UCC Terminations Clause Samples
The UCC Terminations clause governs the process for ending a security interest or lien that has been filed under the Uniform Commercial Code (UCC). In practice, this clause outlines the steps a secured party must take to file a termination statement once an obligation has been satisfied, such as submitting the appropriate forms to the relevant state filing office. This ensures that public records accurately reflect the release of the security interest, thereby clearing the debtor’s title and preventing future disputes over ownership or encumbrances.
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UCC Terminations. The L▇▇▇▇▇s, ▇▇▇ ▇▇▇sor and the Agent hereby authorize the Lessees to file any terminations of any UCC financing statements filed against any Lessee in favor of the Agent in connection with the Operative Documents.
UCC Terminations. Each Borrower agrees that Lender shall not be required to execute any such UCC termination statements with respect to any Collateral unless and until all Obligations have been paid in full and Lender shall have terminated this Agreement in writing, which Lender shall do within a reasonable amount of time after the Obligations have been paid in full.
UCC Terminations. After the Closing Date, Seller shall use its reasonable commercial efforts to (a) obtain executed UCC termination statements for the financing statements set forth on Schedule 4.19 which are attached hereto (the "UCC Liens"), (b) file such executed UCC termination statements with the appropriate governmental agencies or authorities with respect to the UCC Liens and (c) deliver such executed and filed UCC termination statements to Purchaser. Seller's obligations under this Section 4.19 shall continue to be fully effective and enforceable with respect to any particular financing statement until the expiration of such applicable financing statement set forth on Schedule 4.19.
UCC Terminations. Immediately upon the termination of this Agreement, and provided that Palvella fulfilled its obligations under the Agreement and after Ligand has promptly, reasonably and in good faith ensured that there are no outstanding payments or other obligations owned to Ligand by Palvella under the Agreement, pursuant to Section 7.1 or Section 7.2, (a) any security interest created pursuant to Section 4.3.1(b) shall automatically terminate, without delivery of any instrument or performance of any act by any Person, (b) Palvella shall be permitted, and is hereby authorized, to terminate any financing statements which have been filed pursuant to Section 4.3.1(b), and (c) Ligand shall execute and deliver to Palvella all documents as Palvella shall reasonably request to evidence any such termination.
UCC Terminations. Any appropriate or required Uniform Commercial Code termination statements, if necessary.
UCC Terminations. EXCEPT AS PROVIDED IN SECTION 2.3 HEREOF, BORROWER AGREES THAT LENDER SHALL NOT BE REQUIRED TO FILE ANY UCC TERMINATION STATEMENTS WITH RESPECT TO ANY COLLATERAL UNLESS AND UNTIL ALL OBLIGATIONS HAVE BEEN PAID IN FULL AND LENDER SHALL HAVE TERMINATED THIS AGREEMENT IN WRITING, WHICH LENDER SHALL DO WITHIN A REASONABLE AMOUNT OF TIME AFTER THE OBLIGATIONS HAVE BEEN PAID IN FULL.
UCC Terminations. Within thirty (30) days after the date hereof, Borrowers shall deliver to Agent evidence that the Uniform Commercial Code financing statements described on Exhibit G attached hereto have been terminated.
UCC Terminations. THI, YA Global, and Trey, upon receipt of the payment of the amounts set forth in paragraph 3 above, hereby authorize the Company to file a UCC-3 termination statement effecting the releases, discharges and terminations of the UCC filings set forth in paragraph 1 above.
UCC Terminations. Authorize Transportation Alliance Bank Inc. dba TAB Bank, InterMetro’s new lender (“TAB”), and/or InterMetro to file UCC termination statements with respect to each of the UCC Statements, in each jurisdiction in which a UCC Statement was filed, provided that Moriah shall retain a lien (i) on all accounts receivable and proceeds thereof of InterMetro, senior to all liens other than the first lien of TAB thereon; and (ii) all Equipment and Intellectual Property, junior to the liens described in the Amended and Restated Intercreditor Agreement, of even date herewith, among TAB, Moriah, InterMetro and the other lenders party thereto.
UCC Terminations. No later than thirty days following the date of this Agreement, Borrowers will deliver to Bank a filed UCC-3 termination statement with respect to each of the following UCC-1 financing statements: (a) UCC-1 Financing Statement filed as filing number 201020348066 on May 24, 2010 with the Minnesota Secretary of State, naming Communications Systems as debtor and US Bancorp as secured party; and (b) UCC-1 Financing Statement filed as filing number 200916106668 on May 15, 2009 with the Minnesota Secretary of State, naming JDL as debtor and GE Commercial Distribution Finance Corporation as secured party.