Off-Site Collateral definition
Off-Site Collateral means: (a) Collateral being transported in the ordinary course of business and (b) Collateral which in the ordinary course of business is located at an off-site location for repair, storage, maintenance, or further processing or manufacturing.
Examples of Off-Site Collateral in a sentence
None of the tangible Collateral is in the possession of any Person other than the Grantors or the Collateral Agent, except for (A) Off-Site Collateral and (B) Collateral in possession of any Person other than the Grantors or the Collateral Agent, in an aggregate amount not to exceed $700,000.