Examples of Intangible Collateral in a sentence
Trustor shall, prior to delinquency, default, or forfeiture, perform all obligations and satisfy all material conditions required on its part to be satisfied to preserve its rights and privileges under any contract, lease, license, permit, or other authorization (i) under which it holds any Tangible Collateral or (ii) which constitutes part of the Intangible Collateral, except where Trustor is contesting such obligations in good faith.
Foreclosure on Intangible Collateral A secured party’s repossession of inventory or equipment can disrupt or even close a debtor’s business.
All chattel paper and Contracts pertaining to any Facility Equipment, including, without limitation, all of Borrower's right, title and interest in, to and under each Facility Contract relating to each item of Facility Equipment and the right to receive all payments thereunder (collectively, the "Intangible Collateral").
Response: Yes, the C-7 license can be held by the sub-contractor performing the installation services.
As a result Rural Development could not be assured all FFOC work was in the best interest of the entity with no personal gain made by FFOC personnel.