Common use of Ownership; Security Interest Clause in Contracts

Ownership; Security Interest. In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then this Agreement creates a valid and continuing lien on the Transferred Assets in favor of the Intermediate Seller, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected under such article), and is enforceable as such against creditors of and purchasers from the Seller; the Transferred Assets are comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under the applicable UCC as to which the Seller has complied with its obligations as set forth herein; the Seller has received all consents and approvals required by the terms of any Transferred Asset to the sale and granting of a security interest in the Transferred Assets hereunder to the Intermediate Seller; the Seller has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the sale and the security interest in that portion of the Transferred Assets in which a sale or a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in Delaware; all original executed copies of each underlying promissory notes constituting or evidencing any Transferred Asset have been delivered to the Intermediate Seller or its designee; none of the underlying promissory notes that constitute or evidence any Transferred Assets has any marks or notations indicating that they have been pledged, assigned or otherwise Conveyed to any Person other than the Intermediate Seller; with respect to a Transferred Asset that constitutes a Certificated Security, such Certificated Security has been delivered to the Intermediate Seller or its designee and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) or in blank by an effective Indorsement or has been registered in the name of the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) upon original issue or registration of transfer by the Seller of such Certificated Security; and in the case of an Uncertificated Security, by causing the Intermediate Seller or its designee to become the registered owner of such Uncertificated Security.

Ownership; Security Interest. In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then this Agreement creates a valid and continuing lien on the Transferred Assets in favor of the Intermediate SellerPurchaser, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected under such article), and is enforceable as such against creditors of and purchasers from the Intermediate Seller; the Transferred Assets are comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under the applicable UCC as to which the Intermediate Seller has complied with its obligations as set forth herein; the Intermediate Seller has received all consents and approvals required by the terms of any Transferred Asset to the sale and granting of a security interest in the Transferred Assets hereunder to the Intermediate SellerPurchaser; the Intermediate Seller has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the sale and the security interest in that portion of the Transferred Assets in which a sale or a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in Delaware; all original executed copies of each underlying promissory notes constituting or evidencing any Transferred Asset have been delivered to the Intermediate Seller Purchaser or its designee; none of the underlying promissory notes that constitute or evidence any Transferred Assets has any marks or notations indicating that they have been pledged, assigned or otherwise Conveyed to any Person other than the Intermediate SellerPurchaser; with respect to a Transferred Asset that constitutes a Certificated Security, such Certificated Security has been delivered to the Intermediate Seller Purchaser or its designee and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) or in blank by an effective Indorsement or has been registered in the name of the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) upon original issue or registration of transfer by the Intermediate Seller of such Certificated Security; and in the case of an Uncertificated Security, by causing the Intermediate Seller Purchaser or its designee to become the registered owner of such Uncertificated Security.

Ownership; Security Interest. In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then this Agreement creates a valid and continuing lien Lien on the Transferred Assets in favor of the Intermediate SellerPurchaser, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected under such article), and is enforceable as such against creditors of and purchasers from the Seller; the Transferred Assets are comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under the applicable UCC as to which the Seller has complied with its obligations as set forth herein; the Seller has received all consents and approvals required by the terms of any Transferred Asset to the sale and granting of a security interest in the Transferred Assets hereunder to the Intermediate SellerPurchaser; the Seller has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the sale and the security interest in that portion of the Transferred Assets in which a sale or a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in Delaware; all original executed copies of each underlying promissory notes note constituting or evidencing any Transferred Asset have been delivered to the Intermediate Seller Purchaser or its designee; none of the underlying promissory notes that constitute or evidence any Transferred Assets has any marks or notations indicating that they have been pledged, assigned or otherwise Conveyed conveyed to any Person other than the Intermediate SellerPurchaser; with respect to a Transferred Asset that constitutes a Certificated Security, such Certificated Security has been delivered to the Intermediate Seller Purchaser or its designee and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) or in blank by an effective Indorsement or has been registered in the name of the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) upon original issue or registration of transfer by the Seller of such Certificated Security; and in the case of an Uncertificated Security, by causing the Intermediate Seller Purchaser or its designee to become the registered owner of such Uncertificated Security.

