Removal of Nonconforming Pledged Property Sample Clauses

Removal of Nonconforming Pledged Property. Upon discovery by an Obligor, the Trustee, the Servicer or any Series Support Provider of a breach of any of the representations or warranties of the Transferor set forth in the related Transfer Agreement Supplement with respect to any Contract (such breach, a "Transferor Breach"), the related Equipment or the related Contract File, as the case may be, the party discovering such breach shall give prompt written notice to the other parties. Except as specifically provided herein, the Trustee has no obligation to review or monitor the Pledged Property for compliance with such representations and warranties. As of the last day of the calendar month in which such breach was discovered or, if later, the last day of the calendar month in which the Servicer received the notice thereof (or, at the Servicer's and such Obligor's election, any earlier date), the Servicer, unless such breach shall have been waived or cured in all material respects prior to such time, shall cause the Transferor to remove such Contract and the related Pledged Property from the related Series Trust Estate. In consideration for the removal of such Pledged Property, the Transferor shall, no later than the Determination Date prior to the Settlement Date next following such date, pay the Prepayment Amount to the Servicer for deposit into the applicable Facility Account. Without limiting the foregoing in any way, in the event of a breach of any representation or warranty of the Transferor contained in any Transfer Agreement Supplement that materially and adversely affects any Contract or the related Contract File, unless the breach shall have been cured on or before the last day of the calendar month in which such breach was discovered or, if later, the last day of the calendar month in which the Servicer received the notice thereof, the Servicer shall enforce the obligation of the Transferor under the Master Transfer Agreement to repurchase such Contract.
Sample 1Sample 2See All (4)
AutoNDA by SimpleDocs
Removal of Nonconforming Pledged Property. Upon discovery by an Obligor, the Trustee or the Servicer of a breach of any of the representations or warranties of the Originator set forth in the Contribution Agreement or related Contribution Agreement Supplement with respect to any Contract, the related Equipment or the related Contract File, as the case may be, the party discovering such breach shall give prompt written notice to the other parties. The Trustee has no obligation to review or monitor the Pledged Property for compliance with such representations and warranties. As of the last day of the calendar month in which such breach was discovered or, if later, the last day of the calendar month in which the Servicer received the notice thereof (or, at the Servicer's and such Obligor's election, any earlier date), the Servicer, unless such breach shall have been waived or cured in all material respects prior to such time, shall notify the appropriate Obligor of such breach and the appropriate Obligor shall remove such Contract and the related Pledged Property from the related Series Trust Estate. In consideration for the removal of such Pledged Property, the appropriate Obligor shall, no later than the Determination Date prior to the Payment Date next following such date, cause the Originator to pay the Prepayment Amount to the Servicer for deposit into the appropriate Series Account. 42 49 ARTICLE VII
Sample 1
Removal of Nonconforming Pledged Property. Upon discovery by an Obligor, the Trustee or the Servicer of a breach of any of the representations or warranties of the Contributor set forth in the related Contribution
Sample 1

Related to Removal of Nonconforming Pledged Property

  • Removal of Collateral Grantor shall keep the Collateral (or to the extent the Collateral consists of intangible property such as accounts, the records concerning the Collateral) at Grantor's address shown above, or at such other locations as are acceptable to Lender. Except in the ordinary course of its business, including the sales of inventory, Grantor shall not remove the Collateral from its existing locations without the prior written consent of Lender. To the extent that the Collateral consists of vehicles, or other titled property, Grantor shall not take or permit any action which would require application for certificates of title for the vehicles outside the State of California, without the prior written consent of Lender.

  • Removal of the Collateral Except in the ordinary course of Grantor's business, Grantor shall not remove the Collateral from its existing location without Lender's prior written consent. Grantor shall, whenever requested, advise Lender of the exact location of the Collateral.

  • Removal of Equipment Lessee shall have and is hereby given and granted twelve (12) months after a valid forfeiture, cancellation or other termination of this lease to remove from said property all buildings, structures, warehouse stocks, merchandise, materials, tools, hoists, compressors, engines, motors, pumps, transformers, electrical accessories, metal or wooden tanks, pipes and connections, rails, mine cars and any and all machinery, trade fixtures, and equipment erected or placed in or upon said property by it, provided that such right of removal shall not extend to foundations and mine timbers in place unless Lessor shall have given his previous written consent thereto. If Lessee is hampered by snowdrifts, washouts, inclement weather, or other climatic conditions, from completing the removal of said property and equipment within the time specified, then Lessor agrees to extend the time by a reasonable period if requested by Lessee.

