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

Perfection and Priority of Security Interests. The Collateral Documents are effective to create in favor of the Collateral Agent for the benefit of the Secured Parties a valid (subject to (a) applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, (b) any filings, notices and registrations and other perfection requirements necessary to create or perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties (which filings or recordings shall be made to the extent required by any Collateral Document) and (c) with respect to enforceability under non-U.S. laws, the effect of non-U.S. laws, rules and regulations as they relate to pledges, if any, of Equity Interests in Foreign Subsidiaries and intercompany Indebtedness owed by Foreign Subsidiaries) and (i) when all appropriate filings, notices or recordings are made in the appropriate offices, corporate records or with the appropriate Persons as may be required under applicable laws and/or any Collateral Document (which filings, notices or recordings shall be made to the extent required by any Collateral Document) and (ii) upon the taking of possession or control by the Collateral Agent of such Collateral with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given to the Collateral Agent to the extent required by any Collateral Document), perfected first priority security interest in the Collateral, securing the payment of the Secured Obligations, subject to the Customary Permitted Liens and other Liens permitted under Section 10.2. The Loan Parties are the owners of the Collateral free and clear of any Lien, except for Customary Permitted Liens and the liens and security interests created under the Loan Documents and permitted under Section 10.2.

Perfection and Priority of Security Interests. The Collateral Documents are effective to create in favor of the Collateral Administrative Agent for the benefit of the Secured Parties Lenders a valid (subject to (a) applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ ' rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, (b) any filings, notices and registrations and other perfection requirements necessary to create or perfect the Liens on the Collateral granted by the Loan Parties Borrowers in favor of the Secured Parties Lenders (which filings or recordings shall be made to the extent required by any Collateral Document) and (c) with respect to enforceability under non-U.S. laws, the effect of non-U.S. laws, rules and regulations as they relate to pledges, if any, of Equity Interests in Foreign Subsidiaries and intercompany Indebtedness owed by Foreign Subsidiaries) [reserved] and (i) when all appropriate filings, notices or recordings are made in the appropriate offices, corporate records or with the appropriate Persons as may be required under applicable laws and/or any Collateral Document (which filings, notices or recordings shall be made to the extent required by any Collateral Document) and (ii) upon the taking of possession or control by the Collateral Administrative Agent of such Collateral with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given to the Collateral Administrative Agent to the extent required by any Collateral Document), perfected first priority security interest in the Collateral, securing the payment of the Secured Obligations, subject to the Customary Permitted Liens and other Liens permitted under Section 10.210.3. The Loan Parties Borrowers are the owners of the Collateral free and clear of any Lien, except for Customary Permitted Liens and the liens and security interests created under the Loan Documents and permitted under Section 10.210.3.

Perfection and Priority of Security Interests. The Collateral Documents are effective to create in favor of the Collateral Agent for the benefit of the Secured Parties a valid (subject to (a) applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, (b) any filings, notices and registrations and other perfection requirements necessary to create or perfect the Liens on the Collateral granted by the Loan Parties in favor of the Secured Parties (which filings or recordings shall be made to the extent required by any Collateral Document) and (c) with respect to enforceability under non-U.S. laws, the effect of non-U.S. laws, rules and regulations as they relate to pledges, if any, of Equity Interests in Foreign Subsidiaries and intercompany Indebtedness owed by Foreign Subsidiaries) and (i) when all appropriate filings, notices or recordings are made in the appropriate offices, corporate records or with the appropriate Persons as may be required under applicable laws and/or any Collateral Document (which filings, notices or recordings shall be made to the extent required by any Collateral Document) and (ii) upon the taking of possession or control by the Collateral Agent of such Collateral with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given to the Collateral Agent to the extent required by any Collateral Document), perfected first priority security interest in the Collateral, securing the payment of the Secured Obligations, subject to the Customary Permitted Liens and other Liens permitted under Section 10.2. The Loan Parties are the owners of the Collateral free and clear of any Lien, except for Customary Permitted Liens and the liens and security interests created under the Loan Documents and permitted under Section 10.2.><