Common use of Foreign Assets Clause in Contracts

Foreign Assets. Notwithstanding anything herein to the contrary, with respect to any personal property of a Grantor constituting Collateral which is located in or pertaining to a jurisdiction other than the United States or any State thereof, as to which the security interest granted hereunder may not be perfected by (a) filing financing statements under the Uniform Commercial Code, or (b) possession or “control” (as defined in Section 8-106 or Article 9 of the UCC) thereof in the United States, such Grantor will not be required to take any action necessary to perfect such security interest under the laws of the jurisdiction in which such property is located or to which such property pertains.

Foreign Assets. Notwithstanding anything herein to the contrary, with respect to any personal property of a Grantor constituting Collateral which is located in or pertaining to a jurisdiction other than the United States or any State thereof, as to which the security interest granted hereunder may not be perfected by (a) filing financing statements under the Uniform Commercial Code, or (b) possession or “control” (as defined in Section 8-106 8.106 or Article 9 of the UCC) thereof in the United States, such Grantor will not be required to take any action necessary to perfect such security interest under the laws of the jurisdiction in which such property is located or to which such property pertains.