  • Removal of Fixtures If Tenant is not in default hereunder, Tenant may, prior to the expiration of the Term of this Lease, or any extension thereof, remove any trade fixtures and equipment which it has placed in the Premises which can be removed without significant damage to the Premises, provided Tenant repairs all damages to the Premises caused by such removal.

  • Removal of Property At Landlord's request, Tenant shall remove all of its personal property and (i) all improvements that are part of the Premises Improvements and are identified in the Improvement Agreement as being removable fixtures or improvements, (ii) all Exterior Signs, (iii) all improvements, fixtures and equipment that comprise the Tenant Generator or Tenant HVAC System, and (iv) all voice and data cabling and other telecommunications equipment installed by Tenant at the termination of this Lease either by expiration of the term or other cause, and shall pay Landlord for any damages or injury to the Leased Premises or the Building resulting from such removal. If Tenant shall fail to remove any property required to be removed by Tenant at the termination of this Lease or when Landlord has the right of re-entry, Landlord may remove and store such property without liability for loss thereof or damage thereto, such storage to be for the account and at the expense of Tenant. If Tenant shall not pay the cost of storing any such property after it has been stored for a period of thirty (30) days or more, Landlord may, at its option, sell, or permit to be sold, any or all such property at public or private sale, in such manner and at such times and places as Landlord in its sole discretion may deem proper, without notice to Tenant, unless notice is required under applicable statutes, and shall apply the proceeds of such sale: first, to the cost and expense of such sale, including reasonable attorneys' fees actually incurred; second, to the payment of the costs or charges for storing any such property; third, to the payment of any other sums of money which may then be or thereafter become due to Landlord from Tenant under any of the terms hereof; and, fourth, the balance, if any, to Tenant.

  • Removal of Liens Except for the lien of this Mortgage, the Shipowner will not suffer to be continued any lien, encumbrance or charge on the Vessel, and in due course and in any event within thirty (30) days after the same becomes due and payable or within fourteen (14) days after being requested to do so by the Mortgagee, the Shipowner will pay or cause to be discharged or make adequate provision for the satisfaction or discharge of all claims or demands, and will cause the Vessel to be released or discharged from any lien, encumbrance or charge therefor.

  • Removal of Personal Property All articles of personal property owned by Tenant or installed by Tenant at its expense in the Premises (including business and trade fixtures, furniture and movable partitions) shall be, and remain, the property of Tenant, and shall be removed by Tenant from the Premises, at Tenant's sole cost and expense, on or before the expiration or sooner termination of this Lease. Tenant shall repair any damage caused by such removal.

  • Possession and Transfer of Collateral Unless an Event of Default exists hereunder, the Borrower shall be entitled to possession or use of the Collateral (other than Instruments or Documents, Tangible Chattel Paper, Investment Property consisting of certificated securities and other Collateral required to be delivered to the Bank pursuant to this Section 6). The cancellation or surrender of any Note, upon payment or otherwise, shall not affect the right of the Bank to retain the Collateral for any other of the Obligations. The Borrower shall not sell, assign (by operation of law or otherwise), license, lease or otherwise dispose of, or grant any option with respect to any of the Collateral, except that the Borrower may sell Inventory in the ordinary course of business and may sell property, plant and Equipment in the ordinary course of business.

  • Control of Collateral MLBFS may otherwise take control in any lawful manner of any cash or non-cash items of payment or proceeds of Collateral and of any rejected, returned, stopped in transit or repossessed goods included in the Collateral and endorse Customer's name on any item of payment on or proceeds of the Collateral.

  • Reports of Foreclosures and Abandonment of Mortgaged Property The Master Servicer or the Subservicers shall file information returns with respect to the receipt of mortgage interests received in a trade or business, the reports of foreclosures and abandonments of any Mortgaged Property and the information returns relating to cancellation of indebtedness income with respect to any Mortgaged Property required by Sections 6050H, 6050J and 6050P, respectively, of the Code, and deliver to the Trustee an Officers' Certificate on or before March 31 of each year stating that such reports have been filed. Such reports shall be in form and substance sufficient to meet the reporting requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

Time is Money Join Law Insider Premium to draft better contracts faster.