Common use of UCC Search Reports Clause in Contracts

UCC Search Reports. The Agent shall have received UCC search reports acceptable to the Agent, covering the Borrower or the applicable Subsidiary, as applicable, for each filing office in which a financing statement in favor of the Agent for the benefit of the Lenders has been or is being filed to perfect the security interests granted to the Agent for the benefit of the Lenders in the Security Agreement and the Subsidiary Security Agreement and for each filing office otherwise specified by the Agent, which show only Liens which have been terminated (or which are being terminated simultaneously with the closing of the Credit Facilities), Liens permitted under Section 10.3 and Liens which are otherwise acceptable to the Agent.