Common use of The Personal Property Clause in Contracts

The Personal Property. At such times as any Excluded Property is freed of contractual or legal restrictions against becoming subject to a Lien to secure the Secured Obligations or upon the distribution of any Trust Property to the Company or a Subsidiary (including an Unrestricted Subsidiary or Joint Venture), such property shall, automatically, become subject to the Liens created by the Secu- rity Documents, and the Company shall notify the Obligee in writing of such event and take such further actions as may be required by the Obligee and/or Collateral Agent to evidence and perfect such Liens; provided that, in no event, shall a Lien be granted on any assets required to be placed in a Reserve Ac- count pursuant to the Reorganization Plan or the Homesite Pro- gram.

The Personal Property. At such times as any Excluded Property is freed of contractual or legal restrictions against becoming subject to a Lien to secure the Secured Obligations or upon the distribution of any Trust Property to the Company or a Subsidiary (including an Unrestricted Subsidiary or Joint Venture), such property shall, automatically, become subject to the Liens created by the Secu- rity Security Documents, and the Company shall notify the Obligee in writing of such event and take such further actions as may be required by the Obligee and/or Collateral Agent to evidence and perfect such Liens; provided that, in no event, shall a Lien be granted on any assets required to be placed in a Reserve Ac- count Account pursuant to the Reorganization Plan or the Homesite Pro- gramProgram.