Common use of Ownership of the Notes Clause in Contracts

Ownership of the Notes. Each Noteholder is, and at all times since the effective date thereof has been, the beneficial owner of all of the Notes exchanged by such Noteholder hereunder, free and clear of any adverse claim, mortgage, pledge, lien, encumbrance, option, charge or other security interest that would prevent such Noteholder’s compliance with its obligations hereunder. Such Noteholder has the sole right and power to vote and dispose of the Notes, and none of such Notes is subject to any voting trust or other agreement, arrangement or restriction with respect to the voting or transfer of any of the Notes, except for this Agreement.