Common use of Collateral Security Arrangements Clause in Contracts

Collateral Security Arrangements. The Administrative Agent shall have received the following: (a) each of the agreements, instruments or documents described in Item 5.1.4 of the Disclosure Schedule hereto under the caption “Closing Date Collateral Documents,” duly executed and delivered by the parties thereto, and (b) except as otherwise described in Item 5.1.4 of the Disclosure Schedule hereto under the caption “Post Closing Date Collateral Perfection,” evidence that each of the actions described in Item 5.1.4 of the Disclosure Schedule hereto under the caption “Closing Date Collateral Perfection” shall have been duly taken. In addition, the Lenders and their counsel shall be satisfied that (i) the Liens granted to the Collateral Agent, for the benefit of the Secured Parties, in the collateral described in the documents referred to in clause (a) above are subject to no equal or prior Liens (other than Permitted Liens); and (ii) no Liens exist on any of such collateral described above other than the Liens created in favor of the Collateral Agent, for the benefit of the Secured Parties, pursuant to a Loan Document and Permitted Liens.

Collateral Security Arrangements. The Administrative Agent shall have received the following: (a) each of the agreements, instruments or documents described in Item 5.1.4 of the Disclosure Schedule hereto under the caption “Closing Date Collateral Documents,” duly executed and delivered by the parties thereto, and (b) except as otherwise described in Item 5.1.4 of the Disclosure Schedule hereto under the caption “Post Closing Date Collateral Perfection,” evidence that each of the actions described in Item 5.1.4 of the Disclosure Schedule hereto under the caption captions “Closing Date Collateral Perfection” and “Post Closing Date Collateral Perfection” shall have been duly taken. In addition, the Lenders and their counsel shall be satisfied that (i) the Liens granted to the Collateral Agent, for the benefit of the Secured Parties, in the collateral described in the documents referred to in clause (a) above are subject to no equal or prior Liens (other than Permitted Liens); and (ii) no Liens exist on any of such collateral described above other than the Liens created in favor of the Collateral Agent, for the benefit of the Secured Parties, pursuant to a Loan Document and Permitted Liens.