Common use of Vehicles and Equipment Clause in Contracts

Vehicles and Equipment. With respect to each vehicle or item of Equipment constituting Collateral acquired by any Borrower after the Closing Date with an individual value in excess of $150,000, on an orderly liquidation value basis, subject to a certificate of title statute, Borrowers shall deliver to Agent, in form and substance satisfactory to Agent: (i) a fully-executed, notarized power of attorney authorizing Corporation Service Company to perfect liens on behalf of Agent; (ii) new unencumbered titles for each vehicle or item of Equipment within the earlier of (x) five (5) days of receipt by a Borrower of a new title certificate for a vehicle or item of Equipment and (y) twenty-five (25) days of purchase; (iii) to the extent applicable, an odometer statement clearly identifying the current mileage for each item of Collateral; and (iv) to the extent applicable, an in-state garaging address for each item of Collateral.