U.S. Borrower definition
Examples of U.S. Borrower in a sentence
Each US Borrower hereby authorizes Administrative Agent to file financing statements that indicate the collateral (i) as all assets of such US Borrower or words of similar effect (other than property specifically excluded from Collateral as set forth in Section 6.1), or (ii) as being of an equal or lesser scope, or with greater or lesser detail, than as set forth in Section 6.1, on such US Borrower’s behalf.
Each US Borrower and each Canadian Borrower hereby pledges to Administrative Agent and grants to Administrative Agent a security interest in all Cash Collateral held in the Cash Collateral Accounts from time to time and all proceeds thereof, as security for the payment of all Obligations, whether or not then due or payable.
No US Borrower shall terminate, amend or file a correction statement with respect to any UCC financing statement filed pursuant to this Section 6.5 without Administrative Agent’s prior written consent.
Each US Borrower also hereby ratifies its authorization for Administrative Agent to have filed in any jurisdiction any UCC financing statements or amendments thereto if filed prior to the Closing Date.
Each US Borrower acknowledges that its guaranty pursuant to this Section is necessary to the conduct and promotion of its business, and can be expected to benefit such business.