Ownership; Security Interest. (i) In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then this Agreement creates a valid and continuing lien Lien on the Transferred Assets in favor of the Intermediate SellerPurchaser and the Collateral Agent, as assignee, for the benefit of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected under such article), and is enforceable as such against creditors of and purchasers from the SellerCompany; the Transferred Assets are comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under the applicable UCC as to which the Seller has complied with its obligations as set forth herein; the Seller has received all consents and approvals required by the terms of any Transferred Asset Portfolio Investment to the sale and granting of a security interest in the Transferred Assets Portfolio Investments hereunder to the Intermediate SellerPurchaser and the Collateral Agent, as assignee on behalf of the Secured Parties; the Seller has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the sale and the security interest in that portion of the Transferred Assets in which a sale or a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in DelawareMaryland; all original executed copies of each underlying promissory notes note constituting or evidencing any Transferred Asset have been or, subject to the delivery requirements contained in the Loan Agreement, will be delivered to the Intermediate Seller Purchaser or its designee; none of the underlying promissory notes that constitute or evidence any Transferred Assets the Portfolio Investments has any marks or notations indicating that they have been pledged, assigned or otherwise Conveyed conveyed to any Person other than the Intermediate SellerPurchaser and the Collateral Agent, as assignee on behalf of the Secured Parties; with respect to a Transferred Asset that constitutes a Certificated Security, such Certificated Security certificated security has been delivered to the Intermediate Seller Purchaser or its designee and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Collateral Agent or in blank by an effective Indorsement or has been registered in the name of the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Collateral Agent upon original issue or registration of transfer by the Seller of such Certificated Security; and in the case of an Uncertificated Security, by causing the Intermediate Seller Purchaser or its designee to become the registered owner of such Uncertificated Securityuncertificated security.

Ownership; Security Interest. In Notwithstanding that it is the express intent of the parties hereto that the Conveyance of Transferred Assets hereunder be an absolute contribution of such Transferred Assets by the Transferor to the Transferee, in the event that, notwithstanding the intent of the parties, the Conveyances Conveyance hereunder shall be characterized as loans and not as sales and/or contributions, then this Agreement creates a valid and continuing lien on the Transferred Assets in favor of the Intermediate SellerTransferee and the Collateral Trustee, as assignee, for the benefit of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected under such article), and is enforceable as such against creditors of and purchasers from the SellerTransferee; the Transferred Assets are comprised of Instrumentsinstruments, Security Entitlementssecurity entitlements, General Intangiblesgeneral intangibles, Certificated Securitiescertificated securities, Uncertificated Securitiesuncertificated securities, Securities Accountssecurities accounts, Investment Property investment property and Proceeds proceeds (each as defined in the UCC) and such other categories of collateral under the applicable UCC as to which the Seller Transferor has complied with its obligations as set forth herein; the Seller Transferor has received all consents and approvals required by the terms of any Transferred Underlying Asset to the sale contribution and granting of a security interest in the Transferred Underlying Assets hereunder to the Intermediate SellerTransferee and the Collateral Trustee, as assignee on behalf of the Secured Parties; the Seller Transferor has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the sale and the security interest in that portion of the Transferred Assets in which a sale or a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in the State of Delaware; all original executed copies of each underlying promissory notes note constituting or evidencing any Transferred Asset have been or, subject to the delivery requirements contained in the Indenture, will be delivered to the Intermediate Seller Transferee or its designee; none of the underlying promissory notes that constitute or evidence any Transferred the Underlying Assets has any marks or notations indicating that they have been pledged, assigned or otherwise Conveyed conveyed to any Person other than the Intermediate SellerTransferee and the Collateral Trustee, as assignee on behalf of the Secured Parties; with respect to a Transferred Asset that constitutes a Certificated Securitycertificated security (as defined in the UCC), such Certificated Security certificated security has been delivered to the Intermediate Seller Transferee or its designee and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Collateral Trustee or in blank by an effective Indorsement or has been registered in the name of the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Collateral Trustee upon original issue or registration of transfer by the Seller Transferor of such Certificated Securitycertificated security; and in the case of an Uncertificated Securityuncertificated security (as defined in the UCC), by causing the Intermediate Seller Transferee or its designee to become the registered owner of such Uncertificated Securityuncertificated security.

