Excluded Asset

Excluded Asset. Any Receivable or Related Asset relating to (i) the EPDM product line or (ii) the Chemical Foaming Agents product line associated with the rubber industry (but not those associated with plastic additives)

Excluded Asset. The real property and all improvements, including any structures, located at the Company's distribution center in Ottawa Lake, Michigan.

Excluded Asset. Means each of the following assets: (i) any lease, license, contract, property right or agreement to which the Grantor is a party or any of its rights or interests thereunder if and for so long as the grant of a security interest to the Secured Parties with respect thereto shall constitute or result in (a) the abandonment, invalidation or unenforceability of any right, title or interest of the Grantor therein or (b) a breach, default or termination pursuant to the terms thereof, other than to... the extent that any such term would be rendered ineffective pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law or principles of equity); provided, such asset shall no longer be an "Excluded Asset" (and such security interest shall attach) immediately at such time as the condition causing such abandonment, invalidation, unenforceability, breach, default or termination shall be remedied and, to the extent severable, shall attach immediately to any portion of such asset that does not result in any of the consequences specified herein; (ii) any lease, license, contract, property right or agreement to which the Grantor is a party or any of its rights or interests thereunder if and for so long as the grant of a security interest to the Secured Parties with respect thereto is prohibited by applicable law; provided, such asset shall no longer be an "Excluded Asset" (and such security interest shall attach) immediately at such time as the grant of a security interest therein shall no longer be prohibited by applicable law; and (iii) any "intent-to-use" trademark application, filed pursuant to Section 1(b) of the Lanham Act, 17 USC § 1051(b), prior to the filing of a "Statement of Use" or "Amendment to Allege Use" with respect thereto, to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest to the Secured Parties with respect thereto would impair the validity or enforceability of such intent-to-use trademark application or any registration that issues from such intent-to-use application under applicable federal law. View More