Perfection definition

Perfection shall have corresponding meanings;

Perfection means the perfection of the assignment and assignation of the Mortgage Portfolio pursuant to and in accordance with Clause 6 (Perfection of the Assignment) of the Mortgage Sale Agreement;

Perfection. If an event set forth in any of paragraphs (a) to (f) of Clause 6.1 (Perfection Events) occurs and either the Mortgages Trustee or Funding (with the consent of the Security Trustee) or the Security Trustee so requests in writing, the Seller shall perfect the assignments as contemplated by and in accordance with this Clause 6 (Perfection of the Assignment) in relation to all Mortgage Loans then in the Mortgage Portfolio and shall: (a) deliver to the Mortgages Trustee all Title Deeds and (subject to receipt of up to date schedules) the transfers referred to in Clause 6.3 (Transfer Documents) duly executed by the Seller; and (b) give formal notice of the transfers to the relevant Borrowers, insurers and other persons (all such notices being in such form or forms as may be required by the Mortgages Trustee or Funding (with the written consent of the Security Trustee) or the Security Trustee.

Examples of Perfection in a sentence

• The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection Certificate.

• Except as noted on the Perfection Certificate, Borrower is not a party to, nor is it bound by, any Restricted License.

• Borrower has no deposit accounts other than the deposit accounts with Bank, the deposit accounts, if any, described in the Perfection Certificate delivered to Bank in connection herewith, or of which Borrower has given Bank notice and taken such actions as are necessary to give Bank a perfected security interest therein.

• Borrower is the sole owner of the Intellectual Property which it owns or purports to own except for (a) non-exclusive licenses granted to its customers in the ordinary course of business, (b) over-the-counter software that is commercially available to the public, and (c) material Intellectual Property licensed to Borrower and noted on the Perfection Certificate.

• None of the components of the Collateral shall be maintained at locations other than as provided in the Perfection Certificate or as permitted pursuant to Section 7.2. All Inventory is in all material respects of good and marketable quality, free from material defects.

More Definitions of Perfection

Perfection means completion of any steps necessary to render a disposition effective against persons who are not parties to that disposition;

Perfection means the perfection of the assignment of the Mortgage Portfolio pursuant to and in accordance with Clause 6 (Perfection of the Assignment) of the Mortgage Sale Agreement;

Perfection means optimization of a secured party’s rights in collateral against 3rd parties such as buyers, other secured parties, lien holders and an insolvency administrator;

Perfection. “personal property”, “register”, “security interest” and “verification statement” each has the meaning given in the PPSA.

Perfection means optimisation of a secured party’s rights in collateral against third parties such as buyers, other secured parties, execution creditors, lien holders, liquidators and insolvency administrators;

Perfection means you reject yourself. And remember, when you reject yourself you naturally reject others too. A perfectionist is hard upon himself and is hard upon others too. He cannot relax and he cannot allow anybody else to relax. Let-go is impossible for him, and he will condemn anybody who is living a relaxed life.

Perfection. If an event set forth in any of paragraphs (a) to (f) of Clause 6.1 (Perfection Events) occurs and either the Mortgages Trustee or the Funding Beneficiaries (with the consent of the Funding Security Trustees) or the Funding Security Trustees so request in writing the Seller shall perfect the assignments as contemplated by and in accordance with this Clause 6 (Perfection of the Assignment) in relation to all Mortgage Loans then in the Mortgage Portfolio and shall: (i) deliver to the Mortgages Trustee all Title Deeds and (subject to receipt of up to date schedules) the transfers and assignations referred to in Clause 6.3 (Transfer Documents) duly executed by the Seller; and (ii) give formal notice of the transfers and assignations to the relevant Borrowers, insurers and other persons (all such notices being in such form or forms as may be required by the Mortgages Trustee or the Funding Beneficiaries (with the written consent of the Funding Security Trustees) or the Funding Security Trustees).