Common use of Record Searches Clause in Contracts

Record Searches. As of the Closing Date and thereafter at the time any Financing Document is executed and delivered by the Domestic Borrowers pursuant to this Section, the Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent, such Lien or record searches with respect to all of the Domestic Borrowers and/or any other Person, as appropriate, and the property covered by such Financing Document showing that the Lien of such Financing Document will be a perfected first priority Lien on the property covered by such Financing Document subject only to Permitted Liens or to such other matters as the Administrative Agent may approve.