Disposal of the Collateral Clause Samples

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Disposal of the Collateral. 4.1 The Pledgors and the Pledgee hereby agree that, upon occurrence of an Event of Default, the Pledgee may after giving the Pledgors written notice exercise any and all rights and remedies it is entitled to under the PRC Laws, Transaction Agreements and this Agreement, including but not limited to auction or sale of the Collateral for satisfaction of its claims. 4.2 The Pledgee may, by written notice, designate its lawyer or another agent to exercise on its behalf any of the rights or remedies listed above. The Pledgors shall not raise any objection thereto. 4.3 The Pledgors shall bear all reasonable expenses associated with the exercise by the Pledgee of any of the rights or remedies listed above. The Pledgee may deduct these expenses from the proceeds realised by such exercise of any right or remedy. 4.4 The proceeds realised by virtue of the exercise of the rights or remedies by the Pledgee shall be applied, in the following sequence, to: (i) pay the expenses associated with the disposal of the Collateral and the exercise by the Pledgee of its rights and remedies (including but not limited to the court fees and the remuneration to its lawyer or agent); (ii) pay the taxes levied on the disposal of the Collateral; and (iii) repay the Pledgee the Secured Debts. The Pledgee shall return any residual monies of the proceeds, after deduction of items (i) to (iii) above, to the Pledgors or any other person(s) who may have a claim to or interest in such monies under the relevant laws or regulations, or shall deposit the same with the notary public office of the Pledgee’s residence (at the expenses of the Pledgors). 4.5 The Pledgee may choose to exercise one or more rights or remedies it is entitled to in case of an Event of Default, and may put on auction or sell the Collateral without exercising other remedies first.
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Disposal of the Collateral and realization of mortgage right 1. Under following conditions, the mortgagee has right to dispose collateral to realize mortgage right or to make up insurance premium. (1) The debtor breaches clauses under the main contract; (2) There is condition that the creditor can realize credit in advance; (3) The mortgager breaches the clauses under the contract; 2. As above article, the mortgagee has right to negotiate with mortgager to amortize with the collateral or gets compensation with money by auctioned or sold the collateral; if they can not get agreed, the mortgagee has right to sue to people’s court. 3. After the mortgagee disposes the collateral, if the mortgagee has made advances, money from disposing mortgagee will be used to liquidate all the credits guaranteed with the collateral; if the mortgagee does not make advances, the money from disposing the collateral will be transferred to the special cash deposit account that the mortgagee sets for the debtor’s external payment and as cash deposit when mortgagee make advances.
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Disposal of the Collateral. In any of the following circumstances, the Mortgagee is entitled to dispose the collateral as per laws, to realize mortgage right: (1) The Debtor breaches the master contract; (2) The Mortgagor breaches the master contract; (3) The circumstances where the Creditor under master contract could realize claims in advance happen; or (4) Other circumstances regarding the disposal of the collateral as mutually agreed by both parties hereto happen.
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Disposal of the Collateral. 1. As long as the mortgage continues to exist, Party A shall not donate, transfer, lease, mortgage repeatedly, remove or otherwise dispose of the collateral under this Contract without Party B’s written consent. 2. As long as the mortgage continues to exist, Party A shall obtain Party B’s written consent in advance of its disposal of the collateral. Party A agrees that Party B shall have the right to select any of the following methods to handle the proceeds from the disposal of the collateral: (1) to pay off or pay off in advance the principal and interest and relevant expenses under the Master Contract; (2) to convert them into fixed-term deposit and pledge the certificate of deposit; (3) to submit them to a third party designated by Party B; (4) to dispose of the proceeds at Party B’s own discretion after Party A provides new security as required by Party B.
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Disposal of the Collateral. Article XVIII All funds obtained by the Mortgagor from transferring or otherwise disposing of the collateral with the consent of the Mortgagee shall be immediately deposited into the account designated by the Mortgagee as security deposit or used to pay off debts. Without the written consent of the Mortgagee, the Mortgagor shall not make any withdrawal from the aforesaid designated account. The Mortgagee shall have the priority of compensation for the monies mentioned above. Article XIX During the period of mortgage, in case of any event counter to his Contract as specified in Chapter XI herein, the Mortgagee shall have the right to take the following actions according to law: 1. To the extent permitted by law, the Mortgagee shall have the right to auction or sell at the price recognized by the Mortgagee the collateral in due time, without assuming any responsibility to the Mortgagor for any loss arising therefrom. 2. The Mortgagor is required to pay the Mortgagee necessary expenses incurred in performing this Contract or exercising any right conferred by law. The Mortgagee shall have the right to choose to exercise all or part of the above-mentioned rights or to suspend the exercise of any right, and the Mortgagor shall provide necessary cooperation. Article XX The monies acquired by the Mortgagee from disposing of the collateral under this Contract shall be handled in the following order: 1. Used to pay all expenses incurred from Mortgagee exercising its rights or disposing of the collateral (including expenses incurred by any professional or management personnel entrusted by the Mortgagee to exercise its rights). 2. Used to pay the tax required for the Mortgagee due to the disposal of the collateral. 3. Used to pay the debts guaranteed. 4. After deduction of the aforesaid monies, the Mortgagee shall deliver the balance (if any) to the Mortgagor. If the monies obtained by the Mortgagee from disposing of the collateral are not sufficient to pay off the debts guaranteed, the Mortgagee shall have the right to continue to make further claim to the Debtor under the Master Contract according to law. Article XXI When the Mortgagee exercises its rights under this Contract or disposes of the collateral according to law, it shall not be liable for any losses to the Mortgagor or the collateral caused by the said exercise of right or disposal of the collateral except for intentional or gross negligence. Article XXII Special provisions on the demolition of mortgaged ...
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Related to Disposal of the Collateral

