Common use of Collateral Assumptions Clause in Contracts

Collateral Assumptions. The opinions and advice contained in our letter are subject to the following assumptions: (a) Value (as defined in Section 1-201(44) of the New York UCC) has been given by you to the Credit Parties for the security interests and other rights in and assignments of Collateral described in or contemplated by the Operative Documents. (b) The descriptions of Collateral in the Operative Documents and the financing statement delivered in connection therewith (including the Financing Statement as defined in the 2005 Opinion) reasonably describe the property intended to be described as Collateral.

Collateral Assumptions. The opinions and advice contained in our letter are subject to the following assumptions: (a) Value (as defined in Section 1-201(44) of the New York UCC) has been given by you to the Credit Parties for the security interests and other rights in and assignments of Collateral described in or contemplated by the Operative Documents. (b) The descriptions of Collateral in the Operative Documents and the financing statement delivered executed in connection therewith (including the Financing Statement as defined in the 2005 Opinion) reasonably describe the property intended to be described as Collateral.