Common use of Grant of Collateral Clause in Contracts

Grant of Collateral. The Borrower has good and marketable title to (or a valid participation interest in) all of the Collateral, provided that, for the avoidance of doubt, with respect to any participation interest purchased by the Borrower, the Borrower shall not be the record owner of the relevant Loan Asset until the elevation of such participation interest. The Borrower has taken all actions necessary to perfect its interest in the Collateral transferred by the Fund. Except as otherwise expressly permitted by the terms of this Agreement, no item of Collateral has been sold, transferred, assigned or pledged by the Borrower to any Person, other than as contemplated by Article II and the Grant of such Collateral to the Collateral Agent, for the benefit of the Secured Parties, pursuant to the terms of this Agreement.