Common use of Creation and Perfection of Security Interests Clause in Contracts

Creation and Perfection of Security Interests. Notwithstanding anything to the contrary in this Section 4.01, with respect to the Secured Obligations, all actions necessary to establish that the Collateral Agent will have a perfected first priority security interest (subject to Permitted Liens) in the Collateral under the Loan Documents shall have been taken, in each case, to the extent such Collateral (including the creation or perfection of any security interest) is required to be provided on the Closing Date; provided that to the extent any security interest in the Collateral is not granted or perfected on the Closing Date after Borrower’s commercially reasonable efforts to do so (other than (x) the grant and perfection of Collateral with respect to which a lien may be perfected solely by the filing of financing statements under the UCC and (y) the grant and perfection with respect to Collateral a Lien on which may be perfected by the delivery of stock certificates or other certificates, if any, representing equity interests of Borrower and its Domestic Subsidiaries (other than stock certificates of Foreign Holdcos)), and the grant or perfection of such security interest (including the security interest on any Real Property that is part of the Collateral) shall not constitute a condition precedent to the availability of the Credit Extension to be made on the Closing Date, but shall be granted or perfected, as the case may be, within 90 days after the Closing Date (or such longer period as the Administrative Agent may agree in its sole, reasonable discretion as provided in Section 5.10).

Creation and Perfection of Security Interests. Notwithstanding anything to the contrary in this Section 4.01, with respect to the Secured Obligations, all actions necessary to establish that the Collateral Agent will have a perfected first priority security interest (subject to Permitted Liens) in the Collateral under the Loan Documents shall have been taken, in each case, to the extent such Collateral (including the creation or perfection of any security interest) is required to be provided on the Closing Effective Date; provided that to the extent any security interest in the Collateral is not granted or perfected on the Closing Effective Date after Borrower▇▇▇▇▇▇▇▇’s commercially reasonable efforts to do so (other than (x) the grant and perfection grants of Collateral with respect subject to which a lien may be perfected solely by the filing of financing statements under the UCC and (y) the grant delivery of and perfection with respect authorization to Collateral a Lien on which may be perfected by file Uniform Commercial Code financing statements, and the delivery of stock certificates or other certificatesand stock powers for “certificated securities” (as defined in Article 8 of the UCC) of each Guarantor, if any, representing equity interests of Borrower and its Domestic Subsidiaries (other than stock certificates of Foreign Holdcos)), and the grant or perfection of such security interest (including the security interest on any Real Property that is part of the Collateral) shall not constitute a condition precedent to the availability of the Credit Extension to be made on the Closing Date, but shall be granted or perfected, as the case may be, within 90 days after the Closing Effective Date (or such longer period as the Administrative Agent may agree in its sole, reasonable discretion or as provided in Section 5.105.15).