Legal and beneficial owner. It is the absolute legal owner and beneficial owner of the assets subject to the Transaction Security.
Legal and beneficial owner it is the sole legal and beneficial owner of its Secured Property free of any Encumbrance other than a Permitted Encumbrance;
Legal and beneficial owner. It is the absolute legal (subject to the Voting Trust Agreement in respect of the Parent and the Original Borrower any necessary registrations in the books of the entity whose shares are being charged or any other legal formalities referred to in the Legal Opinions which will be effected promptly after the date hereof) and, where applicable, beneficial owner of all its assets subject to any Permitted Encumbrances and to any security granted under the Security Documents to which it is a party.