Exceptions and Definitions Sample Clauses
The "Exceptions and Definitions" clause serves to clarify the meaning of specific terms used throughout the agreement and to outline any circumstances where general provisions do not apply. This clause typically lists key terms with precise definitions to avoid ambiguity and may specify particular situations or parties that are exempt from certain obligations or requirements in the contract. By doing so, it ensures that all parties have a shared understanding of important terminology and the scope of the agreement, thereby reducing the risk of misunderstandings and disputes.
Exceptions and Definitions. The Security Interest granted by this Agreement shall not extend or apply to and the Collateral shall not extend to the last day of the term of any lease or agreement to lease real property, but upon the enforcement of the Security Interest the Debtor shall stand possessed of such last day in trust to assign and dispose thereof as the Secured Party shall direct.
Exceptions and Definitions. 2.1 Any reference in this Agreement to the "UNIFORM COMMERCIAL CODE" or "UCC" means the Uniform Commercial Code, as adopted and enacted and as in effect from time to time in the State of Nevada. Terms used herein which are defined in the UCC and not otherwise defined herein shall have the respective meanings ascribed to such terms in the UCC.
Exceptions and Definitions. 2.1 The Security Interest granted by this Agreement shall not extend or apply to and the Collateral shall not extend to the last day of the term of any lease or agreement to lease real property, but upon the enforcement of the Security Interest the Guarantor shall stand possessed of such last day in trust to assign and dispose thereof as the Secured Party shall direct.
2.2 The Security Interests shall not render the Secured Party liable to observe or perform any term or covenant or condition of any agreement, document or instrument to which the Guarantor is a party or by which it is bound. In addition, the Security Interests do not and shall not extend to, and the Collateral shall not include, any agreement, right, franchise, licence or permit (the “Contractual Rights”) to which the Guarantor is a party or of which the Guarantor has the benefit, to the extent that the creation of the Security Interests herein would constitute a breach of the terms of or permit any person to terminate the Contractual Rights, but the Guarantor shall hold its interest therein in trust for the Secured Party and shall assign such Contractual Rights to the Secured Party forthwith upon obtaining the consent of all other parties thereto. The Guarantor agrees that it shall, if required by the Secured Party, use commercially reasonable efforts to obtain any consent required to permit any Contractual Rights to be subject to the Security Interests herein.
2.3 All Consumer Goods are excepted from the Security Interest.