UCC Release definition
UCC Release means one or more releases on form UCC-3, pursuant to which the Collateral is released from the Lien in favor of the Term Loan Agent for the benefit of the secured parties under or in respect of the Term Loan Agreement.
UCC Release means, with respect to each Secured Party, either (i) one or more UCC termination statements duly executed by such Secured Party in form and content reasonably satisfactory to Purchaser and its counsel, terminating any and all UCC financing statements in favor of such Secured Party, along with a statement from the Secured Party providing that such Secured Party does not claim any security or other interest in any Acquired Assets, or (ii) a statement, in form and content reasonably satisfactory to Purchaser and its counsel, executed by such Secured Party, which states the total amount due to such Secured Party, and which provides that upon receipt by such Secured Party of payment of such amount, such Secured Party will promptly deliver to Purchaser one or more UCC termination statements, each in form and content reasonably satisfactory to Purchaser and its counsel, and will no longer claim any security interest in any Acquired Assets.
UCC Release shall have the meaning given to it in Section 3.2.3.
Examples of UCC Release in a sentence
After Purchaser is required to make the payment pursuant to Section 2.2(a)(iv)(E), at any ▇▇▇▇ ▇▇▇▇▇▇ provides a UCC Release of an Unliquidated UCC, or such Unliquidated UCC shall expire and Seller shall deliver an opinion of Seller's counsel that such Unliquidated UCC is no longer an Encumbrance on any Acquired Asset, then Purchaser shall pay to Seller the amount of the Unliquidated UCC Reserve created with respect to such Unliquidated UCC.
More Definitions of UCC Release
UCC Release means documents releasing all security interest held by MCI in, or relating to, property or assets held by the Company, pursuant to that certain Settlement Agreement by and between the Company and MCI dated February 18, 2005.