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Simple English definitions for legal terms

as-extracted collateral

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A quick definition of as-extracted collateral:

As-extracted collateral refers to minerals such as oil and gas that are used as security for a loan. The borrower pledges their interest in the minerals before they are extracted, and the security interest attaches to the minerals as they are extracted. It can also refer to the account created from the sale of these minerals.

A more thorough explanation:

Definition: As-extracted collateral refers to oil, gas, or other minerals that are pledged as security against a debt. This collateral is created by a debtor having an interest in the minerals before extraction and that attaches to the minerals as they are extracted.

Example: A mining company borrows money from a bank to fund its operations. As part of the loan agreement, the mining company pledges the minerals it extracts from the mine as collateral. This means that if the mining company defaults on the loan, the bank can seize the minerals to recover its money.

This example illustrates how as-extracted collateral works. The minerals are not yet extracted, but they are still considered collateral because the debtor has an interest in them before extraction. Once the minerals are extracted, they become the property of the debtor, but the security interest remains attached to them.

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18:34
@wigwav: nah
TGM
18:34
like am I expected to send it unprompted or can I wait until a school requested it
Dkk
18:35
@TGM: Expected to send it unprompted but you can wait and see.
18:36
Is your LSAT also below median?
TGM
18:37
It’s above median, but I’m applying T6 with unimpressive softs, so even with a good LSAT it’s tough
texaslawhopefully
18:38
Yeah, then I would just wait as long as you can to send it
texaslawhopefully
18:38
For like HLS at least, if you wait till J6 then you may already have a decision
TGM
18:39
@texaslawhopefully: alas, haven’t even gotten an interview (applied around thanksgiving)
18:39
Yeah I would delay as long as you have plausible deniability
TGM
18:40
I actually do have a transcript issue that registrar needs to resolve, should I say that
TGM
18:41
(Course marked as Incomplete that’s supposed to be removed)
TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
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