Short Sales and Substitutions of Collateral Sample Clauses

Short Sales and Substitutions of Collateral. In accordance with the Accepted Servicing Procedures, the Servicer may permit an Obligor, who is selling their Mortgaged Property that constitutes such Obligor's principal residence and relocating to another location, to substitute as collateral for the related Home Loan the Obligor's new single family residence in place of the Mortgaged Property being sold or any other real or personal property of the Obligor, which may include an interim substitution of personal property pending the Obligor's acquisition of a new residence. Other than the pledge of any incident or ancillary personal property in connection with the pledge of real property, any pledge of personal property by an Obligor as for the related Home Loan pursuant to this Subsection ("Substitute Collateral") shall be limited to personal property consisting of one or more of the following types: (1) a deposit account at any federally insured depository institution; (2) a certificate of deposit or time deposit of any federally insured depository institution; or (3) such other types of personal property that have been approved by the Grantor Trustee, the Indenture Trustee and each Rating Agency as a form of Substitute Collateral hereunder, which may include an instrument (within the meaning of Section 9-105(1) of the UCC) or a security (within the meaning of Section 8-102(1) of the UCC). Under certain circumstances, if such Obligor has received net proceeds from the sale of the prior residence that will not be applied to the purchase of the new residence, then the Servicer, in its discretion, may require that such Obligor either (i) make a partial prepayment in reduction of the principal balance of the Home Loan, or (ii) place such funds into a depository account or certificate of deposit as collateral for the related Home Loan. The Servicer shall undertake all actions, as deemed necessary or appropriate by the Servicer to effectuate the substitution of any real or personal property by an Obligor as collateral for the related Home Loan pursuant to this Subsection and the release of the then existing Mortgaged Property including all such actions to effectuate: (1) the inclusion of the security interests in such Substitute Collateral as part of the Grantor Trust Estate; (2) the delivery to the Custodian for inclusion in the related Grantor Trustee's Home Loan File of an appropriate security agreement with respect to such Substitute Collateral (including a new Mortgage with respect to any real property ...
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Related to Short Sales and Substitutions of Collateral

  • Locations of Collateral (a) Properties Owned by the Grantor:

  • Limitations on Dispositions of Collateral The Debtor will not sell, transfer, lease, or otherwise dispose of any of the Collateral, or attempt, offer or contract to do so other than dispositions of Inventory in the ordinary course of the Debtor’s business; provided, however that the Debtor will be allowed to grant licenses to its products and related documentation in the ordinary course of business and to establish or provide for escrows of related intellectual property in connection therewith.

  • Title to, Liens on, and Sale and Use of Collateral Each Loan Party represents and warrants to the Agent and the Lenders and agrees with the Agent and the Lenders that: (a) all of its and its Subsidiaries' Collateral is and will continue to be owned by such Loan Party or the relevant Subsidiary, as applicable, free and clear of all Liens whatsoever, except for Permitted Liens; (b) the Agent's Liens in such Collateral will not be subject to any prior Lien other than (x) in the case of the Agent's Liens encumbering Collateral not consisting of Inventory, Accounts, and the proceeds thereof, to Permitted Liens described in clauses (c), (d), (e), (g), (h) and (i) of the definition thereof and (y) in the case of the Agent's Liens encumbering Collateral consisting of Inventory, Accounts, and the proceeds thereof, the Liens set forth on Schedule 9.16, and in each case under clauses (x) and (y) above shall be prior to all other Liens, now existing or hereafter arising, in favor of any other creditor or other Person; (c) such Loan Party will (and will cause each of its Subsidiaries to) use, store, and maintain such Collateral with all reasonable care and will use such Collateral for lawful purposes only; and (d) such Loan Party will not (and will cause each of its Subsidiaries not to) except as otherwise permitted by this Agreement, without the Agent's prior written approval, sell, or dispose of or permit the sale or disposition of any of such Collateral except for sales of Inventory in the ordinary course of business, the use of cash to the extent not prohibited herein, and sales of Equipment as permitted by Section 6.10. The inclusion of proceeds in the Collateral shall not be deemed to constitute the Agent's or any Lender's consent to any sale or other disposition of the Collateral except as expressly permitted herein.

  • Types of Collateral None of the Collateral consists of, or is the Proceeds of, As-Extracted Collateral, Consumer Goods, Farm Products, Manufactured Homes or standing timber.

  • Assembly of Collateral Assemble and make available to the Administrative Agent the Collateral and all records relating thereto at any place or places specified by the Administrative Agent.

  • Loss of Collateral There occurs any uninsured loss to any material portion of the Collateral; or

  • Proceeds of Collateral Borrowers shall request in writing and otherwise take all necessary steps to ensure that all payments on Accounts or otherwise relating to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account). If any Borrower or Subsidiary receives cash or Payment Items with respect to any Collateral, it shall hold same in trust for Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account.

  • Limitation on Short Sales and Hedging Transactions The Buyer agrees that beginning on the date of this Agreement and ending on the date of termination of this Agreement as provided in Section 11(k), the Buyer and its agents, representatives and affiliates shall not in any manner whatsoever enter into or effect, directly or indirectly, any (i) “short sale” (as such term is defined in Section 242.200 of Regulation SHO of the 0000 Xxx) of the Common Stock or (ii) hedging transaction, which establishes a net short position with respect to the Common Stock.

  • Accounts and Payments in Respect of General Intangibles (a) In addition to, and not in substitution for, any similar requirement in the Credit Agreement, if required by the Administrative Agent at any time during the continuance of an Event of Default, any payment of accounts or payment in respect of general intangibles, when collected by any Grantor, shall be promptly (and, in any event, within 2 Business Days) deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Administrative Agent, in a Security Cash Collateral Account, subject to withdrawal by the Administrative Agent as provided in Section 6.4. Until so turned over, such payment shall be held by such Grantor in trust for the Administrative Agent, segregated from other funds of such Grantor. Each such deposit of proceeds of accounts and payments in respect of general intangibles shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit.

  • Dispositions of Equipment No Borrower shall sell, lease or otherwise dispose of any Equipment, without the prior written consent of Agent, other than (a) a Permitted Asset Disposition; and (b) replacement of Equipment that is worn, damaged or obsolete with Equipment of like function and value, if the replacement Equipment is acquired substantially contemporaneously with such disposition and is free of Liens.

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