Common use of Status of Collateral Clause in Contracts

Status of Collateral. The Collateral is held by Dealership in trust for each of the Ally Parties. The Collateral must be and remain free from all taxes, confiscations, assessments, forfeitures, loss, destruction, impairment, liens, security interests, pledges, claims, and encumbrances except for: (a) the Security Interest arising under this Agreement or other agreement in favor of the Ally Parties or their affiliates; (b) purchase money security interests in non-Vehicle Collateral; and (c) other security interests to which each of the Ally Parties specifically consents in writing. The grant of the Security Interest and the execution of any document, instrument, promissory note, or the like, in connection with it or the Obligations do not constitute payment or performance of any of the Obligations, except to the extent of actual, indefeasible payment of the Obligations from the realization by Dealership or the Ally Parties of the Collateral or otherwise. The Security Interest continues to the full extent provided in this Agreement until all Obligations are fully and indefeasibly paid and performed, even after this Agreement is terminated by Bank, Ally and/or Dealership or if the Credit Line is from time to time modified, suspended, or terminated and reestablished.

Status of Collateral. The Collateral is held by Dealership in trust for each of the Ally Parties. The Collateral must be and remain free from all taxes, confiscations, assessments, forfeitures, loss, destruction, impairment, liens, security interests, pledges, claims, and encumbrances except for: (a) the Security Interest arising under this Agreement or other agreement in favor of the Ally Parties or their affiliates; (b) purchase money security interests in non-Vehicle Collateral; and (c) other security interests to which each of the Ally Parties specifically consents in writing. The grant of the Security Interest and the execution of any document, instrument, promissory note, or the like, in connection with it or the Obligations do not constitute payment or performance of any of the Obligations, except to the extent of actual, indefeasible payment of the Obligations from the realization by Dealership or the Ally Parties of the Collateral or otherwise. The Security Interest continues to the full extent provided in this Agreement until all Obligations are fully and indefeasibly paid and performed, even after this Agreement is terminated by Bank, Ally and/or Dealership or if Dealership, and regardless of whether the Credit Line is from time to time modified, suspended, or terminated and / or reestablished.

Status of Collateral. The Collateral is held by Dealership in trust for each of the Ally Parties. The Collateral must be and remain free from all taxes, confiscations, assessments, forfeitures, loss, destruction, impairment, liens, security interests, pledges, claims, and encumbrances except for: (a) i. the Security Interest arising under this Agreement or other agreement in favor of the Ally Parties or their affiliates; (b) ii. purchase money security interests in non-Vehicle Collateral; and (c) iii. other security interests to which each of the Ally Parties specifically consents in writing. The grant of the Security Interest and the execution of any document, instrument, promissory note, or the like, in connection with it or the Obligations do not constitute payment or performance of any of the Obligations, except to the extent of actual, indefeasible payment of the Obligations from the realization by Dealership or the Ally Parties of the Collateral or otherwise. The Security Interest continues to the full extent provided in this Agreement until all Obligations are fully and indefeasibly paid and performed, even after this Agreement is terminated by Bank, Ally and/or Dealership or if Dealership, and regardless of whether the Credit Line is from time to time modified, suspended, or terminated and / or reestablished.