Common use of UCC Reports Clause in Contracts

UCC Reports. Delivery to Administrative Agent of a UCC report dated as of a date no more than five Banking Days before the Closing Date for each of the jurisdictions in which UCC-1 financing statements are intended to be filed in respect of the Borrower Collateral, confirming that upon due filing (assuming such filing occurred on the date of such respective reports) the security interests created under the Borrower Collateral Documents will be prior to all other financing statements or other security documents wherein the security interest is perfected by filing in respect of the Borrower Collateral, other than financing statements or other security documents evidencing security interests that will be released and/or discharged on or prior to the Closing Date.