Where Collateral Sample Clauses
The 'Where Collateral' clause defines the specific circumstances or locations in which collateral must be provided or maintained under an agreement. Typically, this clause outlines the types of assets that can serve as collateral, the jurisdictions where the collateral must be held, and any requirements regarding the custody or control of such assets. For example, it may require that all pledged securities be held in a particular country or with a designated custodian. The core function of this clause is to ensure that the collateral is accessible, secure, and legally enforceable, thereby reducing the risk for the party receiving the collateral.
Where Collateral is in the possession of a third party, Borrower will, if requested by FIL, join with FIL in notifying the third party of FIL's security interest and obtaining an acknowledgment from the third party that it is holding the Collateral for the benefit of FIL.
Where Collateral is in the possession of a third party, the Grantor will notify the third party of the Collateral Agent's security interest and use its commercially reasonable best efforts to obtain an acknowledgment from the third party that it is holding the Collateral for the benefit of Collateral Agent. The Grantor shall prepare any such notice to be delivered to the third party and provide the Collateral Agent with a copy of the notice.
Where Collateral is in the possession of a third party, Borrower, promptly upon receipt of written request from FCFC, will join with FCFC in notifying the third party of FCFC's security interest and obtaining an acknowledgment from the third party that it is holding the Collateral for the benefit of FCFC.