Examples of Main Term in a sentence
The Committee further argued that even if JPMorgan never intentionally instructed anyone to terminate the Main Term Loan UCC‐1, JPMorgan did literally “authorize[] the filing”—even if mistakenly—of a UCC‐3 termination statement that had that effect.In our prior certification opinion we recognized that this appeal presents two closely related questions.
On appeal to this Court, the parties offered competing interpretations of UCC § 9‐509(d)(1), which provides that a UCC‐3 termination statement is effective only if “the secured party of record authorizes the filing.” JPMorgan reasoned that it cannot have “authorize[d] the filing” of the UCC‐3 that identified the Main Term Loan UCC‐1 for termination because JPMorgan neither intended to terminate the security interest nor instructed anyone else to do so on its behalf.
See Motors Liquidation Co., 777 F.3d at 105 (“[A]lthough JPMorgan never intended to terminate the Main Term Loan UCC-1, it authorized the filing of a UCC-3 termination statement that had that effect .
Tenant shall occupy the Premises upon commencement of the Main Term and thereafter shall continuously occupy and use the Premises for the permitted use as set forth in clause (i) of the Fundamental Lease Provisions ("Permitted Use") and for no other purpose whatsoever without the prior written consent of Landlord.
According to the Committee, although JPMorgan did not intend or authorize the legal result of the Main Term Loan UCC-1’s termination, it did review and authorize Mayer Brown to file the UCC-3 that had that effect.Intertwined in this appeal are two closely related questions.