Liens in Force Sample Clauses
The "Liens in Force" clause defines the conditions under which existing liens, or legal claims against property as security for a debt, are recognized and maintained during the term of an agreement. Typically, this clause specifies which liens are permitted to remain in place, such as those that predate the agreement or are expressly allowed by the parties, and may require the party granting the lien to ensure no unauthorized liens are created. Its core practical function is to protect the interests of the parties by clarifying which encumbrances on assets are acceptable, thereby preventing disputes over unauthorized claims and ensuring transparency regarding the security interests affecting the property.
Liens in Force. The Financed Vehicle securing each Receivable shall not be released in whole or in part from the security interest granted by the Receivable, except upon payment in full of the Receivable or as otherwise contemplated herein;
Liens in Force. Except as otherwise contemplated by this Agreement, the Servicer shall not release in whole or in part any Financed Vehicle from the security interest securing the related Receivable.
Liens in Force. Except as contemplated by this Agreement or to the extent required by law or court order, the Servicer shall not release in whole or in part any Financed Vehicle from the security interest securing the related Receivable except (a) in the event of payment in full by or on behalf of the Obligor thereunder or payment in full less a deficiency which the Servicer would not attempt to collect in accordance with its Customary Servicing Practices, (b) in connection with repossession or (c) except as may be required by an insurer in order to receive proceeds from any Insurance Policy covering such Financed Vehicle.
Liens in Force. Except as contemplated in this Agreement, the Pooling Agreement or the Further Transfer Agreements, the Servicer shall not release in whole or in part any Financed Vehicle from the security interest securing the related Receivable;
Liens in Force. Except upon the payment in full of a Receivable or as otherwise contemplated by this Agreement or Applicable Law, the Servicer shall not release in whole or in part any Financed Equipment from the security interest securing the related Receivable.
Liens in Force. Except as contemplated in this Agreement or the Further Transfer Agreements, the Administrator shall not release in whole or in part any part of the AART Trust Estate from the Lien securing the related Secured Note; and
Liens in Force. Except upon the payment in full of a Receivable or as otherwise contemplated by this Agreement or applicable law, the Master Servicer shall not release in whole or in part any Financed Vehicle from the security interest securing the related Receivable.
Liens in Force. The Equipment securing each Lease shall not be released in whole or in part from any interest the lessor or secured party may have in such Equipment under the terms of the Lease, except upon payment in full of the Lease or as otherwise contemplated herein;
Liens in Force. Except as expressly provided in this Agreement, the Servicer shall not release in whole or in part any Lien on any collateral securing any Loan or any Equipment or other collateral from the security interest securing such related Loan and shall use reasonable efforts not to permit any Liens to attach to the Trust Estate except those created under the Indenture.
Liens in Force. The Servicer, unless required to do -------------- so as a result of a bankruptcy court order with respect to a bankrupt Obligor, or other court action, shall not (a) release the Financed Vehicle securing any Receivable from the security interest granted by such Receivable in whole or in part except in the event of payment in full by or on behalf of the Obligor thereunder or repossession, (b) impair the rights of the Trust or the Noteholders in the Receivables, (c) change the amount of the scheduled payment under a Receivable (except for an extension permitted pursuant to Section 4.2) or change the APR of or the Amount Financed under a Receivable, or (d) fail to comply with the provisions of any Insurance Policy, if the failure to so comply would impair the protection or benefit to be afforded by such Insurance Policy.