Ownership; Security Interest. In Notwithstanding that it is the express intent of the parties hereto that the Conveyance of Transferred Assets hereunder be an absolute contribution of such Transferred Assets by the Transferor to the Transferee, in the event that, notwithstanding the intent of the parties, the Conveyances Conveyance hereunder shall be characterized as loans and not as sales and/or contributions, then this Agreement creates a valid and continuing lien on the Transferred Assets in favor of the Intermediate SellerTransferee and the Trustee, as assignee, for the benefit of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected under such article), and is enforceable as such against creditors of and purchasers from the SellerTransferee; the Transferred Assets are comprised of Instrumentsinstruments, Security Entitlementssecurity entitlements, General Intangiblesgeneral intangibles, Certificated Securitiescertificated securities, Uncertificated Securitiesuncertificated securities, Securities Accountssecurities accounts, Investment Property investment property and Proceeds proceeds (each as defined in the UCC) and such other categories of collateral under the applicable UCC as to which the Seller Transferor has complied with its obligations as set forth herein; the Seller Transferor has received all consents and approvals required by the terms of any Transferred Underlying Asset to the sale contribution and granting of a security interest in the Transferred Underlying Assets hereunder to the Intermediate SellerTransferee and the Trustee, as assignee on behalf of the Secured Parties; the Seller Transferor has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the sale and the security interest in that portion of the Transferred Assets in which a sale or a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in the State of Delaware; all original executed copies of each underlying promissory notes note constituting or evidencing any Transferred Asset have been or, subject to the delivery requirements contained in the Indenture, will be delivered to the Intermediate Seller Transferee or its designee; none of the underlying promissory notes that constitute or evidence any Transferred the Underlying Assets has any marks or notations indicating that they have been pledged, assigned or otherwise Conveyed conveyed to any Person other than the Intermediate SellerTransferee and the Trustee, as assignee on behalf of the Secured Parties; with respect to a Transferred Asset that constitutes a Certificated Securitycertificated security (as defined in the UCC), such Certificated Security certificated security has been delivered to the Intermediate Seller Transferee or its designee and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Trustee or in blank by an effective Indorsement or has been registered in the name of the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Trustee upon original issue or registration of transfer by the Seller Transferor of such Certificated Securitycertificated security; and in the case of an Uncertificated Securityuncertificated security (as defined in the UCC), by causing the Intermediate Seller Transferee or its designee to become the registered owner of such Uncertificated Securityuncertificated security.

