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Common Exclusions from Blanket Liens
When structuring secured loans, whether large syndicated credits or small single-lender asset-based facilities, lenders frequently say that their borrowers and any guarantors must grant a security interest in all of their assets to secure the debt. Term sheets for such financings often describe the collateral to be provided as being “all assets.” Moreover, ' 9-504(2) of the Uniform Commercial Code (UCC) provides that a financing statement sufficiently indicates the collateral if it states that it covers “all assets.” Despite their all-inclusive appearance, however, “all-asset” security interests ' commonly called “blanket liens” ' are subject to various exclusions. In this article, we examine some items that commonly are carved out of blanket liens, either by operation of law or by market practice.
Outside Article 9's Scope
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