Common use of Article 9 Collateral Clause in Contracts

Article 9 Collateral. The Pledge and Security Agreement is effective to create in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein and, when financing statements in appropriate form are filed in the offices specified on Schedule IV to the Pledge and Security Agreement and the Pledged Collateral is delivered to the Collateral Agent, the Pledge and Security Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the grantors thereunder in such of the Collateral in which a security interest can be perfected under Article 9 of the UCC, in each case securing the Finance Obligations and prior and superior in right to any other Person (other than the Term Collateral Agent with respect to the Term Priority Collateral), other than with respect to Permitted Liens existing on the Closing Date, other non-consensual Permitted Liens not perfected by the filing of UCC financing statements whose priority is determined by applicable law (other than with respect to the property of any newly formed or acquired Subsidiary or newly acquired property of any existing Loan Party to the extent Holdings and the Borrowers are in compliance with Section 6.13) and any title exceptions referred to in the title insurance policies reasonably acceptable to the Collateral Agent.