Impairment of Collateral definition

Impairment of Collateral means (a) the failure to comply with Section 4.21 or (b) the Market Value of the Collateral is equal to or less than the Liquidation Threshold.
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Examples of Impairment of Collateral in a sentence

  • The various specifications and design constraints described in above section was primarily used to examine and differentiate between various available technologies.

  • Further, a surety may waive notice of material modifications with specific language in the surety agreement.171 There is no question, however, that the best practice for any bond obligee is to involve the surety in any modification of the contract and obtain the surety’s consent.172 Impairment of Collateral & Early Contract PaymentsThe obligee can lose the right to demand coverage if he impairs any collateral to which the surety could look for reimbursement.

  • Covenant Regarding Reduction, Removal or Impairment of Collateral..........................................

  • Specifically, section 42, Impairment of Collateral provides, in pertinent part, (1) If the underlying obligation is secured by a security interest in collateral and the obligee impairs the value of that interest, the secondary obligation is discharged to the extent that such impairment would otherwise increase the difference between the maximum amount recoverable by the 1 But see American Insurance Company v.

  • Bartlett eds., Am. Bar Ass’n 2013) and the discussion of Section 42, Impairment of Collateral, of the RESTATEMENT OF SURETYSHIP in Section III.C.2.c. of this paper, infra.

Related to Impairment of Collateral

  • Collateral means all of the “Collateral” referred to in the Collateral Documents and all of the other property that is or is intended under the terms of the Collateral Documents to be subject to Liens in favor of the Administrative Agent for the benefit of the Secured Parties.

  • Priority Collateral means the ABL Priority Collateral or the Term Priority Collateral, as applicable.

  • Collateral Substitution has the meaning specified in Section 3.13.

  • ABL Collateral means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any ABL Obligations.

  • ABL Priority Collateral has the meaning set forth in the Intercreditor Agreement.

  • Security Agreement Collateral means all "Collateral" as defined in the Security Agreement.

  • UCC Collateral is defined in Section 3.03.

  • Foreign Collateral means the capital stock or other equity interests covered by any of the Foreign Security Documents, including all Additional Collateral covered thereby.

  • Senior Collateral Agent means Citicorp USA, Inc., in its capacity as Senior Collateral Agent under the Senior Collateral Documents, and its successors.

  • First Lien Collateral means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any First Lien Obligations.

  • First Priority Collateral means all assets, whether now owned or hereafter acquired by the Borrower or any other Loan Party, in which a Lien is granted or purported to be granted to any First Priority Secured Party as security for any First Priority Obligation.

  • Notes Priority Collateral has the meaning set forth in the Intercreditor Agreement.

  • Term Priority Collateral has the meaning set forth in the Intercreditor Agreement.

  • First Lien Collateral Agent means the “Collateral Agent” as defined in the First Lien Credit Agreement.

  • First Lien Collateral Documents means the “Security Documents” or “Collateral Documents” or similar term (as defined in the applicable First Lien Loan Documents) and any other agreement, document or instrument pursuant to which a Lien is granted securing any First Lien Obligations or pursuant to which any such Lien is perfected.

  • Senior Collateral means any “Collateral” as defined in any Credit Agreement Loan Document or any other Senior Debt Document or any other assets of the Borrower or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Senior Collateral Document as security for any Senior Obligations.

  • Additional Collateral Any of the following held, in addition to the related Mortgaged Property, as security for a Mortgage Loan: (i) all money, securities, security entitlements, accounts, general intangibles, payment rights, instruments, documents, deposit accounts, certificates of deposit, commodities contracts and other investment property and other property of whatever kind or description now existing or hereafter acquired which is pledged as security for the repayment of such Mortgage Loan, (ii) third-party guarantees, and (A) all money, securities, security entitlements, accounts, general intangibles, payment rights, instruments, documents, deposit accounts, certificates of deposit, commodities contracts and other investment property and other property of whatever kind or description now existing or hereafter acquired which is pledged as collateral for such guarantee or (B) any mortgaged property securing the performance of such guarantee, or (iii) such other collateral as may be set forth in the Series Supplement.

  • Second Lien Collateral means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any Second Lien Obligations.

  • Second Priority Collateral means any “Collateral” as defined in any Second Priority Debt Document or any other assets of the Borrower or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Second Priority Collateral Document as security for any Second Priority Debt Obligation.

  • Request regarding a list of collateral means a record authenticated by a debtor requesting that the recipient approve or correct a list of what the debtor believes to be the collateral securing an obligation and reasonably identifying the transaction or relationship that is the subject of the request.

  • Mortgage Collateral the “Collateral” as defined in the Mortgage Loan Agreement.

  • Security Assets means all assets of the Chargor the subject of any security created by this Deed.

  • Prepetition Collateral means the collateral securing the Prepetition BP Secured Claim, including, without limitation, the Posted Collateral.

  • Borrower Collateral means all of Borrower's now owned or hereafter acquired right, title, and interest in and to each of the following:

  • Second Lien Collateral Agent means the “Collateral Agent” as defined in the Second Lien Credit Agreement.

  • Pledge Agreement Collateral means all "Collateral" as defined in the Pledge Agreement.