Common use of UCC-1 Financing Statements Clause in Contracts

UCC-1 Financing Statements. (a) On or prior to the Closing Date, the Seller shall file, at its own expense, a UCC-1 financing statement in each jurisdiction in which a financing statement is necessary to be filed under Section 9-301 of the New York UCC in order to perfect the transfer of a security interest in the Receivables and sufficient under the UCC of each such jurisdiction to perfect the transfer, assignment and conveyance of a Security Interest in the Receivables to the Purchaser pursuant to this Agreement. Each such financing statement shall name the Seller, as seller or debtor, and shall name the Purchaser, as purchaser or secured party, and shall contain a collateral description covering the Conveyed Assets or such other description as may be approved by the Purchaser in such manner as is necessary to perfect the transfer, assignment and conveyance of a security interest in the Receivables to the Purchaser pursuant to this Agreement. The Seller shall deliver a file-stamped copy of each of such UCC-1 financing statements as soon as available following such filing. (b) Such UCC-1 financing statement shall contain a statement to the following effect: "A purchase of or security interest in any collateral described in this financing statement other than by the Purchaser will violate the rights of the Purchaser" and may describe the Conveyed Assets in the same manner as described herein or may contain an indication or description of collateral that describes such property as necessary, advisable or prudent to ensure the perfection of the security interest in the Conveyed Assets granted to the Purchaser herein. (c) The Seller hereby authorizes, by the Purchaser (at the Seller's expense), on or after the Closing Date, the filing of any financing statements or continuation statements, and amendments to financing statements, or any similar document in any jurisdictions and with any filing offices as the Purchaser may determine, in its sole discretion, are necessary or advisable to continue or maintain the perfection of the security interest granted to the Purchaser herein.

UCC-1 Financing Statements. (a) On or prior to the Closing each Transfer Date, the Seller shall file, at its own expense, a UCC-1 financing statement in each jurisdiction in which a financing statement is necessary to be filed under Section 9-301 of the New York UCC in order to perfect the transfer of a security interest in the Receivables being sold on such Transfer Date and sufficient under the UCC of each such jurisdiction to perfect the transfer, assignment and conveyance of a Security Interest security interest in the such Receivables to the Purchaser pursuant to this AgreementAgreement and the applicable Assignment. Each such financing statement shall name the Seller, as seller or debtor, and shall name the Purchaser, as purchaser or secured party, and shall contain a collateral description covering the applicable Conveyed Assets or such other description as may be approved by the Purchaser in such manner as is necessary to perfect the transfer, assignment and conveyance of a security interest in the such Receivables to the Purchaser pursuant to this Agreement. The Seller shall deliver a file-stamped copy of each of such UCC-1 financing statements as soon as available following such filing. (b) Such UCC-1 financing statement shall contain a statement to the following effect: "A purchase of or security interest in any collateral described in this financing statement other than by the Purchaser will violate the rights of the Purchaser" and may describe the Conveyed Assets in the same manner as described herein or may contain an indication or description of collateral that describes such property as necessary, advisable or prudent to ensure the perfection of the security interest in the Conveyed Assets granted to the Purchaser Purchaser, herein. (c) The Seller hereby authorizesauthorizes the filing, by the Purchaser (at the Seller's expense), on or after the Closing each Transfer Date, the filing of any financing statements or continuation statements, and amendments to financing statements, or any similar document in any jurisdictions and with any filing offices as the Purchaser may determine, in its sole discretion, are necessary or advisable to continue or maintain the perfection of the security interest granted to the Purchaser hereinherein over the Receivables sold on that Transfer Date.