Common use of Borrower Collateral Clause in Contracts

Borrower Collateral. 4.21.1 As of the Closing Date, (a) all filings, recordings and other actions required to provide Administrative Agent, for the benefit of the Secured Parties, with a valid and perfected security interest in the Borrower Collateral in existence as of the Closing Date (other than Borrower Collateral in which a security interest can be perfected by possession), subject to no Liens other than Borrower Permitted Liens, are described in Part I of Exhibit D-5 and have been taken, and (b) all Borrower Collateral in existence as of the Closing Date in which a security interest can be perfected by possession has been delivered to Administrative Agent. 4.21.2 As of each Credit Event Date (other than the Closing Date), (a) all filings, recordings and other actions required to provide Administrative Agent, for the benefit of the Secured Parties, with a valid and perfected security interest in the Borrower Collateral in existence as of such Credit Event Date (other than Borrower Collateral in which a security interest can be perfected by possession), subject to no Liens other than Borrower Permitted Liens, (x) are described in Part I of Exhibit D-5and have been taken, or (y) have been notified to Administrative Agent in writing and have been taken, and (b) all Borrower Collateral in existence as of such Credit Event Date in which a security interest can be perfected by possession has been delivered to Administrative Agent.