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.
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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.
Released Collateral. See Section 1.01.
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;
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.
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.
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.