Common use of Promissory Notes and Tangible Chattel Paper Clause in Contracts

Promissory Notes and Tangible Chattel Paper. Subject to Section 7, if Pledgor shall at any time hold or acquire any promissory notes or tangible chattel paper, Pledgor shall forthwith endorse, assign and deliver the same to Secured Party, accompanied by such instruments of transfer or assignment duly executed in blank as Secured Party may from time to time specify and with respect to any such Collateral in the possession or control of Secured Party, Pledgor waives any restriction or obligation imposed on Secured Party by Sections 9-207(c)(1) and 9-207(c)(2) of the NYUCC. Secured Party agrees that, upon written request from Pledgor certifying that Pledgor requires possession of a promissory note or tangible chattel paper then in the possession of Secured Party in order to enforce the same, it shall deliver to Pledgor such promissory note or tangible chattel paper to Pledgor; Pledgor agrees that such promissory note or tangible chattel paper shall be held to the order of Secured Party.