Possession of Leases. For a Lease that is "tangible chattel paper," the Borrowers have in their possession, directly or through their agents, the original copy of the Lease that is or evidences part of the Borrower Collateral, and the Lease does not have any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Collateral Agent. For a Lease that is "electronic chattel paper," the Borrowers have not communicated an "authoritative copy" (within the meaning of the applicable UCC) of the Lease that is or evidences part of the Borrower Collateral to any Person other than the Collateral Agent.
Appears in 3 contracts
Samples: Credit and Security Agreement (CAB East LLC), Credit and Security Agreement (CAB East LLC), Credit and Security Agreement (CAB East LLC)
Possession of Leases. For a Lease that is "“tangible chattel paper," ” the Borrowers have in their possession, directly or through their agents, the original copy of the Lease that is or evidences part of the Borrower Collateral, and the Lease does not have any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Collateral Agent. For a Lease that is "“electronic chattel paper," ” the Borrowers have not communicated an "“authoritative copy" ” (within the meaning of the applicable UCC) of the Lease that is or evidences part of the Borrower Collateral to any Person other than the Collateral Agent.
Appears in 3 contracts
Samples: Credit and Security Agreement (CAB East LLC), Credit and Security Agreement (CAB East LLC), Credit and Security Agreement (Ford Credit Auto Lease Trust 2014-A)
