Material Collateral. The Issuer does not own, or have any other right or interest in, any asset or property included in the Collateral that cannot be perfected in the manner described in this Agreement (collectively, “Non-Perfected Assets”), except for Non-Perfected Assets which in the aggregate are not material to the Issuer and its Subsidiaries taken as a whole.
Appears in 2 contracts
Sources: Second Priority Security Agreement (GMX Resources Inc), Security Agreement (GMX Resources Inc)