LLCs/LPs: Issuer Control Agreement | Practical Law
An issuer control agreement perfects a security interest in limited liability company (LLC) interests or limited partnership (LP) interests that are classified under the UCC as uncertificated securities. If these interests are collateral in a loan transaction, the secured party typically requires delivery of a signed issuer control agreement (or issuer's acknowledgment) as a condition to closing. This Standard Document has integrated drafting notes with important explanations and drafting tips.