Common use of Satisfactory Title Clause in Contracts

Satisfactory Title. The Security Documents shall constitute a valid first lien on the Collateral for the full amount of the Loan advanced to and including such date, free and clear of all Liens except for Permitted Exceptions and Permitted Encumbrances. Agent shall have been furnished with a notice of title continuation or an endorsement to the title insurance policy issued to Lenders in connection with the first advance of the Loan, which continuation or endorsement shall state that since the last disbursement of the Loan there have been no changes in the state of title to the Project and that there are no additional survey exceptions not previously approved by Agent.