Collateral Not to be Evidenced by Instruments Sample Clauses
The 'Collateral Not to be Evidenced by Instruments' clause specifies that certain collateral provided under an agreement should not be represented by physical documents or negotiable instruments, such as certificates or promissory notes. Instead, the collateral may exist in electronic form or as intangible rights, and the parties agree not to create or require physical evidence of ownership or transfer. This approach streamlines the process of granting and perfecting security interests, reduces administrative burdens, and minimizes the risk of loss or theft of physical documents.
Collateral Not to be Evidenced by Instruments. The Borrower will not take any action to cause any Loan that is not, as of the Closing Date or the related Funding Date, as the case may be, evidenced by an Instrument, to be so evidenced except in connection with the enforcement or collection of such Loan or unless such Instrument is promptly delivered to the Collateral Agent, together with an Indorsement in blank, as collateral security for such Loan.
Collateral Not to be Evidenced by Instruments. The Seller will take no action to cause any Collateral that is not, as of the Closing Date or the related Addition Date, as the case may be, evidenced by an Instrument, to be so evidenced except in connection with the enforcement or collection of such Collateral.
Collateral Not to be Evidenced by Instruments. The Seller will take no action to cause any Collateral that is not, as of the Closing Date, as of the initial Funding Date or the related Addition Date, as the case may be, evidenced by an Instrument (other than the Capital Stock in any REO Asset Owner, which shall at all times after the Fourth Amendment and Restatement Effective Date, be evidenced by a “certificated security” (as such term is defined in Article 8 of the UCC)), to be so evidenced except in connection with the enforcement or collection of such Collateral.
Collateral Not to be Evidenced by Instruments. No Credit Party shall take any action to cause all or any portion of the Collateral that is not, as of the applicable Borrowing Date, evidenced by an Instrument to be so evidenced except, with the Administrative Agent’s consent, in connection with the enforcement or collection of such Collateral.
Collateral Not to be Evidenced by Instruments. The Borrower will take no action to cause any Portfolio Asset that is not, as of the Closing Date or the related Portfolio Asset Trade Date, as the case may be, evidenced by an Instrument, to be so evidenced except in connection with the enforcement or collection of such Portfolio Asset or unless such Instrument is promptly delivered to the Administrative Agent and the Document Custodian, together with an Indorsement in blank, as collateral security for the Obligations.
Collateral Not to be Evidenced by Instruments. The Borrower will take no action to cause any Receivable that is not, as of the Closing Date, evidenced by an Instrument, to be so evidenced except in connection with the enforcement or collection of such Receivable.
Collateral Not to be Evidenced by Instruments. It will take no action to cause any Receivable that is not, as of the Closing Date, evidenced by an Instrument, to be so evidenced except in connection with the enforcement or collection of such Receivable.
Collateral Not to be Evidenced by Instruments. Such Loan Party will not take any action to cause any Loan that is not, as of the Closing Date or the related Funding Date, as the case may be, evidenced by an Instrument, to be so evidenced except in connection with the enforcement or collection of such Loan or unless such Instrument is promptly delivered to the Collateral Agent, together with an Indorsement in blank, as collateral security for such Loan.
Collateral Not to be Evidenced by Instruments. The Borrower will take no action to cause any Loan that is not, as of the related Funding Date, evidenced by an Instrument (other than the equity interests in any Portfolio Subsidiary formed to hold an REO Asset, which shall at all times be evidenced by a Certificated Security), to be so evidenced except in connection with the enforcement or collection of such Loan or unless such Instrument is promptly (but in no event later than three (3) Business Days) delivered to the Administrative Agent, together with an Indorsement in blank, as collateral security for such Loan.
Collateral Not to be Evidenced by Instruments. The Borrower shall take no action to cause any Receivables that is not, as of the Closing Date or the related Borrowing Date, as the case may be, evidenced by an instrument, to be so evidenced except in connection with the 751499193.15 22727329 93 enforcement or collection of such Receivables or unless such instrument is immediately delivered to the eVault, as collateral security for such Receivables.