Released Collateral Sample Clauses

The 'Released Collateral' clause defines the process and conditions under which collateral previously provided by a party is returned or released. Typically, this clause specifies the events or obligations—such as repayment of a loan, fulfillment of contractual duties, or the occurrence of a specified event—that trigger the release of the collateral. For example, once a borrower repays the outstanding balance of a secured loan, the lender must release any property or assets held as collateral. The core function of this clause is to ensure that collateral is not held longer than necessary, providing clarity and protection for both parties regarding the return of secured assets.
POPULAR SAMPLE Copied 1 times
Released Collateral. The Lenders and the Agent hereby agree that any Receivable that is not at any time an Eligible Receivable shall be retained by the Borrower and such Receivable, all Related Security and all Proceeds thereof shall remain part of the Collateral. Notwithstanding the foregoing, the Agent may consent to entitled to have such Receivable and any and all items referenced in Section 8.01 relating thereto (collectively, the “Released Collateral”) released from the lien of the Agent under this Agreement; provided that (i) such Receivable and Related Security are simultaneously sold to a Person other than an Originator, (ii) the proceeds of the transaction involving the sale of such Receivables is at least $1 million and such sale proceeds are deposited in the Collection Account and treated as Collections hereunder, (iii) the related Obligor is directed to make all future payments thereon to an account other than the Lockbox Account, and (iv) the Obligor is not also an Obligor on other Receivables remaining as part of the Collateral, or such Receivable is otherwise segregated from Receivables remaining as part of the Collateral, to prevent the Receivables being sold from affecting payments on Receivables remaining as part of the Collateral; provided, however, that at the time of, and after giving effect to any such release, no Potential Event of Default, Event of Default, Amortization Event or Borrowing Base Deficiency shall have occurred and be continuing. The Agent shall promptly, but in any event within five (5) Business Days, execute and deliver such documents of release as shall be presented thereto in execution form by the Borrower or the Servicer (subject to the reasonable approval of such documents by the Agent) reasonably required to effect such release and the transmission to the purchaser thereof of any Receivable Files relating to the Released Collateral in question. Upon the effectiveness of the release of any Released Collateral pursuant to this Section 8.04(g), such Released Collateral shall not longer constitute “Collateral” for purposes of this Agreement or any other Basic Document.
View SourceView Similar (3)
Released Collateral. See Section 1.01.
View SourceView Similar (2)
Released Collateral. All of Borrower’s right, title and interest in and to (i) all of the outstanding common shares, par value $.001 per share, of the Bond Subsidiary; and (ii) the Mortgage Loans sold and to be sold by Borrower to the Bond Subsidiary pursuant to the Asset Purchase Agreement, dated as of April 25, 2016, as amended, supplemented or otherwise modified from time to time, between Borrower and the Bond Subsidiary, including with respect to such Mortgage Loans, all of Borrower’s right, title and interest in, to and under each of the following items of property, whether now owned or hereafter acquired, now existing or hereafter created and wherever located: (a) the real property (including all improvements, buildings, fixtures, building equipment and personal property thereon and all additions, alterations and replacements made at any time with respect to the foregoing) and all other collateral (the “Mortgaged Property”) securing repayment of the debt evidenced by a promissory note or other evidence of the indebtedness of an obligor with respect to a Mortgage Loan (the “Mortgage Note”); (b) the original executed Mortgage Note bearing all intervening endorsements, duly endorsed to Borrower; (c) the original Mortgage(s) securing each Mortgage Note with evidence of recording thereon or copies certified by the related recording office;
View Source
Released Collateral. At such time as the Lender releases the Collateral, the Collateral shall be allocated as follows: (a) if no Event of Default has occurred and the Collateral has been returned to the pledgors thereof without sale or transfer in any part, then the Collateral shall be returned to each of Oak, Excalibur and Ball in the number of shares of TAC stock pledged by each of Oak, Excalibur and Ball; and (b) if an Event of Default has occurred and less than all of the Collateral has been returned to the pledgors thereof, then the Collateral that is returned shall be allocated as follows: FIRST, to Ball, up to 2,303,531 shares, less the number of shares that are subject to the Warrant issued by Ball; SECOND, to Excalibur, up to 4,972,701 shares (less the number of shares that are Escrow Shares or that were Escrow Shares and were subsequently transferred to TAC), less the number of shares that are subject to the Warrant issued by Excalibur; THIRD, to Oak, up to 1,649,697, plus the number of shares (if any) that Oak has purchased from TAC under Section 2.5 of the TAC Stock Purchase Agreement; and FOURTH, the balance, if any, to Ball, Excalibur and Oak in proportion to the number of shares of TAC respectively held by them at such time.
View Source
Released Collateral. In order to release the Released Collateral, Lender has executed and delivered to ▇▇▇▇▇▇, as of even date herewith, that certain Release of Mortgage (the “Release”) in the form attached hereto as Exhibit A, which is to be recorded in the Public Records of Hernando County, Florida. Lender further acknowledges and agrees that the UCC-3 Termination Amendment (the “UCC Termination”) in the form attached hereto as Exhibit B shall be filed with the Florida Secured Transactions Registry.
View Source
Released Collateral. Provided that there exists no Event of Default hereunder, the Bank shall release to the corresponding Borrower the Collateral delivered with respect to a particular Advance upon full payment of the principal amount of and accrued interest on such Advance; provided, however, that in the case of Regular Sub-line Advances under the Warehousing Loan Facility that are repaid with Gestational Sub-line Advances under the Warehousing Loan Facility such Collateral shall remain pledged and assigned to the Bank as collateral until such time as the conditions set forth in 5.
View Source

