Common use of UCC Insurance Clause in Contracts

UCC Insurance. Lender shall have received a UCC insurance policy (the “UCC Insurance Policy”) issued by the Title Company and dated as of the Closing Date, which UCC Insurance Policy shall (i) provide coverage in an amount equal to the original principal amount of the Loan, (ii) insure Lender that the Pledge Agreement and the documents executed and delivered in connection therewith create a valid first priority lien on the Pledged Collateral, free and clear of all exceptions from coverage and subject only to the standard exceptions and exclusions from coverage, as modified by the terms of any endorsements, as shall be reasonably required by Lender, including, without limitation, coverage with respect to the validity of the lien on the Pledged Collateral and ability to exercise rights and remedies with respect thereto, (iii) contain such endorsements and affirmative coverages as Lender may reasonably request, and (iv) name Lender and its successors and assigns as the insured. The UCC Insurance Policy shall be assignable with an assignment of the Loan. Lender also shall have received evidence that all premiums in respect of the UCC Insurance Policy have been paid.