Ownership; Security Interest. i. In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then this Agreement creates a valid and continuing lien Lien on the Transferred Assets in favor of the Intermediate SellerPurchaser and the Collateral Agent, as assignee, for the benefit of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected under such article), and is enforceable as such against creditors of and purchasers from the SellerBorrower; the Transferred Assets are comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under the applicable UCC as to which the Seller has complied with its obligations as set forth herein; the Seller has received all consents and approvals required by the terms of any Transferred Asset Collateral Obligation to the sale and granting of a security interest in the Transferred Assets Collateral Obligations hereunder to the Intermediate SellerPurchaser and the Collateral Agent, as assignee on behalf of the Secured Parties; the Seller has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the sale and the security interest in that portion of the Transferred Assets in which a sale or a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in DelawareMaryland; all original executed copies of each underlying promissory notes note constituting or evidencing any Transferred Asset have been or, subject to the delivery requirements contained in the Loan Agreement, will be delivered to the Intermediate Seller Purchaser or its designee; none of the underlying promissory notes that constitute or evidence any Transferred Assets the Collateral Obligations has any marks or notations indicating that they have been pledged, assigned or otherwise Conveyed conveyed to any Person other than the Intermediate SellerPurchaser and the Collateral Agent, as assignee on behalf of the Secured Parties; with respect to a Transferred Asset that constitutes a Certificated Security, such Certificated Security certificated security has been delivered to the Intermediate Seller Purchaser or its designee and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Collateral Agent or in blank by an effective Indorsement or has been registered in the name of the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Collateral Agent upon original issue or registration of transfer by the Seller of such Certificated Security; and in the case of an Uncertificated Security, by causing the Intermediate Seller Purchaser or its designee to become the registered owner of such Uncertificated Securityuncertificated security.

Ownership; Security Interest. In Notwithstanding that it is the express intent of the parties hereto that each Conveyance of Transferred Assets hereunder be an absolute contribution of such Transferred Assets by the Transferor to the Transferee, in the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then this Agreement creates a valid and continuing lien Lien on the Transferred Assets in favor of the Intermediate SellerTransferee and the Collateral Agent, as assignee, for the benefit of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected under such article), and is enforceable as such against creditors of and purchasers from the SellerTransferee; the Transferred Assets are comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under the applicable UCC as to which the Seller Transferor has complied with its obligations as set forth herein; the Seller Transferor has received all consents and approvals required by the terms of any Transferred Asset Collateral Obligation to the sale contribution and granting of a security interest in the Transferred Assets Collateral Obligations hereunder to the Intermediate SellerTransferee and the Collateral Agent, as assignee on behalf of the Secured Parties; the Seller Transferor has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the sale and the security interest in that portion of the Transferred Assets in which a sale or a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in the State of Delaware; all original executed copies of each underlying promissory notes note constituting or evidencing any Transferred Asset have been or, subject to the delivery requirements contained in the Loan Agreement, will be delivered to the Intermediate Seller Transferee or its designee; none of the underlying promissory notes that constitute or evidence any Transferred Assets the Collateral Obligations has any marks or notations indicating that they have been pledged, assigned or otherwise Conveyed conveyed to any Person other than the Intermediate SellerTransferee and the Collateral Agent, as assignee on behalf of the Secured Parties; with respect to a Transferred Asset that constitutes a Certificated Security, such Certificated Security has been delivered to the Intermediate Seller Transferee or its designee and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Collateral Agent or in blank by an effective Indorsement or has been registered in the name of the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Collateral Agent upon original issue or registration of transfer by the Seller Transferor of such Certificated Security; and in the case of an Uncertificated Security, by causing the Intermediate Seller Transferee or its designee to become the registered owner of such Uncertificated Security.

Ownership; Security Interest. In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then this Agreement creates a valid and continuing lien Lien on the Transferred Assets in favor of the Intermediate SellerPurchaser and the Collateral Agent, as assignee, for the benefit of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected under such article), and is enforceable as such against creditors of and purchasers from the SellerBorrower; the Transferred Assets are comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under the applicable UCC as to which the Seller has complied with its obligations as set forth herein; the Seller has received all consents and approvals required by the terms of any Transferred Asset Collateral Obligation to the sale and granting of a security interest in the Transferred Assets Collateral Obligations hereunder to the Intermediate SellerPurchaser and the Collateral Agent, as assignee on behalf of the Secured Parties; the Seller has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the sale and the security interest in that portion of the Transferred Assets in which a sale or a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in DelawareMaryland; all original executed copies of each underlying promissory notes note constituting or evidencing any Transferred Asset have been or, subject to the delivery requirements contained in the Loan Agreement, will be delivered to the Intermediate Seller Purchaser or its designee; none of the underlying promissory notes that constitute or evidence any Transferred Assets the Collateral Obligations has any marks or notations indicating that they have been pledged, assigned or otherwise Conveyed conveyed to any Person other than the Intermediate SellerPurchaser and the Collateral Agent, as assignee on behalf of the Secured Parties; with respect to a Transferred Asset that constitutes a Certificated Security, such Certificated Security certificated security has been delivered to the Intermediate Seller Purchaser or its designee and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Collateral Agent or in blank by an effective Indorsement or has been registered in the name of the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Collateral Agent upon original issue or registration of transfer by the Seller of such Certificated Security; and in the case of an Uncertificated Security, by causing the Intermediate Seller Purchaser or its designee to become the registered owner of such Uncertificated Securityuncertificated security.

