Collateral Documents, Financing Statements and Collateral Clause Samples
The 'Collateral Documents, Financing Statements and Collateral' clause defines the requirements and procedures for creating, perfecting, and maintaining security interests in collateral provided under an agreement. It typically obligates the borrower to execute and deliver all necessary documents, such as security agreements and UCC financing statements, to ensure the lender's interest in the collateral is legally enforceable and properly recorded. This clause ensures that the lender's rights to the collateral are protected and prioritized in the event of default, thereby reducing the lender's risk and clarifying the parties' obligations regarding secured assets.
Collateral Documents, Financing Statements and Collateral. (i) Upon execution and delivery, the Mortgages will be effective to grant a legal, valid and enforceable mortgage lien, charge and security interest on all of the mortgagor’s right, title and interest in the real property (including fixtures) that constitutes Collateral (each, a “Mortgaged Property” and, collectively, the “Mortgaged Properties”). When the Mortgages are duly recorded or registered in the proper recording or Land Registry offices or appropriate public records and the mortgage recording fees and taxes in respect thereof are paid and compliance is otherwise had with the formal requirements of state, provincial or local law, applicable to the recording or registration of real estate mortgages generally, each such Mortgage shall constitute a validly perfected and enforceable first-priority lien, charge and security interest in the related Mortgaged Property constituting Collateral for the benefit of the Collateral Agent, the Trustee and the holders of the Securities, subject only to Permitted Liens (as defined below) or liens and encumbrances expressly set forth as an exception to the policies of title insurance, if any, obtained to insure the lien of each Mortgage with respect to each of the Mortgaged Properties (such encumbrances and exceptions, the “Permitted Exceptions”), and to the Enforceability Exceptions;
(ii) Upon execution and delivery, the Security Agreements will be effective to grant a legal, valid and enforceable lien and security interest in all of the grantor’s right, title and interest in the Collateral (other than the Mortgaged Properties) (the “Personal Property Collateral”) to the Collateral Agent for the benefit of the Secured Parties to secure the obligations under the Indenture and the Securities;
(iii) Upon due and timely filing and/or recording of the financing statements and the short form intellectual property security agreements (the “Intellectual Property Security Agreements”), as applicable, with respect to the Personal Property Collateral, the security interests granted by the Security Agreements will constitute valid, perfected first-priority liens and security interests in the Personal Property Collateral, to the extent such liens and security interests can be perfected by the filing and/or recording, as applicable, of financing statements and the Intellectual Property Security Agreements in favor of the Collateral Agent for the benefit of the Secured Parties, and such security interests will be enforceable in ac...
Collateral Documents, Financing Statements and Collateral. (i) Upon execution and delivery, the Security Agreement and each of the Intellectual Property Security Agreements will be effective to grant a legal, valid and enforceable security interest in all of the grantor’s right, title and interest in the Collateral described in such agreement, subject to the Enforceability Exceptions;
(ii) Upon due and timely filing and/or recording of properly completed financing statements and Intellectual Property Security Agreements, as applicable, with respect to the Collateral, the security interests granted thereby will constitute valid, perfected first-priority liens and security interests in the Collateral described therein, to the extent such security interests can be perfected by the filing and/or recording, as applicable, of such financing statements and Intellectual Property Security Agreements in favor of the Collateral Agent for the benefit of itself, the Trustee and the holders of the Securities, and such security interests will be enforceable in accordance with the terms contained in the Collateral Documents and the Intercreditor Agreement against all creditors of the Company and the Guarantors, and subject only to liens expressly permitted to be incurred or exist on the Collateral under the Indenture (“Permitted Liens”) and subject to the Enforceability Exceptions; and
(iii) The Company and the Guarantors collectively own, have rights in or have the power and authority to grant security interests in the Collateral, free and clear of any liens other than the Permitted Liens.
Collateral Documents, Financing Statements and Collateral. (i) The Mortgages will be effective to grant a legal, valid and enforceable mortgage lien on all of the mortgagor's right, title and interest in the real property listed on Schedule 4 hereto (the "Mortgaged Properties"). All of the other real property owned by the Company or any of the Guarantors are properties held for sale and are comprised of the properties located at East Chicago, Indiana; Zilwaukee, Michigan; and
Collateral Documents, Financing Statements and Collateral. After the release and termination of the Liens related to the Existing Notes upon consummation of the Transactions on the Closing Date as described in each of the Time of Sale Information and the Offering Memorandum:
(i) Upon execution and delivery, the Mortgages will be effective to grant a legal, valid and enforceable mortgage lien or security title on all of the mortgagor’s right, title and interest in the real property listed on Schedule 4 hereto (each, a “Mortgaged Property” and, collectively, the “Mortgaged Properties”). When the Mortgages are duly recorded in the proper recorders’ offices or appropriate public records and the mortgage recording fees and taxes in respect thereof are paid and compliance is otherwise had with the formal requirements of state law, applicable to the recording of real estate mortgages generally, each such Mortgage shall constitute a validly perfected and enforceable first-priority lien or security title in the related Mortgaged Property constituting Collateral for the benefit of the Collateral Agent and the holders of the Securities, subject only to Permitted Collateral Liens or liens and encumbrances expressly set forth as an exception to the policies of title insurance obtained to insure the lien of each Mortgage with respect to each of the Mortgaged Properties (such encumbrances and exceptions, the “Permitted Exceptions”), and to the Enforceability Exceptions;
Collateral Documents, Financing Statements and Collateral. (i) Upon execution and delivery of the Collateral Joinder Documents, the Mortgages previously filed in connection with the Security Agreements (the “Mortgages”) are sufficient to grant a legal, valid and enforceable mortgage lien, charge and security interest on all of the mortgagor’s right, title and interest in the real property (including fixtures) that constitutes Collateral (each, a “Mortgaged Property” and, collectively, the “Mortgaged Properties”). To the extent the Mortgages are duly recorded or registered in the proper recording or Land Registry offices or appropriate public records and the mortgage recording fees and taxes in respect thereof are paid and compliance is otherwise had with the formal requirements of state, provincial or local law, applicable to the recording or registration of real estate mortgages generally, each such Mortgage shall constitute a validly perfected and enforceable second-priority lien, charge and security interest in the related Mortgaged Property constituting Collateral for the benefit of the Collateral Agent, the Trustee and the holders of the Securities, subject only to Permitted Liens (as defined below) or liens and encumbrances expressly set forth as an exception to the policies of title insurance, if any, obtained to insure the lien of each Mortgage with respect to each of the Mortgaged Properties (such encumbrances and exceptions, the “Permitted Exceptions”), and to the Enforceability Exceptions;