Use and Return of Collateral Sample Clauses

Use and Return of Collateral. (i)A Secured Party shall be entitled to draw upon the Collateral posted by the Posting Party for any obligation of the Posting Party arising under this Agreement that is not paid when due, whether or not an Early Termination Date has been declared. All Collateral drawn by a Secured Party shall be applied toward satisfaction of the obligations of the Posting Party to the Secured Party under this Agreement.
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Use and Return of Collateral. The Purchaser shall be entitled to draw upon the Collateral for any obligation of the Seller arising under this Agreement that is not fully satisfied when due. All Collateral drawn by the Purchaser shall be applied toward satisfaction of the obligations of the Seller to the Purchaser under this Agreement. Within ten (10) Business Days of each date on which the Seller’s obligation to post Collateral under this Agreement expires or is reduced, the Purchaser shall return to the Seller any and all Collateral that, in combination with any other Collateral then posted with the Purchaser by the Seller, exceeds the Seller’s then current posting obligation; provided, however, that if the Purchaser is entitled to indemnification by the Seller under Section 12.2, then the Purchaser’s obligation to return Collateral shall be deferred until ten (10) Business Days after the date on which the Seller has satisfied its obligations under Section 12.2. Within ten (10) Business Days of the Effective Date, provided that the Seller is not in breach of its obligations under the first sentence of Section 11.2(a), the Purchaser shall return to the Seller its Initial Offer Deposit.
Sample 1
Use and Return of Collateral. Any Collateral given hereunder shall be used to satisfy any indebtedness to Surety under the Bonds, the GAI, or this Agreement. When the Payment Event occurs or when Surety shall have been furnished satisfactory evidence of its discharge from all liability under all Bonds executed on behalf of Contractors and/or Indemnitors or any of them and shall have been fully repaid for Losses, including as defined by Paragraph 5 above, then the obligations of Contractors and Indemnitors under this Agreement shall terminate. Contractors will provide reasonable notice to Surety in advance of any potential Payment Event and provide access to Surety to conduct any necessary due diligence or investigation to confirm the amount of Losses and assess if there are any existing or pending Events of Default under the GAI and the impact of those defaults, which the parties will work in good faith to quantify so that adequate consideration can be given to the Surety to account for its exposure. After full repayment of Amounts Owed Surety, Surety shall provide such instruments as may be necessary to discharge the liens, encumbrances and security interests herein granted to it. Nothing contained herein shall operate to terminate, release or diminish the rights of the Surety or the obligations of the Indemnitors under the Bonds or the GAI, which rights and obligations and which GAI, along with any waivers or releases in favor of Surety contained herein, shall survive the termination of this Agreement.
Sample 1

Related to Use and Return of Collateral

  • Return of Collateral The Collateral shall be returned to Borrower at the termination of the Loan upon the return of the Loaned Securities by Borrower to State Street in accordance with the applicable Securities Loan Agreement.

  • Possession and Transfer of Collateral Unless an Event of Default exists hereunder, the Borrower shall be entitled to possession or use of the Collateral (other than Instruments or Documents, Tangible Chattel Paper, Investment Property consisting of certificated securities and other Collateral required to be delivered to the Bank pursuant to this Section 6). The cancellation or surrender of any Note, upon payment or otherwise, shall not affect the right of the Bank to retain the Collateral for any other of the Obligations. The Borrower shall not sell, assign (by operation of law or otherwise), license, lease or otherwise dispose of, or grant any option with respect to any of the Collateral, except that the Borrower may sell Inventory in the ordinary course of business and may sell property, plant and Equipment in the ordinary course of business.

  • Application of Collateral and Proceeds The proceeds of any sale of, or other realization upon, all or any part of the Collateral shall be applied in the following order of priorities:

  • POSSESSION OF COLLATERAL AND RELATED MATTERS Until an Event of Default has occurred, each Borrower shall have the right, except as otherwise provided in this Agreement, in the ordinary course of such Borrower's business, to (a) sell, lease or furnish under contracts of service any of such Borrower's Inventory normally held by such Borrower for any such purpose; and (b) use and consume any raw materials, work in process or other materials normally held by such Borrower for such purpose; provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such Borrower.

  • Disposition of Collateral Such Grantor will not sell, lease or otherwise dispose of the Collateral owned by it except for dispositions specifically permitted pursuant to Section 6.05 of the Credit Agreement.

  • Valuation of Collateral Securities Intermediary shall provide view only access to its systems to Secured Party for the purpose of communicating data as to the Reserve Account as of that date.

  • Compromises and Collection of Collateral The Grantors and the Administrative Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the foregoing, each Grantor agrees that the Administrative Agent may at any time and from time to time, if an Event of Default has occurred and is continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Administrative Agent in its sole discretion shall determine or abandon any Receivable, and any such action by the Administrative Agent shall be commercially reasonable so long as the Administrative Agent acts in good faith based on information known to it at the time it takes any such action.

  • Condition of Collateral Secured Party has no obligation to repair, clean-up or otherwise prepare the Collateral for sale.

  • Retention of Collateral In addition to the rights and remedies hereunder, the Administrative Agent may, in compliance with Sections 9-620 and 9-621 of the UCC or otherwise complying with the requirements of applicable Law of the relevant jurisdiction, accept or retain the Collateral in satisfaction of the Secured Obligations. Unless and until the Administrative Agent shall have provided such notices, however, the Administrative Agent shall not be deemed to have retained any Collateral in satisfaction of any Secured Obligations for any reason.

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