Common use of Security Interest/Priority Clause in Contracts

Security Interest/Priority. This Agreement creates a valid security interest in favor of the Administrative Agent, for the benefit of the holders of the Secured Obligations, in the Collateral of such Obligor and, when properly perfected by filing a UCC-1 financing statement in the appropriate jurisdiction, shall constitute a valid and perfected security interest in such Collateral (including all uncertificated Pledged Equity consisting of partnership or limited liability company interests that do not constitute Securities), to the extent such security interest can be perfected by filing under the UCC, free and clear of all Liens except for Liens permitted by Section 7.2 of the Credit Agreement. The taking of possession by the Administrative Agent of the certificated securities (if any) evidencing the Pledged Equity and all other Instruments constituting Collateral (and any necessary endorsements) will perfect the Administrative Agent’s security interest in all the Pledged Equity evidenced by such certificated securities and such Instruments (subject to Permitted Liens). With respect to any Collateral consisting of a Deposit Account, Security Entitlement or assets held in a Securities Account (in each case, other than Excluded Accounts), upon execution and delivery by the applicable Obligor, the bank or Securities Intermediary, as applicable, and the Administrative Agent of an agreement granting control to the Administrative Agent over such Collateral, the Administrative Agent shall have a valid and perfected security interest in such Collateral, subject to Permitted Liens. Notwithstanding anything to the contrary in the foregoing, the Obligors and the Administrative Agent acknowledge and agree that no account control agreement shall be required with respect to any Deposit Account or Securities Account that has a balance (or which holds assets with a fair market value) less than $5,000,000.

Security Interest/Priority. This Agreement creates a valid security interest is effective to create in favor of the Administrative Collateral Agent, for the ratable benefit of the holders of the Secured Obligations, a legal, valid and enforceable security interest in the Collateral of such Obligor andidentified herein, except to the extent the enforceability thereof may be limited by applicable Debtor Relief Laws affecting creditors’ rights generally and by equitable principles of law (regardless of whether enforcement is sought in equity or at law), and this Agreement shall create a fully perfected Lien on, and security interest in, all right, title and interest of each Obligor hereunder in such Collateral, in each case prior and superior in right to any other Lien (i) with respect to any such Collateral that is a Security and is evidenced by a certificate and all other Instruments, (ii) with respect to any such Collateral that is a Security but is not evidenced by a certificate, when properly perfected by filing a UCC-1 UCC financing statement statements in appropriate form are filed in the appropriate jurisdictionfiling offices in the jurisdiction of organization of the Obligor or when Control is established by the Collateral Agent over such interests in accordance with the provision of Section 8-106 of the UCC, shall constitute a valid and perfected security interest in or any successor provision, (iii) with respect to any such Collateral that is not a Security or an Instrument, when UCC financing statements in appropriate form are filed in the appropriate filing offices in the jurisdiction of organization of the Obligor (including all uncertificated Pledged Equity consisting of partnership or limited liability company interests that do not constitute Securities), to the extent such security interest can be perfected by filing under the UCC, free ) and clear of all Liens except for Liens permitted by Section 7.2 of the Credit Agreement. The taking of possession by the Administrative Agent of the certificated securities (if anyiv) evidencing the Pledged Equity and all other Instruments constituting Collateral (and any necessary endorsements) will perfect the Administrative Agent’s security interest in all the Pledged Equity evidenced by such certificated securities and such Instruments (subject to Permitted Liens). With with respect to any Collateral consisting of a Deposit Account, Security Entitlement or assets held in a Securities Account (in each case, other than Excluded Accounts)Account, upon execution and delivery by the applicable Obligor, the applicable depository bank or Securities Intermediary, as applicable, Intermediary and the Administrative Collateral Agent of an agreement granting control to the Administrative Collateral Agent over such Collateral, the Administrative Agent shall have a valid and perfected security interest in such Collateral, subject to Permitted Liens. Notwithstanding anything to the contrary in the foregoing, the Obligors and the Administrative Agent acknowledge and agree that no account control agreement shall be required with respect to any Deposit Account or Securities Account that has a balance (or which holds assets with a fair market value) less than $5,000,000.

