Revised Article 9 Clause Samples
Revised Article 9 refers to the updated provisions of the Uniform Commercial Code (UCC) that govern secured transactions in personal property. It sets out the rules for creating, perfecting, and enforcing security interests in movable assets such as inventory, equipment, and accounts receivable. For example, it details how a lender can establish a legal claim on a borrower's collateral and the steps required to notify other potential creditors. The core function of Revised Article 9 is to provide a clear and consistent framework for prioritizing creditors' rights and resolving disputes over collateral, thereby reducing uncertainty and facilitating secured lending.
Revised Article 9. The parties to this Security Agreement acknowledge and agree to the following provisions of this Security Agreement in anticipation of the possible application, in one or more jurisdictions to the transactions contemplated hereby, of Revised Article 9. For purposes of this Security Agreement, "Revised Article 9" shall mean the Revised Article 9 of the UCC in the form or substantially in the form included in the 1999 official text of the UCC as approved by the American Law Institute and the National Conference of Commissioners on Uniform State Law.
Revised Article 9. Borrower acknowledges and agrees to the following provisions with respect to the application of revised Article 9 of the Uniform Commercial Code, in the form or substantially in the form approved by the American Law Institute and the National Conference of Commissioners on Uniform State Laws, as contained in Appendix XVI of the 1999 edition of the Uniform Commercial Code Official Text (as adopted in the applicable jurisdiction, “Revised Article 9”):
Revised Article 9. The Grantor hereby confirms that by signing this Agreement, the Grantor has authenticated this Agreement, within the meaning of Section 9 of the New York UCC and Revised Article 9 of the Uniform Commercial Code as now or hereafter in effect in any jurisdiction (“Revised Article 9”). This Agreement shall constitute full authorization in favor of the Collateral Agent to file appropriate financing statements, initial or “in lieu” financing statements, continuation statements, and statements of amendment, with or without the Grantor’s signature, as may be necessary or advisable to perfect and maintain the perfection and priority of the security interest granted to the Secured Parties in this Agreement, including any such filings containing such information required by Part 5 of Revised Article 9 for the sufficiency or filing office acceptance of any financing statement, continuation statement or amendment, including whether the Grantor is an organization, the type of organization and any organization number issued to the Grantor. The Grantor shall furnish such information to the Collateral Agent upon the Collateral Agent’s request. Any such financing statements, continuation statements or amendments may be signed by the Collateral Agent on the Grantor’s behalf. Any such filings by the Collateral Agent may be by delivery of originals or photocopies, by electronic communication, or such other authorized form of communication as may be permitted under then.
Revised Article 9. It is the intention of the parties to this Agreement that the priorities and agreements herein contained continue to apply after the enactment by the various States of Revised Article 9 -- Secured Transactions (with conforming amendments to Articles 1, 2, 2a, 4, 5, 6, 7 and 8) to the UCC as approved by The American Law Institute in 1998 and approved and recommended for enactment in all the States by the National Conference of Commissioners for Uniform State Laws in 1998 ("Revised Article 9") and the effectiveness of Revised Article 9 in any State. After the effectiveness of Revised Article 9 in any State governing perfection and the effect of perfection or non-perfection of a 133 security interest in any Collateral, as to such State and such Collateral, (i) all section references herein to, and all defined terms used herein defined in, Article 9 of the UCC as currently in effect shall be deemed to be to any corresponding Section or definition of Revised Article 9, (ii) if any definition used herein by reference to Revised Article 9 is broader than the corresponding definition used in current Article 9 of the UCC, such broader definition will apply herein.
Revised Article 9. The parties acknowledge that revised Article 9 of the Uniform Commercial Code in the form approved by the American Law Institute and the National Conference of Commissioners on Uniform State Law and contained in the 1999 official text of Revised Article 9 (“Revised Article 9”) has been adopted in the State of California and elsewhere and hereby agree to the following provisions of this Security Agreement in anticipation of the possible application thereof, in one or more jurisdictions, to the transactions contemplated hereby. (a) In applying the law of any jurisdiction in which Revised Article 9 is in effect, the Collateral is all assets of Grantor described in Section 2, whether or not within the scope of Revised Article 9.
Revised Article 9. The parties acknowledge that revised Article 9 of the Uniform Commercial Code in the form approved by the American Law Institute and the National Conference of Commissioners on Uniform State Law and contained in the 1999 official text of Revised Article 9 ("Revised Article 9") has been adopted in the State of California and elsewhere and hereby agree to the following provisions of this Agreement in anticipation of the possible application thereof, in one or more jurisdictions, to the transactions contemplated hereby.
Revised Article 9. After the effective date of Revised Article 9 and no later than July 31, 2001, the Loan Parties shall deliver to Agent opinions of counsel (which opinions shall be reasonably satisfactory in form and substance to Agent) for the states of California, Georgia, Illinois, North Carolina, Texas and Pennsylvania and each of the other states with respect to which Hunton & ▇▇▇▇▇▇▇▇ opines in its opinion delivered pursuant to subsection 4.1I (including the "Specified States" as defined therein), to the effect that, after the effective date of Revised Article 9, the security interests of Agent securing the Obligations of the Loan Parties hereunder and under the other Loan Documents (including without limitation the security interests relating to certain Deposit Accounts) are perfected security interests under applicable law.
Revised Article 9. It is the intention of the parties to this Agreement that the priorities and agreements herein contained continue to apply after the enactment by the various States of Revised Article 9 - Secured Transactions (with conforming amendments
Revised Article 9. It is the intention of the parties to this Agreement that the priorities and agreements herein contained continue to apply after the enactment by the various States of Revised Article 9 -- Secured Transactions (with conforming amendments to Articles 1, 2, 2a, 4, 5, 6, 7 and 8) to the UCC as approved by The American Law Institute in 1998 and approved and recommended for enactment in all the States by the 124 National Conference of Commissioners for Uniform State Laws in 1998 ("Revised Article 9") and the effectiveness of Revised Article 9 in any State. After the effectiveness of Revised Article 9 in any State governing perfection and the effect of perfection or non-perfection of a security interest in any Collateral, as to such State and such Collateral, (i) all section references herein to, and all defined terms used herein defined in, Article 9 of the UCC as currently in effect shall be deemed to be to any corresponding Section or definition of Revised Article 9, (ii) if any definition used herein by reference to Revised Article 9 is broader than the corresponding definition used in current Article 9 of the UCC, such broader definition will apply herein. 125 EXHIBIT D-2 [Form of Subsidiary Holding Company Security Agreement] SECURITY AGREEMENT SECURITY AGREEMENT (the "Agreement") dated ______________, 2000, made by each of the entities listed on the signature pages hereto, jointly and severally, (each referred to individually herein as a "Grantor," and collectively, the "Grantors"), to FORD MOTOR CREDIT COMPANY, as agent (the "Agent") for the lenders (the "Lenders") under the Credit Agreement defined below. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to such terms in the Credit Agreement defined below.