Use of Collateral definition

Use of Collateral while in Bank's Possession. When in possession of the Collateral, Bank may use it for any purpose or in any manner or cause it to lose its identity without an obligation to account for such use, except when used for a purpose not connected with performing Company's obligations with respect to it, preservation or disposal of the Collateral unless otherwise authorized by law. Bank may use, without charge, any and all equipment, machinery or appliances necessary to unload and remove any Collateral from storage facilities in the event that the removal of the Collateral is necessary for purposes of repossession by Bank to realize on Bank's security interest. The standard of care imposed upon Bank as to the use of the Collateral in its possession is that of a prudent person without any special skill or knowledge.
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Related to Use of Collateral

  • Schedule of Collateral Obligations means the list or lists of Collateral Obligations attached to each Asset Approval Request and each Reinvestment Request. Each such schedule shall identify the assets that will become Collateral Obligations, shall set forth such information with respect to each such Collateral Obligation as the Borrower or the Facility Agent may reasonably require and shall supplement any such schedules attached to previously-delivered Asset Approval Requests and Reinvestment Requests.

  • Request regarding a list of collateral means a record authenticated by a debtor requesting that the recipient approve or correct a list of what the debtor believes to be the collateral securing an obligation and reasonably identifying the transaction or relationship that is the subject of the request.

  • ABL Collateral means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any ABL Obligations.

  • Second Priority Collateral means any “Collateral” as defined in any Second Priority Debt Document or any other assets of the Borrower or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Second Priority Collateral Document as security for any Second Priority Debt Obligation.

  • Collateral has the meaning specified in the Granting Clause of the Indenture.