UCC Policy definition

UCC Policy means a UCC title insurance policy in form reasonable acceptable to Administrative Agent issued by the Title Company with respect to the Collateral and insuring the lien of the Pledge Agreement encumbering the Collateral.

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UCC Policy means the UCC Insurance Policy as issued by Chicago Title Insurance Company as of the date hereof.

UCC Policy means a so-called “Eagle 9 UCC Insurance Policy” (or equivalent satisfactory to Lender such as a “UCC-Plus Policy”) issued by an insurer reasonably approved by Lender insuring Lender’s first priority perfected security interest in the Collateral in the amount of the Loan with a mezzanine/pledged equity endorsement.

Examples of UCC Policy in a sentence

• The Amount of Insurance shall be reduced by (a) any amount the Title Policy Coinsurers pay under the Lender’s Title Policy, or under any policy insuring a Mortgage which is executed by an Insured after Date of Policy and which is a charge or lien on the Title, and (b) any amount the UCC Policy Coinsurers pay under the UCC Policy, and the amount so paid shall be deemed a payment to the Insured under this policy.

• Each UCC Policy insures that Seller has a first priority perfected security interest in the pledged equity interests and provides coverage in an amount equal to the original principal amount of the related Purchased Loan and immediately following the transfer and assignment of the related Purchased Loan to Buyer, such UCC Policy (or, if it has yet to be issued, the coverage to be provided thereby) will inure to the benefit of Buyer as its interest may appear without the consent of or notice to the insurer.

• Lender shall have received the UCC Policy referred to in Section 7(b) hereof.

• Administrative Agent shall have received evidence that all premiums in respect of the UCC Policy have been paid.

• In the case of a Mezzanine Loan, if obtained, an Eagle 9 UCC Title Policy ("UCC Policy") insures Seller's security interest in the equity interest pledged thereunder.

• Lender shall have received a commitment to issue the UCC Policy referred to in Section 7(b) hereof subject only to conditions reasonably satisfactory to Lender.

• Borrower represents that it will only sell those Club Memberships described in the Eagle 9 UCC Policy provided by Title Company, and as evidenced by such policy, such sales will not violate the one-to-one purchaser-to-accommodation ratio required by Arizona law (“One to One Ratio”).

• The UCC Policy shall (a) provide coverage in the amount of the Loan, (b) insure Administrative Agent and Lender that the Pledge Agreement creates a valid first priority Lien on the Collateral, in each case free and clear of all exceptions from coverage other than the Permitted Encumbrances, and (c) name Administrative Agent (for the benefit of Lender) as the insured.

• Administrative Agent shall have received the UCC Policy, which shall be dated as of the Closing Date.

• Each Mezzanine Loan is covered by a UCC Policy from a nationally recognized title insurance company in the original principal amount of the Mezzanine Loan.

More Definitions of UCC Policy

UCC Policy means a fully paid UCC Insurance Policy written in the full Loan amount in form and substance satisfactory to Lender and written by Title (or First American Title Insurance Company) insuring title to the Collateral is vested in Borrower, free from all Liens, naming Lender as the insured and insuring that the security interest of the Lender in the Collateral is a valid, perfected first security interest.

UCC Policy means the UCC lender’s policy or policies with endorsements required by Lender, all in form and substance acceptable to Lender and its counsel, issued by Title Company in favor of Lender in the amount of the Loan and insuring all security interests in membership interests in Borrower or Separate Property Owner granted to Lender pursuant to the Accommodation Pledge Agreements.

UCC Policy means, for each Pledge and Security Agreement, an UCC Plus Insurance Policy satisfactory to Lender, issued by the UCC Company, insuring that on the Closing Date the Lender has a first priority perfected security interest in the Collateral described in the Pledge and Security Agreements, with such endorsements as Lender requires.

UCC Policy means an “Eagle 9” or equivalent UCC title insurance policy.

UCC Policy means the Eagle 9 UCC title policy issued to Lender and insuring the lien of the Pledge on the Collateral.