Common use of Perfection as to Uncertificated Securities Clause in Contracts

Perfection as to Uncertificated Securities. When such Lien Grantor, the Applicable Agent and the issuer of any Pledged Uncertificated Security owned by such Lien Grantor enter into an Issuer Control Agreement with respect thereto, (i) the Transaction Lien on such Pledged Uncertificated Security will be perfected, subject to no prior Liens or rights of others (except non-consensual Liens permitted under Section 6.01 of the Credit Agreement having priority as a matter of law), (ii) the Applicable Agent will have Control of such Pledged Uncertificated Security and (iii) the Applicable Agent will be a protected purchaser (within the meaning of UCC Section 8-303) thereof.

Appears in 3 contracts

Samples: Revolving Credit Security Agreement (Tower International, Inc.), Revolving Credit Security Agreement (Tower International, Inc.), Abl Security Agreement (Tower International, Inc.)

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Perfection as to Uncertificated Securities. When such Lien Grantor, the Applicable Agent and the issuer of any Pledged Uncertificated Security owned by such Lien Grantor enter into an Issuer Control Agreement with respect thereto, (i) the Transaction Lien on such Pledged Uncertificated Security will be perfected, subject to no prior Liens or rights of others (except non-consensual Liens permitted under Section 6.01 6.01(b) of the Credit Agreement having priority as a matter of lawLoan Agreement), (ii) the Applicable Agent will have Control of such Pledged Uncertificated Security and (iii) the Applicable Agent will be a protected purchaser (within the meaning of UCC Section 8-303) thereof.

Appears in 2 contracts

Samples: First Lien Term Loan Security Agreement (Tower Automotive, LLC), First Lien Term Loan Security Agreement (Tower Automotive, LLC)

Perfection as to Uncertificated Securities. When such Lien Grantor, the Applicable Agent and the issuer of any Pledged Uncertificated Security owned by such Lien Grantor enter into an Issuer Control Agreement with respect thereto, (i) the Transaction Lien on such Pledged Uncertificated Security will be perfected, subject to no prior Liens or rights of others (except non-consensual Liens permitted under Section 6.01 6.01(b) of the Credit Agreement having priority as a matter of lawAgreement), (ii) the Applicable Agent will have Control of such Pledged Uncertificated Security and (iii) the Applicable Agent will be a protected purchaser (within the meaning of UCC Section 8-303) thereof.

Appears in 1 contract

Samples: Abl Security Agreement (Tower Automotive, LLC)

Perfection as to Uncertificated Securities. When such Lien Grantor, the Applicable Agent and the issuer of any Pledged Uncertificated Security owned by such Lien Grantor enter into an Issuer Control Agreement with respect thereto, (i) the Transaction Lien on such Pledged Uncertificated Security will be perfected, subject to no prior Liens or rights of others (except non-consensual Liens permitted under Section 6.01 6.01(b) or Section 6.01(m) of the Credit Agreement having priority as a matter of lawAgreement), (ii) the Applicable Agent will have Control of such Pledged Uncertificated Security and (iii) the Applicable Agent will be a protected purchaser (within the meaning of UCC Section 8-303) thereof.

Appears in 1 contract

Samples: Abl Security Agreement (Tower Automotive, LLC)

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Perfection as to Uncertificated Securities. When such Lien Grantor, the Applicable Agent and the issuer of any Pledged Uncertificated Security owned by such Lien Grantor enter into an Issuer Control Agreement with respect thereto, (i) the Transaction Lien on such Pledged Uncertificated Security will be perfected, subject to no prior Liens or rights of others (except non-consensual Liens permitted under Section 6.01 of the Credit Loan Agreement having priority as a matter of law), (ii) the Applicable Agent will have Control of such Pledged Uncertificated Security and (iii) the Applicable Agent will be a protected purchaser (within the meaning of UCC Section 8-303) thereof.

Appears in 1 contract

Samples: Term Loan Security Agreement (Tower International, Inc.)

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