Art Loans definition

Art Loans means loans made by the Borrowers to customers of Parent and its Subsidiaries to finance the purchase or carrying of, or in anticipation of the potential sale of, or secured by, Works of Art.
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Art Loans means loans made by the Lending Subsidiaries to customers of Holdings and the Subsidiaries, to finance the purchase or carrying of, or in anticipation of the potential sale of, or secured by, works of art.
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Examples of Art Loans in a sentence

  • Permit any of the Pledged Art Loans (as such term is defined in the Pledge Agreement) to be represented or evidenced by an instrument or a certificate, or permit any agreement relating to any Pledged Art Loan to provide that any of the documentation evidencing such Pledged Art Loan is a security governed by Article 8 of the Uniform Commercial Code as in effect in any applicable jurisdiction.

  • To Agent in writing, promptly upon the occurrence thereof, (i) any failure by any Sotheby Entity to fund any unfunded commitment to make future Art Loans upon satisfaction of the conditions precedent to such funding obligation or (ii) any dispute between any Sotheby Entity and any Art Loan Debtor regarding the obligation of any Sotheby Entity to make an Art Loan pursuant to any such unfunded commitment.

  • All of the Art Loans owned by each Borrower and reflected in the most recent Borrowing Base Certificate delivered by the Borrower Representative to Agent shall be “Eligible Art Loans” for purposes of this Agreement, except any Art Loans to which any of the exclusionary criteria set forth below applies.

  • Agent shall have the right to establish, modify or eliminate Reserves against Eligible Art Loans from time to time in its sole reasonable credit judgment.

  • To the Administrative Agent in writing, promptly upon the occurrence thereof, (i) any failure by any Sotheby Entity to fund any unfunded commitment to make future Art Loans upon satisfaction of the conditions precedent to such funding obligation or (ii) any dispute between any Sotheby Entity and any Art Loan Debtor regarding the obligation of any Sotheby Entity to make an Art Loan pursuant to any such unfunded commitment.

  • The Administrative Agent shall have the right to establish, modify or eliminate Reserves against Eligible Art Loans from time to time in its sole reasonable credit judgment.

  • All of the Art Loans owned by each Borrower and reflected in the most recent Borrowing Base Certificate delivered by the Borrower Representative to the Administrative Agent shall be “Eligible Art Loans” for purposes of this Agreement, except any Art Loans to which any of the exclusionary criteria set forth below applies.

  • Each Borrower, in connection with each Art Loan made or to be made by it, shall (i) apply credit standards and loan to collateral value requirements, (ii) follow practices with respect to documentation, perfection and protection of security interests and (iii) follow practices with respect to classification of Art Loans as non-accrual, as such standards, requirements and practices are generally applied and followed in the Borrowers' art lending business prior to the Closing Date.

  • Except as set forth in Disclosure Schedule (3.20), as of the Closing Date, no Credit Party is a party to any contract or agreement with any Governmental Authority other than consignment agreements entered into in the ordinary course of business and no Borrower's Art Loans are subject to the Federal Assignment of Claims Act (31 U.S.C. Section 3727) or any similar state or local law.

  • All of the Art Loans owned by each Borrower and reflected in the most recent Borrowing Base Certificate delivered by the Borrower Representative to Agent shall be "Eligible Art Loans" for purposes of this Agreement, except any Art Loans to which any of the exclusionary criteria set forth below applies.

Related to Art Loans

  • Subject Loans has the meaning assigned to such term in Section 2.11(b)(ii).

  • New Loans means Loans made by the Failed Bank after the Bid Valuation Date that are not continuations, amendments, modifications, renewals, extensions, refinancings, restructurings, or refundings of or for any then existing Loan.

  • or "Loans means and includes without limitation any and all commercial loans and financial accommodations from Lender to Borrower, whether now or hereafter existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described on any exhibit or schedule attached to this Agreement from time to time.

  • Loans means the loans made by the Lenders to the Borrower pursuant to this Agreement.

  • Revolving Loans as defined in Section 2.4(a).