  • Location of the Collateral Except in the ordinary course of Grantor’s business, Grantor agrees to keep the Collateral (or to the extent the Collateral consists of intangible property such as accounts or general intangibles, the records concerning the Collateral) at Grantor’s address shown above or at such other locations as are acceptable to Lender. Upon Lender’s request, Grantor will deliver to Lender in form satisfactory to Lender a schedule of real properties and Collateral locations relating to Grantor’s operations, including without limitation the following: (1) all real property Grantor owns or is purchasing; (2) all real property Grantor is renting or leasing; (3) all storage facilities Grantor owns, rents, leases, or uses; and (4) all other properties where Collateral is or may be located.

  • Remedies; Disposition of the Collateral If any Event of Default shall have occurred and be continuing, then any Collateral repossessed by the Collateral Agent under or pursuant to Section 7.1 hereof and any other Collateral whether or not so repossessed by the Collateral Agent, may be sold, assigned, leased or otherwise disposed of under one or more contracts or as an entirety, and without the necessity of gathering at the place of sale the property to be sold, and in general in such manner, at such time or times, at such place or places and on such terms as the Collateral Agent may, in compliance with any mandatory requirements of applicable law, determine to be commercially reasonable. Any of the Collateral may be sold, leased or otherwise disposed of, in the condition in which the same existed when taken by the Collateral Agent or after any overhaul or repair at the expense of the relevant Assignor which the Collateral Agent shall determine to be commercially reasonable. Any such disposition which shall be a private sale or other private proceedings permitted by such requirements shall be made upon not less than 10 days' prior written notice to the relevant Assignor specifying the time at which such disposition is to be made and the intended sale price or other consideration therefor, and shall be subject, for the 10 days after the giving of such notice, to the right of the relevant Assignor or any nominee of such Assignor to acquire the Collateral involved at a price or for such other consideration at least equal to the intended sale price or other consideration so specified. Any such disposition which shall be a public sale permitted by such requirements shall be made upon not less than 10 days' prior written notice to the relevant Assignor specifying the time and place of such sale and, in the absence of applicable requirements of law, shall be by public auction (which may, at the Collateral Agent's option, be subject to reserve), after publication of notice of such auction (where required by applicable law) not less than 10 days prior thereto. The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which the sale may be so adjourned. To the extent permitted by any such requirement of law, the Collateral Agent may bid for and become the purchaser of the Collateral or any item thereof, offered for sale in accordance with this Section without accountability to the relevant Assignor. If, under mandatory requirements of applicable law, the Collateral Agent shall be required to make disposition of the Collateral within a period of time which does not permit the giving of notice to the relevant Assignor as hereinabove specified, the Collateral Agent need give such Assignor only such notice of disposition as shall be reasonably practicable in view of such mandatory requirements of applicable law. Each Assignor agrees to do or cause to be done all such other acts and things as may be reasonably necessary to make such sale or sales of all or any portion of the Collateral valid and binding and in compliance with any and all applicable laws, regulations, orders, writs, injunctions, decrees or awards of any and all courts, arbitrators or governmental instrumentalities, domestic or foreign, having jurisdiction over any such sale or sales, all at such Assignor's expense.

