Common use of Perfection of Collateral Clause in Contracts

Perfection of Collateral. All executed originals of each promissory note or similar instrument that constitutes or evidences Collateral either (a) are in the possession of the Borrower, or (b) have been delivered to the Collateral Agent, or (c) if possession thereof is through a third party custodian other than the Collateral Agent, either (i) the Borrower and the Collateral Agent have received a written acknowledgment from such custodian that such custodian is holding the promissory note or similar instrument, as applicable, that constitute or evidence the Collateral solely on behalf of and for the benefit of the Collateral Agent, acting for the benefit of the Secured Parties, or (ii) the Borrower and the Collateral Agent have received a written acknowledgement from such custodian that such custodian is acting solely as agent of the Collateral Agent. The Lenders, the Issuers, the Agent, and the Collateral Agent agree that the Borrower is not required to perfect the security interest of the Collateral Agent on Titled Vehicles, deposit accounts, securities accounts, or other money now or hereafter owned by the Borrower, notwithstanding anything herein or in the Security Agreements to the contrary, and each representation and warranty, covenant, or other provision in this Agreement relating to the Titled Vehicles, deposit accounts, securities accounts, or other money shall be modified by this sentence as though fully set forth therein and made a part thereof.

Perfection of Collateral. All executed originals of each promissory note or similar instrument that constitutes or evidences Collateral either (ai) are in the possession of the Borrower, or (bii) have been delivered to the Collateral Agent, or (ciii) if possession thereof is through a third party custodian other than the Collateral Agent, either (iA) the Borrower and the Collateral Agent have received a written acknowledgment from such custodian that such custodian is holding the promissory note or similar instrument, as applicable, that constitute or evidence the Collateral solely on behalf of and for the benefit of the Collateral Agent, acting for the benefit of the Secured Parties, or (iiB) the Borrower and the Collateral Agent have received a written acknowledgement from such custodian that such custodian is acting solely as agent of the Collateral Agent. The Lenders, the Issuers, the Agent, and the Collateral Agent agree that the Borrower is not required to perfect the security interest of the Collateral Agent on Titled Vehicles, deposit accounts, securities accounts, or other money now or hereafter owned by the Borrower, notwithstanding anything herein or in the Security Agreements to the contrary, and each representation and warranty, covenant, or other provision in this Agreement relating to the Titled Vehicles, deposit accounts, securities accounts, or other money shall be modified by this sentence as though fully set forth therein and made a part thereof.

Perfection of Collateral. All executed originals of each promissory note or similar instrument that constitutes or evidences Collateral either (ai) are in the possession of the Borrower, or (bii) have been delivered to the Collateral Agent, or (ciii) if possession thereof is through a third party custodian other than the Collateral Agent, either (iA) the Borrower and the Collateral Agent have received a written acknowledgment from such custodian that such custodian is holding the promissory note or similar instrument, as applicable, that constitute or evidence the Collateral solely on behalf of and for the benefit of the Collateral Agent, acting for the benefit of the Secured Parties, or (iiB) the Borrower and the Collateral Agent have received a written acknowledgement from such custodian that such custodian is acting solely as agent of the Collateral Agent. The Lenders, the Issuers, the Agent, and the Collateral Agent agree that the Borrower is not required to perfect the security interest of the Collateral Agent on Titled Vehicles, deposit accounts, securities accounts, or other money now or hereafter owned by the Borrower, notwithstanding anything herein or in the Security Agreements to the contrary, and each representation and warranty, covenant, or other provision in this Agreement relating to the Titled Vehicles, deposit accounts, securities accounts, or other money shall be modified by this sentence as though fully set forth therein and made a part thereof.