Maintaining Electronic Chattel Paper Sample Clauses
The "Maintaining Electronic Chattel Paper" clause sets out the requirements and responsibilities for managing and preserving electronic records that represent chattel paper, such as digital leases or secured loan documents. It typically specifies how these electronic records must be stored, accessed, and protected to ensure their integrity and legal enforceability, often requiring secure systems and clear audit trails. The core function of this clause is to ensure that electronic chattel paper is properly maintained so that its authenticity and priority can be established, thereby reducing the risk of disputes or fraud.
Maintaining Electronic Chattel Paper. Transferable Records and Letter-of-Credit Rights and Giving Notice of Commercial Tort Claims.............................................................. 16
Maintaining Electronic Chattel Paper. TRANSFERABLE RECORDS AND LETTER-OF-CREDIT RIGHTS. So long as any Secured Obligation of any Grantor shall remain unpaid:
(a) Each Grantor will maintain all (i) electronic chattel paper so that the Collateral Trustee has control of the electronic chattel paper in the manner specified in Section 9-105 of the UCC and (ii) all transferable records so that the Collateral Trustee has control of the transferable records in the manner specified in Section 16 of the Uniform Electronic Transactions Act, as in effect in the jurisdiction governing such transferable record ("UETA"); and
(b) Each Grantor will maintain all letter-of-credit rights assigned to the Collateral Trustee so that the Collateral Trustee, to the extent required by Section 12(b), has control of the letter-of-credit rights in the manner specified in Section 9-107 of the UCC.
Maintaining Electronic Chattel Paper. Transferable Records and Letter-of-Credit Rights and Giving Notice of Commercial Tort Claims .................................... 10 Section 8. Representations and Warranties ............................ 10 Section 9. Further Assurances ........................................ 15 Section 10. As to Equipment and Inventory ............................. 16 Section 11. Insurance ................................................. 17 Section 12. Post-Closing Changes; Bailees; Collections on Assigned Agreements, Receivables and Related Contracts ............. 18 Section 13. As to Intellectual Property Collateral .................... 20 Section 14. Voting Rights; Dividends; Etc. ............................ 21 Section 15. As to the Assigned Agreements ............................. 22 Section 16. Payments Under the Assigned Agreements .................... 23 Section 17. As to Letter-of-Credit Rights ............................. 23 Section 18. Transfers and Other Liens; Additional Shares .............. 24 Section 19. Collateral Agent Appointed Attorney-in-Fact ............... 24 Section 20. Collateral Agent May Perform .............................. 24 Section 21. The Collateral Agent's Duties ............................. 25 Section 22. Remedies .................................................. 25 Section 23. Indemnity and Expenses .................................... 27 Section 24. Amendments; Waivers; Additional Grantors; Etc. ............ 28