Ownership; Security Interest. i. In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then this Agreement creates a valid and continuing lien Lien on the Transferred Assets in favor of the Intermediate SellerPurchaser and the Administrative Agent, as assignee, for the benefit of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected under such article), and is enforceable as such against creditors of and purchasers from the SellerPurchaser; the Transferred Assets are comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under the applicable UCC as to which the Seller has complied with its obligations as set forth herein; the Seller has received all consents and approvals required by the terms of any Transferred Asset Collateral Obligation to the sale and granting of a security interest in the Transferred Assets Collateral Obligations hereunder to the Intermediate SellerPurchaser and the Administrative Agent, as assignee on behalf of the Secured Parties; the Seller has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the sale and the security interest in that portion of the Transferred Assets in which a sale or a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in DelawareMaryland; all original executed copies of each underlying promissory notes note constituting or evidencing any Transferred Asset have been or, subject to the delivery requirements contained in the Credit Agreement, will be delivered to the Intermediate Seller Purchaser or its designee; none of the underlying promissory notes that constitute or evidence any Transferred Assets the Collateral Obligations has any marks or notations indicating that they have been pledged, assigned or otherwise Conveyed conveyed to any Person other than the Intermediate SellerPurchaser and the Administrative Agent, as assignee on behalf of the Secured Parties; with respect to a Transferred Asset that constitutes a Certificated Security, such Certificated Security certificated security has been delivered to the Intermediate Seller Purchaser or its designee and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Administrative Agent or in blank by an effective Indorsement or has been registered in the name of the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Administrative Agent upon original issue or registration of transfer by the Seller of such Certificated Security; and in the case of an Uncertificated Security, by causing the Intermediate Seller Purchaser or its designee to become the registered owner of such Uncertificated Securityuncertificated security.

