Which way is this sentence correct?

There is no location at which the Obligor has a place of business or at which Collateral or books and records of the Obligor IS located except for the locations as stated in the initial paragraph.
or

There is no location at which the Obligor has a place of business or at which Collateral or books and records of the Obligor ARE located except for the locations as stated in the initial paragraph

Here's a lesson on either/or and verbs.

The quick answer to your question is "IS".

Cheers