Personal Property Collateral Matters Clause Samples

The Personal Property Collateral Matters clause defines the rules and requirements regarding the use of personal property as collateral in a transaction. It typically outlines what types of personal property are included, how such property must be identified or described, and the procedures for perfecting and maintaining a security interest in the collateral, such as filing financing statements or taking possession. This clause ensures that the lender’s interest in the collateral is legally protected and enforceable, thereby reducing the risk of loss if the borrower defaults.
Personal Property Collateral Matters. Subject to Section 6.20, the Super Priority Agent shall have received, in form and substance satisfactory to the Super Priority Agent, each of the following: (i) all filings and recordations that are necessary to perfect the security interests of the Super Priority Agent, on behalf of the Secured Parties, in the personal property Collateral and evidence reasonably satisfactory to the Super Priority Agent that upon such filings and recordations such security interests constitute valid and perfected first priority Liens thereon (subject to Permitted Liens); (ii) (A) original stock certificates or other certificates evidencing the certificated Equity Interests pledged pursuant to the Pledge Agreement, together with an undated stock power for each such certificate duly executed in blank by the registered owner thereof and (B) subject to Section 6.20(a), each original promissory note pledged pursuant to the Guaranty and Security Agreement, together with an undated allonge for each such promissory note duly executed in blank by the holder thereof; provided that to the extent any items under this clause (ii) have been delivered to the Existing Administrative Agent such items shall be deemed to be delivered hereunder; (iii) such deposit account control agreements and such securities account control agreements required or requested to be delivered to the Super Priority Agent on the Closing Date pursuant to the terms of Guaranty and Security Agreement (other than for any Excluded Account and any account subject to a control agreement in favor of the Existing Administrative Agent), in each case duly executed by the appropriate parties; (iv) the results of lien searches (including as to UCC filings, Intellectual Property filings, judgments, pending litigation, bankruptcy and tax 42 502181848 v5 1205867.00001
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Personal Property Collateral Matters. The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent (i) the results of lien searches (including UCC and PPSA filings, intellectual property filings, judgments, pending litigation, bankruptcy and tax matters) made against each Loan Party, each as of a recent date prior to the Closing Date, indicating among other things that the assets of each Loan Party shall be free and clear of any Lien (except for Liens permitted under Section 5.9 hereof) as of the Closing Date and (ii) all such documents as may be required by or requested under the terms of any of the Security Documents with respect to personal property Collateral.
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Personal Property Collateral Matters 
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Related to Personal Property Collateral Matters

  • Personal Property Collateral The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent: (i) (A) searches of UCC filings in the jurisdiction of incorporation or formation, as applicable, of each Loan Party and each jurisdiction where any Collateral is located or where a filing would need to be made in order to perfect the Collateral Agent’s security interest in the Collateral, copies of the financing statements on file in such jurisdictions and evidence that no Liens exist other than Permitted Liens and (B) tax lien, judgment and bankruptcy searches; (ii) searches of ownership of Intellectual Property in the appropriate governmental offices and such patent/trademark/copyright filings as requested by the Administrative Agent in order to perfect the Collateral Agent’s security interest in the Intellectual Property (and certain of which searches may be provided after the Closing Date as determined by the Administrative Agent); (iii) completed UCC financing statements for each appropriate jurisdiction as is necessary, in the Collateral Agent’s sole discretion, to perfect the Administrative Agent’s security interest in the Collateral; (iv) stock or membership certificates, if any, evidencing the Pledged Collateral and undated stock or transfer powers duly executed in blank; in each case to the extent such Pledged Collateral is certificated; (v) in the case of any personal property Collateral located at premises leased by a Loan Party and set forth on Schedule 5.21(g), such estoppel letters, consents and waivers from the landlords of such real property to the extent required to be delivered in connection with Section 6.14 (such letters, consents and waivers shall be in form and substance satisfactory to the Administrative Agent, it being acknowledged and agreed that any Landlord Waiver is satisfactory to the Administrative Agent); (vi) to the extent required to be delivered, filed, registered or recorded pursuant to the terms and conditions of the Collateral Documents, all instruments, documents and chattel paper in the possession of any of the Loan Parties, together with allonges or assignments as may be necessary or appropriate to create and perfect the Administrative Agent’s and the Lenders’ security interest in the Collateral; and (vii) Qualifying Control Agreements satisfactory to the Administrative Agent to the extent required to be delivered pursuant to Section 6.14.