Surrender of Collateral Clause Samples
POPULAR SAMPLE Copied 7 times
Surrender of Collateral. (a) Kronos hereby surrenders, delivers and grants to the Noteholders peaceful possession of the Collateral wherever located. Such surrender and delivery of the Collateral to the Noteholders is in recognition of the rights of the Noteholders as a secured party under the UCC and other applicable law. Kronos knowingly waives any rights Kronos may have to notice and a hearing before any Court of competent jurisdiction and consents to the Noteholders’ possession, sale, transfer or other disposition of the Collateral, including, but not limited to, the sale, license or other use in any way of Kronos’s trademarks or tradenames in the sale, license, transfer or other disposition of the Collateral. Kronos agrees that the Noteholders may, at any time enter and remove any or all of the Collateral from the premises where the same is located and take such action as they may deem appropriate with respect thereto, and the Noteholders may, at any time, exercise their rights to dispose of any Collateral as provided for under the Agreements and applicable law, without prejudice to any of the rights of the Noteholders, including any claim for any deficiency. All proceeds of the Collateral received and retained by the Noteholders shall be applied by the Noteholders to the Obligations in such order and manner as the Noteholders shall determine in their sole and absolute discretion. Kronos shall be and remain liable for any deficiency until all Obligations are fully and indefeasibly paid and satisfied.
(b) Kronos hereby assigns, transfers and delivers to the Agent, for the benefit of the Noteholders, all of its right to receive any and all payments and receivable owing or accruing to Kronos arising out of any agreement, license or other contractual arrangement to which Kronos is a party, including, without limitation, the right to collect and receive any and all amounts from each of Tessera Technologies, Inc. (“Tessera”) and EUL, Ltd. (“EUL”) under any and all agreements between Kronos and Tessera EUL, respectively, until such time that all Obligations are fully and indefensibly paid and satisfied. Kronos will execute and deliver to the Agent, on behalf of the Noteholders, notification letters signed by Kronos addressed to such of Kronos’s account debtors as the Noteholders shall require, to be completed and sent by the Agent, on behalf of the Noteholders, hereafter from to time, directing payment of Kronos’s accounts or other monies due to Kronos to the Noteholders.
Surrender of Collateral. (a) NewSight hereby surrenders, transfers and turns over to WRT the Collateral in full satisfaction of the Aggregate Indebtedness and WRT hereby accepts the Collateral in full satisfaction of the Aggregate Indebtedness. WRT hereby agrees that except for its obligations under this Agreement, NewSight has no further obligations to WRT.
(b) NewSight hereby represents and agrees that the transfer made hereunder shall represent an absolute transfer and that this letter has not been delivered as additional security for any obligation. NewSight hereby disclaims any further right or interest in the Collateral or the Meijer Network and hereby waives any and all further notices in connection with the Collateral, the Meijer Network or the indebtedness secured by the Collateral, including, without limitation, any notice of any subsequent sale or other disposition of the Collateral and any right to redeem the Collateral. It is the express intention and agreement of the parties that this letter constitute acceptance of the Collateral in full satisfaction of the Aggregate Indebtedness within the meaning of Section 9-620 of Article 9 of the Uniform Commercial Code.
(c) NewSight further agrees to deliver a ▇▇▇▇ of sale of the Collateral in substantially the form of Exhibit B attached hereto and such other documents as WRT may request in connection with the transactions contemplated herein, whether before or after the date of this letter.
Surrender of Collateral. The bank may surrender collateral or the other third-party pledge lodged in security for the principal debt without the pledgor’s liability diminishing thereby. For a justified reason, the bank may surrender the pledge, owned by the debtor and lodged in security for the principal debt, without the third-party pledgor’s permission even if the bank did not receive a payment for the debt or replacement collateral security. In such a case, the pledgor’s liability does not diminish. If the collateral is a deficiency pledge, surrendering a primary pledge will not increase the third-party pledgor’s liability unless he/she has given his/her consent to the surrender of the pledge.
Surrender of Collateral. Effective at 9:00 a.m. (prevailing Eastern Time) on November 24, 2009 (the "Surrender Date") the Borrower shall in partial satisfaction of Borrower's obligations under the Transaction Documents surrender possession of substantially all of the Collateral to the Collateral Agent, excepting only from such surrender: (a) one (1) Toyota Forklift Model no. 7FBEU18 having serial number 17535; (b) one (1) battery-GNB model no. 2601808517B serial no. GEJ2248; and (c) one (1) charger-Ametek model no. 750M1-18C serial no. 207CS52711. The Borrower hereby waives with respect to the Collateral any right of redemption, stay or appraisal, as well as any right to exoneration, subrogation, reimbursement arising at law, in equity or otherwise, and any other requirement of law with respect to the subject matter of this Voluntary Surrender Agreement to the extent permitted by law. The Borrower expressly acknowledges that the Collateral Agent is assuming no liabilities of the Borrower in connection with the Collateral.
Surrender of Collateral. The Secured Party hereby consents and agrees to accept the Collateral in full satisfaction of the Secured Indebtedness. Pursuant to Section 9-620 of the New York Uniform Commercial Code (the "UCC"), the Debtor and each Guarantor hereby consents to the acceptance of the Collateral by the Secured Party in full satisfaction of the Secured Indebtedness and the Secured Party hereby directs and the Debtor and each Guarantor hereby agrees to surrender, assign or transfer the Collateral to the Secured Party. The effective date of the surrender, assignment or transfer of Collateral hereunder shall be the date first set forth above.
Surrender of Collateral. Upon satisfaction in full of the Shareholder's obligation to the Company as set forth in the Note, Company shall return to Shareholder any of the Collateral then in possession of Company.
Surrender of Collateral. Secured Party may surrender, release, exchange or alter any collateral or security for the Obligations without affecting the liability of Pledgor under this Agreement, and this Agreement shall continue effective notwithstanding any legal disability of Pledgor to incur any indebtedness or obligation incurred to Secured Party.
Surrender of Collateral