Related to Released Collateral

  • Pledged Collateral (a) Each Grantor is the holder of record and the legal and beneficial owner, free and clear of all Liens other than the Security Interest granted to the Administrative Agent for the benefit of the Credit Parties hereunder and Permitted Encumbrances, of the Pledged Collateral indicated on Schedule 4 as being owned by such Grantor and any Pledged Collateral owned by such Grantor and acquired after the Closing Date. (b) All of the Pledged Collateral constituting Pledged Interests is duly authorized, validly issued, fully paid and nonassessable (provided that Pledged Interests which are ULC Shares will be assessable in accordance with the provisions of the Companies Act (Nova Scotia)) and such Pledged Interests constitute or will constitute the percentage of the issued and outstanding Equity Interests of the Pledged Companies of each applicable Grantor identified on Schedule 4, any Pledged Collateral Addendum or any Supplement to this Agreement. All of the Pledged Collateral constituting Pledged Notes is duly authorized, validly issued and delivered by the issuer of such Pledged Note and is the legal, valid and binding obligation of such issuer and such issuer is not in default thereunder. Each Grantor has the right and requisite authority to pledge the Pledged Collateral pledged by such Grantor to the Administrative Agent as provided herein. (c) All actions necessary to perfect or establish the first priority of the Administrative Agent’s Liens (subject to Permitted Encumbrances) in the Pledged Collateral, and the proceeds thereof, have been duly taken, (A) upon the execution and delivery of this Agreement; (B)(i) upon the taking of possession by the Administrative Agent of any certificates constituting the Pledged Interests, to the extent such Pledged Interests are represented by certificates, together with undated powers endorsed in blank by the applicable Grantor and (ii) upon the taking of possession by the Administrative Agent of any promissory notes constituting the Pledged Notes, together with undated powers endorsed in blank by the applicable Grantor; and (C) upon the filing of Uniform Commercial Code financing statements in the applicable jurisdiction for such Grantor with respect to the Pledged Interests of such Grantor that are not represented by certificates. Each Grantor has delivered to and deposited with the Administrative Agent (or, with respect to any Pledged Collateral created or obtained after the Closing Date, will deliver and deposit in accordance with Section 4.12 hereof) all certificates representing the Pledged Interests owned by such Grantor to the extent such Pledged Interests are represented by certificates, all promissory notes representing the Pledged Notes owned by such Grantor, and undated powers endorsed in blank with respect to such certificates or promissory notes. (d) None of the Pledged Collateral owned or held by such Grantor has been issued or transferred in violation of any securities registration, securities disclosure, or similar laws of any jurisdiction to which such issuance or transfer may be subject.

