": [993, 1004]}, {"key": "further-covenant", "type": "clause", "offset": [1012, 1028]}, {"key": "agree-as-follows", "type": "clause", "offset": [1033, 1049]}], "hash": "c442fb9716a56a83e366ff6ece2fb993", "id": 4}, {"samples": [{"hash": "hz2breYe056", "uri": "/contracts/hz2breYe056#excepted-property", "label": "Loan Agreement (Basin Electric Power Cooperative)", "score": 35.2847366333, "published": true}, {"hash": "dGB0TVhu3Z", "uri": "/contracts/dGB0TVhu3Z#excepted-property", "label": "Loan Agreement (Basin Electric Power Cooperative)", "score": 35.2847366333, "published": true}], "size": 3, "snippet": "If an Event of Default or a Qualifying Securities Indenture Event of Default has occurred and is continuing and CoBank so requests in writing: (A) enter into a Supplemental Indenture with the Trustee and cause each Qualifying Subsidiary to enter into a supplemental indenture or like instrument with each Subsidiary Trustee (in form and content reasonably acceptable to the Trustee, the Subsidiary Trustee, and CoBank) adding to the Trust Estate or Subsidiary Trust Estate such Excepted Property as CoBank may designate in writing; and (B) promptly record same in all places required by Law in order to accord the Trustee and the Subsidiary Trustee a duly perfected Lien on the designated Excepted Property; provided, however, that unless a Qualifying Securities Indenture Event of Default could reasonably be expected to have a Material Adverse Effect, the Company's obligations hereunder shall be limited to causing the Qualifying Subsidiary with respect to which the Qualifying Securities Indenture Event of Default has occurred, to enter into a supplemental indenture or like instrument as provided above.", "snippet_links": 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true}], "size": 2, "snippet": "Indenture Trustee shall deliver any Excepted Property received by it to whomsoever is lawfully entitled to the same.", "snippet_links": [{"key": "trustee-shall", "type": "definition", "offset": [10, 23]}, {"key": "received-by", "type": "definition", "offset": [54, 65]}], "hash": "e46fe270d54ff36b734364356fe7ab4e", "id": 8}, {"samples": [{"hash": "id0vdnagUsQ", "uri": "/contracts/id0vdnagUsQ#excepted-property", "label": "General and Refunding Mortgage Indenture (Nevada Power Co)", "score": 18.0, "published": true}, {"hash": "12zLLxALtj1", "uri": "/contracts/12zLLxALtj1#excepted-property", "label": "General and Refunding Mortgage Indenture (Nevada Power Co)", "score": 18.0, "published": true}], "size": 2, "snippet": "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 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Property", "Excluded Property"], ["b8-property", "B8 Property", "B8 Property"], ["qualified-property", "Qualified Property", "Qualified Property"], ["equipment-and-property", "Equipment and Property", "Equipment and Property"], ["certificated-assets", "Certificated Assets", "Certificated Assets"]], "related_snippets": [], "updated": "2026-04-18T05:49:41+00:00", "also_ask": [], "drafting_tip": null, "explanation": "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\u2014such as pre-existing intellectual property, personal belongings, or assets not intended to be transferred\u2014are 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."}, "json": true, "cursor": ""}}