Certificate of Title Collateral Sample Clauses
The Certificate of Title Collateral clause establishes that certain assets, such as vehicles or equipment, which are evidenced by a certificate of title, are being pledged as collateral for a loan or other obligation. This clause typically requires the borrower to provide the lender with the original certificate of title, often noting the lender’s security interest on the document, and may obligate the borrower to maintain the collateral in good condition and not transfer ownership without the lender’s consent. Its core function is to ensure the lender has a perfected security interest in titled property, thereby reducing the risk of loss or unauthorized sale of the collateral.
Certificate of Title Collateral. Borrower Agent shall deliver to Agent, as soon as practicable following a request therefore by Agent, any and all evidence of ownership of any of the Equipment (including, without limitation, certificates of title and applications for title).
Certificate of Title Collateral. Subject to Section 6.19, on the Closing Date, each Loan Party agrees to deliver to Agent or Agent’s designee the certificates of title for all Certificate of Title Collateral owned by such Loan Party for notation of the Agent’s Lien. With respect to any Certificate of Title Collateral acquired by any Loan Party after the Closing Date, the Loan Parties shall deliver to Agent or Agent’s designee the certificates of title for all Certificate of Title Collateral identified on the most recently delivered Disclosure Letter within twenty (20) Business Days of the delivery of such Disclosure Letter. Each Loan Party agrees to take all actions necessary to cause such certificates to be filed (with the Agent’s Lien noted thereon) in the appropriate state motor vehicle filing office.
Certificate of Title Collateral any Collateral covered by a Certificate of Title with respect to which the creation or perfection of a security interest therein is governed by state vehicle titling, certificate of title or registration statutes in the applicable jurisdiction and not by the UCC in such jurisdiction.
Certificate of Title Collateral. Subject to Section 6.19, on the Closing Date, each Loan Party agrees to deliver to Agent or Agent’s designee the certificates of title for all Certificate of Title Collateral owned by such Loan Party for notation of the Agent’s Lien. With respect to any Certificate of Title Collateral acquired by any Loan Party after the Closing Date, the Loan Parties shall deliver to Agent or Agent’s designee the certificates of title for all Certificate of Title Collateral provided that to the extent such protections are granted in any DIP Order, Certificate of Title Collateral will not be required to be delivered. Each Loan Party agrees to take all actions necessary to cause such certificates to be filed (with the Agent’s Lien noted thereon) in the appropriate state motor vehicle filing office.
Certificate of Title Collateral. No Grantor owns or leases any Collateral subject to a certificate of title.
Certificate of Title Collateral. 7.5.1. Within thirty (30) Business Days of the Closing Date (as such period may be extended by Agent in its reasonable discretion) or, if applicable, the date of acquisition (as such date may be extended by Agent in its reasonable discretion) of each item of Collateral that is Certificate of Title Collateral and that is included in the Borrowing Base, the applicable Obligor shall have (or shall have caused to be) delivered to the applicable Title Filing Office the related Certificate of Title (or, if such Collateral was purchased directly from the manufacturer or another seller, the necessary purchase documentation) and all other necessary documentation required by the applicable Governmental Authority to cause such Certificate of Title, upon issuance, to reflect the applicable Obligor as the sole owner of such Collateral and the Agent as the first priority secured party with respect to such Collateral (collectively, the “Required Title Documentation”) and shall have taken all other steps in the applicable Obligor’s control necessary for the Title Filing Office to process the Required Title Documentation with such Governmental Authority (including the payment of any required fees relating thereto). Promptly following receipt by any Obligor of any notice of filing from the applicable Title Filing Office, the Borrower Agent shall deliver to the Agent a copy of such notice (which may be in electronic form). Promptly upon receipt from the Title Filing Office, the Borrower Agent shall deliver to the Agent a confirmation or notification of such filing that specifically identifies the related Certificate of Title Collateral.
7.5.2. Promptly after the return of the Certificates of Titles included in the Borrowing Base to the applicable Obligor from the applicable Title Filing Office showing the applicable Obligor as sole owner and Agent as the first priority secured party or first lien holder with respect to such Collateral, the applicable Obligor shall deliver to the Agent a copy of such Certificate of Title, and the applicable Obligor shall hold the original Certificate of Title.
7.5.3. The applicable Obligor shall hold, store, and maintain all Certificates of Title pertaining to the Certificate of Title Collateral included in the Borrowing Base at its sole expense and take any commercially reasonable actions necessary or as may be reasonably requested by the Agent from time to time to safeguard such Certificates of Title. The Obligors agree that any and all Cer...
Certificate of Title Collateral. The Borrowers agree that each will deliver, and will cause each Guarantor to deliver, the following, in the time periods specified therefor:
(i) With respect to all property which is a motor vehicle or other good that is (A) covered by a certificate of title or other comparable instrument issued under a statute of a state under the law of which indication of a security interest on such certificate or instrument is required as a condition of perfection and (B) not subject to a purchase money Lien in favor of another creditor which is permitted by SECTION 9.3 hereof (collectively, whether such property is now owned or hereafter acquired, "Certificate of Title Property"), ON OR BEFORE JULY 26, 2000 the Borrowers will deliver, and will cause each Subsidiary which is a party to a Security Agreement to deliver, to the Agent the original certificates of title or other comparable instrument for all Certificate of Title Property owned by a Borrower or any such Subsidiary as of July 26, 2000. The Borrowers agree that the Agent shall engage VINtek, Inc. ("VINtek") as its agent and custodial administrator to administer and manage the certificates of title or other comparable documents and accomplish the perfection of liens in favor of the Agent and the Lenders on behalf of the Agent in the Certificate of Title Property, pursuant to a Custodial Administration Agreement dated as of July 26, 2000 among the Agent, the Borrowers, the Guarantors, and VINtek (the "VINtek Agreement"), and that they shall execute and cause to be executed by the Guarantors an agreement or instrument satisfactory to VINtek and the Agent granting power of attorney to VINtek for the purpose of administering and managing such certificates of title or other comparable documents and perfecting such Liens. The Borrowers agree that all fees and expenses of VINtek, and all filing fees, taxes, and other amounts incurred in connection with such perfection and administration shall be paid by the Borrowers. The Agent and the Lenders agree that upon request of the Agent by the Borrowers, and subject to the consent of the Agent, the Agent will act and will cooperate with VINtek to effectuate a release of the Lien of the Agent and the Lenders with respect to certain Certificate of Title Property which is to be sold (subject to any mandatory prepayment applicable thereto under SECTION 2.3(B) and SECTION 2A.8).
(ii) Upon request by VINtek, and NOT LATER THAN FIVE (5) BUSINESS DAYS FOLLOWING RECEIPT THEREOF BY EI...