  • Security Interest and Collateral To secure the payment and performance of the Obligations, Borrower hereby grants Lender a security interest (herein called the "Security Interest") in the following Collateral, whether now owned or hereafter acquired by Borrower and wherever located, and all products and proceeds thereof: (a) Crops, whether annual or perennial, whether grown, growing or to be grown, and whether harvested or unharvested, the products and proceeds thereof and stored grain (including all of the foregoing designated as inventory) and any negotiable or nonnegotiable documents, scale tickets and the like resulting from the storage thereof; also seed, fertilizer, chemicals, and other supplies used or produced by Borrower in farming operations; also accounts, contract rights (including proceeds from insurance policies covering the other Collateral), instruments, documents and general intangibles, whether now owned or hereafter acquired and wherever located; hedging and commodity accounts or agreements, now or hereafter or in effect, together with all rights in and to such accounts or agreements and all payments due or to become due thereunder. (b) Livestock (including livestock in gestation) and their young, products and proceeds and progeny thereof and produce thereof, including all livestock designated as inventory; also feed, medicines and other supplies used or produced by Borrower in farming operations; also accounts, contract rights (including proceeds from insurance policies covering the other Collateral), instruments, documents and general intangibles, whether now owned or hereafter acquired and wherever located; hedging and commodity accounts or agreements, now or hereafter or in effect, together with all rights in and to such accounts or agreements and all payments due or to become due thereunder. (c) All of Borrower’s equipment and machinery, and all accessions and attachments thereto and replacements and substitutions therefore (the Equipment). Borrower shall not remove any of the Collateral from locations disclosed in this Agreement, nor sell, convey or encumber said Collateral, provided, however, that Borrower may sell said Collateral or any part thereof if, and only if: (i) the proceeds of such sale are made payable jointly to Lender and Borrower if requested by ▇▇▇▇▇▇, it being specifically understood and agreed that all Obligations secured by the Collateral to the extent of the sale price shall be due and payable at the time of such sale; and (ii) Borrower sells the Collateral only to buyers listed on the Credit Application if required pursuant to the terms of Subsection 2(c) below.

  • Possessory Collateral Immediately upon Borrower's receipt of any portion of the Collateral evidenced by an agreement, Instrument or Document, including, without limitation, any Tangible Chattel Paper and any Investment Property consisting of certificated securities, Borrower shall deliver the original thereof to Lender together with an appropriate endorsement or other specific evidence of assignment thereof to Lender (in form and substance acceptable to Lender). If an endorsement or assignment of any such items shall not be made for any reason, Lender is hereby irrevocably authorized, as Borrower's attorney and agent-in-fact, to endorse or assign the same on Borrower's behalf.

  • Collateral Each of the Banks represents to the Agent and each of the other Banks that it in good faith is not relying upon any "margin stock" (as defined in Regulation U) as collateral in the extension or maintenance of the credit provided for in this Agreement.

  • Uncertificated Pledged Collateral Such Grantor will permit the Collateral Agent from time to time to cause the appropriate issuers (and, if held with a securities intermediary, such securities intermediary) of uncertificated securities or other types of Pledged Collateral owned by it not represented by certificates to ▇▇▇▇ their books and records with the numbers and face amounts of all such uncertificated securities or other types of Pledged Collateral not represented by certificates and all rollovers and replacements therefor to reflect the Lien of the Collateral Agent granted pursuant to this Security Agreement. With respect to any Pledged Collateral owned by it, such Grantor will take any actions necessary to cause (a) the issuers of uncertificated securities which are Pledged Collateral and (b) any securities intermediary which is the holder of any such Pledged Collateral, to cause the Collateral Agent to have and retain Control over such Pledged Collateral. Without limiting the foregoing, such Grantor will, with respect to any such Pledged Collateral held with a securities intermediary, cause such securities intermediary to enter into a control agreement with the Collateral Agent, in form and substance satisfactory to the Collateral Agent, giving the Collateral Agent Control.