Common use of Title to Collateral; Perfected Security Interest Clause in Contracts

Title to Collateral; Perfected Security Interest. With respect to ------------------------------------------------ each item of Collateral, including, without limitation, the Receivables, the Borrower owns good and marketable title thereto, free and clear of all Liens, charges or claims except Liens permitted hereby or Liens which would not have a material adverse effect on the value of the Collateral or the collectibility of the Receivables. Upon the funding of any Loan, the Agent, for the ratable benefit of the Lenders, shall have a perfected security interest of first priority under applicable law in the related Collateral subject to no other Liens.