Common use of Perfection and Protection of Security Interest Clause in Contracts

Perfection and Protection of Security Interest. (a) LCLL shall, at its own expense, perform all steps requested by the Collateral Agent at any time to perfect, maintain, protect, and enforce the Secured Parties’ Liens in and to the Collateral, including: (i) executing, delivering and/or filing and recording financing or continuation statements, and amendments thereof, in form and substance reasonably satisfactory to the Collateral Agent; (ii) delivering to the Collateral Agent warehouse receipts covering any portion of the Collateral located in warehouses and for which warehouse receipts are issued and certificates of title covering any portion of the Collateral for which certificates of title have been issued; (iii) when an Event of Default has occurred and is continuing, transferring Standard Inventory to warehouses or other locations designated by the Collateral Agent; (iv) placing notations on the books of account of LCLX or of its relevant Affiliate to disclose the Secured Parties’ security interest; and (v) taking such other steps as the Collateral Agent reasonably deems necessary or desirable to perfect, maintain and protect the Secured Parties’ Liens in and to the Collateral. To the extent permitted by applicable law, the Collateral Agent may file, without the Company’s signature, one or more financing statements disclosing the Secured Parties’ Liens in and to the Collateral. LCLL agrees that a carbon, photographic, photostatic, or other reproduction of this Security Agreement or of a financing statement is sufficient as a financing statement.

Perfection and Protection of Security Interest. (a) LCLL The Grantors shall, at its own their expense, perform all steps reasonably requested by the Collateral Agent Lender at any time to perfect, maintain, protect, and enforce the Secured Parties’ Liens in and to the CollateralLender's Liens, including: (i) executing, delivering and/or filing of the Patent Collateral Assignment Agreement and recording Trademark Security Agreement (each executed on the date hereof and in connection herewith) and executing and filing financing or continuation statements, and amendments thereof, in form and substance reasonably satisfactory to the Collateral AgentLender; (ii) delivering to the Collateral Agent Lender warehouse receipts covering any portion of the Collateral located in warehouses and for which warehouse receipts are issued and certificates of title covering any portion of the Collateral collateral for which certificates of title have been issued; (iii) when an Event of Default has occurred and is continuing, transferring Standard Inventory to warehouses or other locations designated by the Collateral AgentLender; (iv) placing notations on the Grantors' books of account of LCLX or of its relevant Affiliate to disclose the Secured Parties’ Lender's security interest; and (v) taking such other steps as the Collateral Agent are reasonably deems deemed necessary or desirable by the Lender to perfect, maintain and protect the Secured Parties’ Liens in and to the CollateralLender's Liens. To the extent permitted by applicable law, the Collateral Agent may file, without the Company’s signature, one or more financing statements disclosing the Secured Parties’ Liens in and to the Collateral. LCLL agrees The Grantors agree that a carbon, photographic, photostatic, or other reproduction of this Security Agreement or of a financing statement is sufficient as a financing statement.

Perfection and Protection of Security Interest. (a) LCLL The U.S. Borrowers shall, at its own their expense, perform all steps reasonably requested by the Collateral Agent Lender at any time to perfect, maintain, protect, and enforce the Secured Parties’ its Liens in and to the CollateralCollateral including, includingwithout limitation: (i) executing, delivering and/or executing and filing and recording financing or continuation statements, and amendments thereof, in form and substance reasonably satisfactory to the Collateral AgentLender; (ii) delivering to the Lender the original certificates of title for all motor vehicles of the U.S. Borrowers with the Lender's security interest properly endorsed thereon; (iii) delivering to the Lender the originals of all instruments, documents, and chattel paper, and all other Collateral Agent of which the Lender determines it should have physical possession in order to perfect and protect the Lender's security interest therein, duly endorsed or assigned to the Lender without restriction; (iv) delivering to the Lender warehouse receipts covering any portion of the Collateral located in warehouses and for which warehouse receipts are issued and certificates of title covering any portion of the Collateral for which certificates of title have been issued; (iiiv) when an Event delivering to the Lender all letters of Default has occurred and credit on which any U.S. Borrower is continuing, transferring Standard Inventory to warehouses or other locations designated by the Collateral Agentnamed beneficiary; (ivvi) placing notations on the books filing and recordation with the U.S. Surface Transportation Board of account of LCLX this Agreement (or of its relevant Affiliate to disclose a memorandum thereof) and any other agreement under which any Person other than the Secured Parties’ security interestBorrowers shall use any Rolling Stock; and (vvii) taking such other steps as are deemed necessary by the Collateral Agent reasonably deems necessary or desirable Lender to perfect, maintain and protect the Secured Parties’ Liens in and to the Collateralits Liens. To the extent permitted by applicable law, the Collateral Agent Lender may file, without the Company’s any Borrower's signature, one or more financing statements disclosing the Secured Parties’ Liens in and to the Collateralits Liens. LCLL Each U.S. Borrower agrees that a carbon, photographic, photostatic, or other reproduction of this Security Agreement or of a financing statement is sufficient as a financing statement.

Perfection and Protection of Security Interest. (a) LCLL The Credit Parties shall, at its own their expense, perform all steps requested by the Collateral Agent Lender at any time to perfect, maintain, protect, and enforce the Secured Parties’ Liens in and to the CollateralLender’s Liens, including: (i) executing, delivering and/or filing and recording of Intellectual Property Security Agreements and executing and filing financing or continuation statements, and amendments thereof, in form and substance reasonably satisfactory to the Collateral AgentLender; (ii) delivering to the Collateral Agent Lender warehouse receipts covering any portion of the Collateral located in warehouses and for which warehouse receipts are issued and certificates of title covering any portion of the Collateral collateral for which certificates of title have been issued, unless the Lender shall have obtained a Collateral Access Agreement in form and substance acceptable to the Lender from any applicable warehouseman; (iii) when upon the occurrence of an Event of Default has occurred and is continuingDefault, transferring Standard Inventory to warehouses or other locations designated by the Collateral AgentLender; (iv) placing notations on the Credit Parties’ books of account of LCLX or of its relevant Affiliate to disclose the Secured Parties’ Lender’s security interest; and (v) taking such other steps as are deemed reasonably necessary by the Collateral Agent reasonably deems necessary or desirable Lender to perfect, maintain and protect the Secured Parties’ Liens in and to the CollateralLender’s Liens. To the extent permitted by applicable law, the Collateral Agent may file, without the Company’s signature, one or more financing statements disclosing the Secured Parties’ Liens in and to the Collateral. LCLL agrees The Credit Parties agree that a carbon, photographic, photostatic, or other reproduction of this Security Agreement or of a financing statement is sufficient as a financing statement.