  • Removal of Collateral Grantor shall keep the Collateral (or to the extent the Collateral consists of intangible property such as accounts, the records concerning the Collateral) at Grantor's address shown above, or at such other locations as are acceptable to Lender. Except in the ordinary course of its business, including the sales of inventory, Grantor shall not remove the Collateral from its existing locations without the prior written consent of Lender. To the extent that the Collateral consists of vehicles, or other titled property, Grantor shall not take or permit any action which would require application for certificates of title for the vehicles outside the State of California, without the prior written consent of Lender.

  • Real Estate Collateral With respect to any real property (individually and collectively, the “Premises”) (a) owned in fee simple by the Borrower or any of the Guarantors on the date hereof, (b) acquired in fee simple by the Borrower or any Guarantor after the date hereof with a purchase price of greater than $1,000,000 or (c) leased by the Borrower or any of the Guarantors, which leasehold estate becomes Additional Leasehold Collateral (each a “Material Real Property”), within 60 days after the date hereof in the case of clause (a), within 90 days of the acquisition thereof in the case of clause (b) and, subject to the proviso of the definition of “Additional Leasehold Collateral”, within 90 days after receipt of the Administrative Agent’s request (at the direction of the Lenders in accordance with the definition of “Additional Leasehold Collateral”) to include such leasehold as additional Collateral in the case of clause (c): (i) the Borrower shall deliver to the Administrative Agent, as mortgagee, fully executed counterparts of Mortgages, each dated not later than 60 days after the date hereof or 90 days after the date of acquisition of such Material Real Property, as the case may be, duly executed by the Borrower or the applicable Guarantor, together with evidence of the completion (or satisfactory arrangements for the completion), of all recordings and filings of such Mortgage as may be necessary to create a valid, perfected Lien, subject to Permitted Liens, against the properties purported to be covered thereby; (ii) the Borrower shall deliver to the Administrative Agent mortgagee’s title insurance policies (or marked up title insurance commitments having the effect of title insurance policies) in favor of the Administrative Agent, as mortgagee for the ratable benefit of the Secured Parties in an amount equal to 100% of the fair market value of the Premises purported to be covered by the related Mortgage, as estimated by the Borrower in good faith, insuring that title to such property is marketable and that the interests created by the Mortgage constitute valid Liens thereon free and clear of all Liens, defects and encumbrances other than Permitted Liens, and shall be accompanied by evidence of the payment in full of all premiums thereon; and (iii) the Borrower shall deliver to the Administrative Agent, with respect to each of the covered Premises, the most recent survey of such Premises, together with either (A) an updated survey certification in favor of the Administrative Agent from the applicable surveyor stating that, based on a visual inspection of the property and the knowledge of the surveyor, there has been no change in the facts depicted in the survey or (B) an affidavit from the Borrower and the Guarantors stating that there has been no change, other than, in each case, changes that do not materially adversely affect the use by the Borrower or Guarantor, as applicable, of such Premises for the Borrower or such Guarantor’s business as so conducted, or intended to be conducted, at such Premises. Notwithstanding the foregoing, (i) the Borrower and the Guarantors shall not be required to pledge or grant any security interest in any Material Real Property if the cost of perfecting the lien exceeds the fair market value of such Material Real Property and (ii) so long as the Indenture is outstanding, the provisions of this Section 6.17 shall not apply with respect to any real property which has not been included as “Collateral” under the Indenture.

  • Possessory Collateral Immediately upon Borrower's receipt of any portion of the Collateral evidenced by an agreement, Instrument or Document, including, without limitation, any Tangible Chattel Paper and any Investment Property consisting of certificated securities, Borrower shall deliver the original thereof to Lender together with an appropriate endorsement or other specific evidence of assignment thereof to Lender (in form and substance acceptable to Lender). If an endorsement or assignment of any such items shall not be made for any reason, Lender is hereby irrevocably authorized, as Borrower's attorney and agent-in-fact, to endorse or assign the same on Borrower's behalf.