Common use of Special Collateral Clause in Contracts

Special Collateral. Within five days upon Debtor’s receipt of that portion of the Personal Property Collateral consisting of Special Personal Property Collateral (as defined below), the Debtor shall m▇▇▇ the same to show that such Special Personal Property Collateral is subject to a security interest in favor of Secured Party and shall deliver the original thereof to Secured Party, together with appropriate endorsement and/or other specific evidence of assignment thereof to Secured Party, in form and substance reasonably acceptable to Secured Party. Debtor shall not create any chattel paper or other Special Personal Property Collateral without placing a legend thereon in form and substance reasonably satisfactory to Secured Party indicating that Secured Party has a lien on and security interest in such Special Personal Property Collateral. The term “Special Personal Property Collateral” means any of Debtor’s assets which are evidenced by or consists of any chattel paper, letters of credit, Instrument, certificate or document, including, without limitation, promissory notes, documents of title, securities and warehouse receipts.