Common use of Perfection as to Uncertificated Securities Clause in Contracts

Perfection as to Uncertificated Securities. When such Lien Grantor, the Administrative Agent and the issuer of any Pledged Uncertificated Security owned by such Lien Grantor enter into an Issuer Control Agreement with respect thereto, (i) the Transaction Lien on such Pledged Uncertificated Security will be perfected, subject to no prior Liens or rights of others, (ii) the Administrative Agent will have Control of such Pledged Uncertificated Security and (iii) the Administrative Agent will be a protected purchaser (within the meaning of UCC Section 8-303) thereof.

Perfection as to Uncertificated Securities. When such Lien Grantor, the Administrative Applicable Agent and the issuer of any Pledged Uncertificated Security owned by such Lien Grantor enter into an Issuer Control Agreement with respect thereto, (i) the Transaction Lien on such Pledged Uncertificated Security will be perfected, subject to no prior Liens or rights of othersothers (except Permitted Liens), (ii) the Administrative Applicable Agent will have Control of such Pledged Uncertificated Security and (iii) the Administrative Applicable Agent will be a protected purchaser (within the meaning of UCC Section 8-303) thereof.