Ownership; Security Interest. i. In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then this Agreement creates a valid and continuing lien Lien on the Transferred Assets in favor of the Intermediate SellerPurchaser and the Collateral Agent, as assignee, for the benefit of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected under such article)UCC, and is enforceable as such against creditors of and purchasers from the SellerBorrower; the Transferred Assets are comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under the applicable UCC as to which the Seller has complied with its obligations as set forth herein; with respect to Transferred Assets that constitute Security Entitlements (A) all of such Security Entitlements have been credited to the Collection Account and the Securities Intermediary has agreed to treat all assets credited to the Collection Account as Financial Assets, (B) all steps necessary to enable the Collateral Agent to obtain Control with respect to the Collection Account have been taken and (C) the Collection Account is not in the name of any Person other than the Purchaser, subject to the Lien of the Collateral Agent for the benefit of the Secured Parties; the Purchaser has not instructed the Securities Intermediary to comply with the entitlement order of any Person other than the Collateral Agent; provided that, until the Collateral Agent delivers a Notice of Exclusive Control (as defined in the Account Control Agreement), the Purchaser (or the Investment Manager on its behalf) may cause cash in the Collection Account to be invested in Permitted Investments, and the proceeds thereof to be paid and distributed in accordance with the Loan Agreement; all Accounts constitute Securities Accounts; the Seller owns and has good and marketable title to the Transferred Assets purchased by the Purchaser on the applicable Purchase Date, free and clear of any Lien (other than Permitted Liens); the Seller has received all consents and approvals required by the terms of any Transferred Asset Collateral Obligation to the sale and granting of a security interest in the Transferred Assets Collateral Obligations hereunder to the Intermediate SellerPurchaser and the Collateral Agent, as assignee on behalf of the Secured Parties; the Seller has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the sale and the security interest in that portion of the Transferred Assets in which a sale or a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in Delaware; all original executed copies of each underlying promissory notes note constituting or evidencing any Transferred Asset have been or, subject to the delivery requirements contained in the Loan Agreement, will be delivered to the Intermediate Collateral Custodian; the Seller has received, or subject to the delivery requirements contained the Loan Agreement will receive, a written acknowledgment from the Collateral Agent that the Collateral Agent or its designeebailee is holding each underlying promissory note evidencing a Collateral Obligation solely on behalf of the Collateral Agent for the benefit of the Secured Parties; none of the underlying promissory notes that constitute or evidence any Transferred Assets the Collateral Obligations has any marks or notations indicating that they have been pledged, assigned or otherwise Conveyed conveyed to any Person other than the Intermediate SellerPurchaser and the Collateral Agent, as assignee on behalf of the Secured Parties; with respect to a Transferred Asset that constitutes a Certificated Security, such Certificated Security certificated security has been delivered to the Intermediate Seller or its designee Collateral Agent, as assignee of the Purchaser on behalf of the Secured Parties and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Collateral Agent or in blank by an effective Indorsement or has been registered in the name of the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Collateral Agent upon original issue or registration of transfer by the Seller of such Certificated Security; and in the case of an Uncertificated Security, by (A) causing the Intermediate Seller or its designee Collateral Agent to become the registered owner of such Uncertificated Securityuncertificated security and (B) causing such registration to remain effective.

Ownership; Security Interest. (i) In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then this Agreement creates a valid and continuing lien Lien on the Transferred Assets in favor of the Intermediate SellerPurchaser and the Collateral Agent, as assignee, for the benefit of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected under such article), and is enforceable as such against creditors of and purchasers from the SellerCompany; the Transferred Assets are comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under the applicable UCC as to which the Seller has complied with its obligations as set forth herein; the Seller has received all consents and approvals required by the terms of any Transferred Asset Portfolio Investment to the sale and granting of a security interest in the Transferred Assets Portfolio Investments hereunder to the Intermediate SellerPurchaser and the Collateral Agent, as assignee on behalf of the Secured Parties; the Seller has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the sale and the security interest in that portion of the Transferred Assets in which a sale or a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in DelawareNew York; all original executed copies of each underlying promissory notes note constituting or evidencing any Transferred Asset have been or, subject to the delivery requirements contained in the Loan Documents, will be delivered to the Intermediate Seller Purchaser or its designee; none of the underlying promissory notes that constitute or evidence any Transferred Assets the Portfolio Investments has any marks or notations indicating that they have been pledged, assigned or otherwise Conveyed conveyed to any Person other than the Intermediate SellerPurchaser and the Collateral Agent, as assignee on behalf of the Secured Parties; with respect to a Transferred Asset that constitutes a Certificated Security, such Certificated Security certificated security has been delivered to the Intermediate Seller Purchaser or its designee and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Securities Intermediary or in blank by an effective Indorsement or has been registered in the name of the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Securities Intermediary upon original issue or registration of transfer by the Seller of such Certificated Security; and in the case of an Uncertificated Security, by causing the Intermediate Seller Securities Intermediary or its designee to become the registered owner of such Uncertificated Securityuncertificated security; and, in the case of Euro Investments and GBP Investments, such Portfolio Investment has been delivered in accordance with the requirements of the Security Deed.

