Refund Collateral definition
Examples of Refund Collateral in a sentence
The Affiliated Companies have good and marketable title to the Refund Collateral subject to no prior liens, security interests or other encumbrances (except as provided in Section 11 hereof).
The Affiliated Companies shall join with the Lender in executing documents for public filing with respect to evidencing, perfecting or protecting the Lender's security interest in the Refund Collateral and its rights with respect to the Tax Refund, in a form satisfactory to the Lender, and bear any and all costs of such filings.
TFCEI (and the other Affiliated Companies, as applicable) shall provide the Lender such information as the Lender may from time to time reasonably request with respect to the Refund Collateral and the Tax Refund, including, without limitation, statements describing, designating, identifying and evaluating the Refund Collateral and the Tax Refund.
Each of the Affiliated Companies shall execute and deliver on demand such further assurances and take such steps as may be necessary to confirm, perfect and maintain the Lender's security interest in the Refund Collateral and to preserve the priority of the Lender's security interest and lien on the Refund Collateral.
The Lender shall have the right, at its sole option, to exhaust the Refund Collateral or any other security given or received by the Lender to secure the amounts due under the Amended Loan Agreement, or any other Obligation, either concurrently or independently, and in such order as the Lender in its sole discretion may determine.
TFCEI will maintain accurate business records and books of account showing, among other things, all Refund Collateral owned by the Affiliated Companies.
The Affiliated Companies shall not sell, assign, pledge, encumber, grant a security interest in, or otherwise transfer the Refund Collateral or any interest therein without the prior written consent of the Lender.
The term "Refund Collateral" means all property from time to time subject to the security interest granted hereby.
UCC Financing Statements with respect to the Collateral (including the NationsBank Collateral) and the Refund Collateral (as defined in the Refund Security Agreement) shall have been filed in all appropriate jurisdictions and shall be effective to grant the Lender a first priority security interest therein at such time as UCC termination statements releasing NationsBank's security interest are properly filed in all required jurisdictions.
Upon the occurrence of a Default, the Lender at its option may exercise any and all rights and remedies on default of a Lender under the UCC as then in effect, or under other applicable law, as well as all rights and remedies provided herein, or in the Loan Documents, including, without limitation, the right to sell any and all of the Refund Collateral in accordance with the applicable provisions of said UCC.