Common use of Seller’s Collateral Clause in Contracts

Seller’s Collateral. With respect to each item of Collateral acquired by the Secured Parties, the Seller will (i) take all action necessary to perfect, protect and more fully evidence the Secured Parties’ ownership of such Collateral, including, without limitation, (a) filing and maintaining (at the Servicer’s expense), effective financing statements against the Seller in all necessary or appropriate filing offices, and filing continuation statements, amendments or assignments with respect thereto in such filing offices, and (b) executing or causing to be executed such other instruments or notices as may be necessary or appropriate and (ii) take all additional action that the Administrative Agent may reasonably request to perfect, protect and more fully evidence the respective interests of the parties to this Agreement in such Collateral. The Seller authorizes the Administrative Agent to file financing or continuation statements, and amendments thereto and assignments thereof, relating to the Collateral, which financing statements may (x) describe the collateral covered thereby as “all assets of the Seller,” “all personal property of the Seller” or words of similar effect and (y) be filed by the Administrative Agent if the Seller fails to file such financing statements in a timely manner and in any event promptly after the Administrative Agent’s request.