Ownership; Security Interest. In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then this Agreement creates a valid and continuing lien Lien on the Transferred Assets in favor of the Intermediate SellerPurchaser, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected under such article), and is enforceable as such against creditors of and purchasers from the Seller; the Transferred Assets are comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under the applicable UCC as to which the Seller has complied with its obligations as set forth herein; the Seller has received all consents and approvals required by the terms of any Transferred Asset to the sale and granting of a security interest in the Transferred Assets hereunder to the Intermediate SellerPurchaser; the Seller has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the sale and the security interest in that portion of the Transferred Assets in which a sale or a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in Delaware; all original executed copies of each underlying promissory notes note constituting or evidencing any Transferred Asset have been delivered to the Intermediate Seller Purchaser or its designee; none of the underlying promissory notes that constitute or evidence any Transferred Assets has any marks or notations indicating that they have been pledged, assigned or otherwise Conveyed conveyed to any Person other than the Intermediate SellerPurchaser; with respect to a Transferred Asset that that constitutes a Certificated Security, such Certificated Security has been delivered to the Intermediate Seller Purchaser or its designee and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) or in blank by an effective Indorsement or has been registered in the name of the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) upon original issue or registration of transfer by the Seller of such Certificated Security; and in the case of an Uncertificated Security, by causing the Intermediate Seller Purchaser or its designee to become the registered owner of such Uncertificated Security.

Ownership; Security Interest. In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then this Agreement creates a valid and continuing lien Lien on the Transferred Assets in favor of the Intermediate SellerTransferee and the Collateral Agent, as assignee, for the benefit of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected under such article), and is enforceable as such against creditors of and purchasers from the SellerTransferee; the Transferred Assets are comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property “instruments,” “security entitlements,” “general intangibles,” “certificated securities,” “uncertificated securities,” “securities accounts,” “investment property,” “accounts,” “cash,” “deposit accounts” and Proceeds “proceeds” and such other categories of collateral under the applicable UCC as to which the Seller Transferor has complied with its obligations as set forth herein; the Seller Transferor has received all consents and approvals required by the terms of any Transferred Asset to the sale Conveyance and granting of a security interest in the Transferred Assets hereunder to the Intermediate SellerTransferee and the Collateral Agent, as assignee on behalf of the Secured Parties; the Seller Transferor has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the sale and the security interest in that portion of the Transferred Assets in which a sale or a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in Delawarethe applicable jurisdiction; all original executed copies of each underlying promissory notes note constituting or evidencing any Transferred Asset have been or, subject to the delivery requirements contained in the Loan Agreement, will be delivered to the Intermediate Seller Transferee or its designee; none of the underlying promissory notes that constitute or evidence any Transferred Assets has any marks or notations indicating that they have been pledged, assigned or otherwise Conveyed conveyed to any Person other than the Intermediate SellerTransferee or the Collateral Agent, as assignee on behalf of the Secured Parties; with respect to a Transferred Asset that constitutes a Certificated Security, such Certificated Security has been delivered to the Intermediate Seller Transferee or its designee and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Collateral Agent or in blank by an effective Indorsement or has been registered in the name of the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Collateral Agent upon original issue or registration of transfer by the Seller Transferor of such Certificated Security; and in the case of an Uncertificated Securityuncertificated security, by (A) causing the Intermediate Seller or its designee Collateral Agent to become the registered owner of such Uncertificated Securityuncertificated security and (B) causing such registration to remain effective.

