Common use of The Personal Property Clause in Contracts

The Personal Property. At such times as any Excluded Property is freed of contractual or legal restrictions against becoming subject to a Lien to secure the Obligations and upon the distribution of any Trust Property to Company or a Subsidiary, such property shall, automatically, become subject to the Liens created by the Security Documents, and Company shall notify Agent in writing of such event and take such further actions as may be required by Agent and/or Collateral Agent to evidence and perfect such Liens; provided that, in no event, shall a Lien be granted on any assets required to be placed in a Reserve Account pursuant to the Reorganization Plan or the Homesite Program.

The Personal Property. At such times as any Excluded Property is freed of contractual or legal restrictions against becoming subject to a Lien to secure the Obligations Secured Debt and upon the distribution of any Trust Property to Company or a Subsidiary, such property shall, automatically, become subject to the Liens created by the Security Documents, and Company shall notify Agent in writing of such event and take such further actions as may be required by Agent and/or Collateral Agent to evidence and perfect such Liens; provided that, in no event, shall a Lien be granted on any assets required to be placed in a Reserve Account pursuant to the Reorganization Plan or the Homesite Program.

The Personal Property. At such times as any Excluded Property is freed of contractual or legal restrictions against becoming subject to a Lien to secure the Obligations and Secured Debt or upon the distribution of any Trust Property to the Company or a Subsidiary, such property shallshad, automatically, become subject to the Liens created by the Security Documents, and the Company shall shad notify Agent in writing of such event and take such further actions as may be required by Agent and/or Collateral Agent to evidence and perfect such Liens; provided that, in no event, shall a Lien be shad x Xxxx xx granted on any assets required to be placed in a Reserve Account pursuant to the Reorganization Plan or the Homesite Program.