Ownership; Security Interest. In Notwithstanding that it is the express intent of the parties hereto that each Conveyance of Transferred Assets hereunder be an absolute contribution of such Transferred Assets by the Transferor to the Transferee, in the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then this Agreement creates a valid and continuing lien Lien on the Transferred Assets in favor of the Intermediate SellerTransferee and the Collateral Agent, as assignee, for the benefit of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected under such article), and is enforceable as such against creditors of and purchasers from the SellerTransferee; the Transferred Assets are comprised of Instrumentsinstruments, Security Entitlementssecurity entitlements, General Intangiblesgeneral intangibles, Certificated Securitiescertificated securities, Uncertificated Securitiesuncertificated securities, Securities Accountssecurities accounts, Investment Property investment property and Proceeds proceeds (each as defined in the UCC) and such other categories of collateral under the applicable UCC as to which the Seller Transferor has complied with its obligations as set forth herein; the Seller Transferor has received all consents and approvals required by the terms of any Transferred Asset Collateral Loan to the sale contribution and granting of a security interest in the Transferred Assets Collateral Loans hereunder to the Intermediate SellerTransferee and the Collateral Agent, as assignee on behalf of the Secured Parties; the Seller Transferor has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the sale and the security interest in that portion of the Transferred Assets in which a sale or a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in the State of Delaware; all original executed US-DOCS\148129643.6 copies of each underlying promissory notes note constituting or evidencing any Transferred Asset have been or, subject to the delivery requirements contained in the Credit Agreement, will be delivered to the Intermediate Seller Transferee or its designee; none of the underlying promissory notes that constitute or evidence any Transferred Assets the Collateral Loans has any marks or notations indicating that they have been pledged, assigned or otherwise Conveyed conveyed to any Person other than the Intermediate SellerTransferee and the Collateral Agent, as assignee on behalf of the Secured Parties; with respect to a Transferred Asset that constitutes a Certificated Securitycertificated security (as defined in the UCC), such Certificated Security certificated security has been delivered to the Intermediate Seller Transferee or its designee and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Collateral Agent or in blank by an effective Indorsement or has been registered in the name of the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Collateral Agent upon original issue or registration of transfer by the Seller Transferor of such Certificated Securitycertificated security; and in the case of an Uncertificated Securityuncertificated security (as defined in the UCC), by causing the Intermediate Seller Transferee or its designee to become the registered owner of such Uncertificated Securityuncertificated security.

Ownership; Security Interest. i. In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then this Agreement creates a valid and continuing lien Lien on the Transferred Assets in favor of the Intermediate SellerPurchaser and the Administrative Agent, as assignee, for the benefit of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected under such article), and is enforceable as such against creditors of and purchasers from the SellerPurchaser; the Transferred Assets are comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment Property and Proceeds and such other categories of collateral under the applicable UCC as to which the Seller has complied with its obligations as set forth herein; the Seller has received all consents and approvals required by the terms of any Transferred Asset Collateral Obligation to the sale and granting of a security interest in the Transferred Assets Collateral Obligations hereunder to the Intermediate SellerPurchaser and the Administrative Agent, as assignee on behalf of the Secured Parties; the Seller has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the sale and the security interest in that portion of the Transferred Assets in which a sale or a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in Delaware; all original executed copies of each underlying promissory notes note constituting or evidencing any Transferred Asset have been or, subject to the delivery requirements contained in the Credit Agreement, will be delivered to the Intermediate Seller Purchaser or its designee; none of the underlying promissory notes that constitute or evidence any Transferred Assets the Collateral Obligations has any marks or notations indicating that they have been pledged, assigned or otherwise Conveyed conveyed to any Person other than the Intermediate SellerPurchaser and the Administrative Agent, as assignee on behalf of the Secured Parties; with respect to a Transferred Asset that constitutes a Certificated Security, such Certificated Security certificated security has been delivered to the Intermediate Seller Purchaser or its designee and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Administrative Agent or in blank by an effective Indorsement or has been registered in the name of the Intermediate Seller (or the Purchaser as assignee of the Intermediate Seller, or to the assignee or designee thereof) Administrative Agent upon original issue or registration of transfer by the Seller of such Certificated Security; and in the case of an Uncertificated Security, by causing the Intermediate Seller Purchaser or its designee to become the registered owner of such Uncertificated Securityuncertificated security.