Security Interest/Priority. This Agreement creates a valid security interest in favor of the Administrative Collateral Agent, for the benefit of the holders of the Secured Obligations, in the Collateral of such Obligor and, when properly perfected by the filing of a UCC-1 financing statement Financing Statement in the appropriate jurisdictionfiling office set forth opposite the name of such Obligor under the column heading “Filing Office” in Schedule 3(i)(b) hereto, shall constitute a valid and perfected perfected, first priority security interest in such Collateral (including all uncertificated Pledged Equity consisting of partnership or limited liability company interests that do not constitute Securities), to the extent such security interest can be perfected by filing under the UCC, free and clear of all Liens except for Permitted Liens permitted by Section 7.2 (including the Permitted Lien thereon in favor of the Credit AgreementFirst Lien Agent that is subject to the Intercreditor Agreement and secures any First Lien Obligations). The taking of possession by the Administrative Collateral Agent (or, if the Intercreditor Agreement is then in effect, the Control Agent) of the certificated securities (if any) evidencing the Pledged Equity and all other Instruments constituting Collateral (and any necessary endorsements) will perfect and establish under the Administrative UCC the first priority of the Collateral Agent’s security interest (subject to the Permitted Lien thereon in favor of the First Lien Agent that is subject to the Intercreditor Agreement and secures any First Lien Obligations) in all of the Pledged Equity evidenced by such certificated securities and such Instruments (subject to Permitted Liens)Instruments. With respect to any Collateral consisting of a Deposit Account, Security Securities Entitlement or assets held in a Securities Account (in each case, other than Excluded Accounts)Account, upon execution and delivery by the applicable Obligor, the applicable depository bank or Securities Intermediary, as applicable, Intermediary and the Administrative Collateral Agent (or, if the Intercreditor Agreement is then in effect, the Control Agent) of an agreement granting control to the Administrative Collateral Agent (or, if the Intercreditor Agreement is then in effect, the Control Agent) over such Collateral, the Administrative Collateral Agent shall have a valid and perfected perfected, first priority security interest in such Collateral, subject to customary setoff rights of depository institutions and the Permitted Liens. Notwithstanding anything Lien thereon in favor of the First Lien Agent that is subject to the contrary in the foregoing, the Obligors Intercreditor Agreement and the Administrative Agent acknowledge and agree that no account control agreement shall be required with respect to secures any Deposit Account or Securities Account that has a balance (or which holds assets with a fair market value) less than $5,000,000First Lien Obligations.

Security Interest/Priority. This Pledge Agreement creates a valid security interest in favor of the Administrative Agent, Agent for the ratable benefit of the holders of the Secured ObligationsParties, in the Collateral of such Obligor andPledged Collateral, when properly perfected by filing a UCC-1 financing statement except to the extent that the security interest in the appropriate jurisdiction, shall constitute a valid Pledged Collateral would be required to be granted or perfected under the laws of any jurisdiction outside of the United States of America. The taking of possession by the Administrative Agent of the certificates representing the Pledged Equity Interests and perfected all other certificates and instruments constituting Pledged Collateral will perfect and establish the first priority of the Administrative Agent's security interest in such certificated Pledged Equity Interests and such certificates and instruments, except to the extent that the security interest in the Pledged Collateral would be required to be granted or perfected under the laws of any jurisdiction outside of the United States of America. Upon the filing of UCC financing statements in the location of each Pledgor's state of organization, the Administrative Agent shall have a first priority perfected security interest (including subject to Permitted Liens) in all uncertificated Pledged Equity Interests consisting of partnership or limited liability company interests that do not constitute Securities)a Security pursuant to Section 8-103(c) of the UCC, except to the extent such security interest can be perfected by filing under that the UCC, free and clear of all Liens except for Liens permitted by Section 7.2 of the Credit Agreement. The taking of possession by the Administrative Agent of the certificated securities (if any) evidencing the Pledged Equity and all other Instruments constituting Collateral (and any necessary endorsements) will perfect the Administrative Agent’s security interest in all the Pledged Equity evidenced by such certificated securities and such Instruments (subject Collateral would be required to Permitted Liens)be granted or perfected under the laws of any jurisdiction outside of the United States of America. With respect to any Pledged Collateral consisting of an Uncertificated Security or a Deposit Account, Security Entitlement or assets any Pledged Collateral held in a Securities Account (in each case, other than Excluded Accounts)Account, upon execution and delivery by the applicable ObligorPledgor, the bank or Securities Intermediary, as applicable, and the Administrative Agent and the applicable Securities Intermediary or the applicable issuer of the Uncertificated Security of an agreement granting control to the Administrative Agent over such Pledged Collateral, the Administrative Agent shall have a valid and first priority perfected security interest in such Pledged Collateral, subject to Permitted Liens. Notwithstanding anything except to the contrary extent that the security interest in the foregoingPledged Collateral would be required to be granted or perfected under the laws of any jurisdiction outside of the United States of America. Except as set forth in this Section and except to the extent that the security interest in the Pledged Collateral would be required to be granted or perfected under the laws of any jurisdiction outside of the United States of America, the Obligors and no action is necessary to perfect the Administrative Agent acknowledge and agree that no account control agreement shall be required with respect to any Deposit Account or Securities Account that has a balance (or which holds assets with a fair market value) less than $5,000,000Agent's security interest.

Security Interest/Priority. This Agreement creates a valid security interest in favor of the Administrative Collateral Agent, for the benefit of the holders of the Secured ObligationsParties, in the Collateral of such Obligor and, when properly perfected by filing a UCC-1 financing statement in the appropriate jurisdictionfiling, shall constitute a valid and perfected perfected, first priority security interest in such Collateral (including all uncertificated Pledged Equity consisting of partnership or limited liability company interests that do not constitute Securities), to the extent such security interest can be perfected by filing under the UCC, free and clear of all Liens except for Liens permitted by Section 7.2 of the Credit AgreementPermitted Liens. The taking of possession by the Administrative Collateral Agent of the certificated securities Certificated Securities (if any) evidencing the Pledged Equity and all other Instruments constituting Collateral (and any necessary endorsements) will perfect and establish the Administrative first priority of the Collateral Agent’s security interest in all the Pledged Equity evidenced by such certificated securities Certificated Securities and such Instruments (subject to Permitted Liens)Instruments. With respect to any Collateral consisting of a Deposit Account, Security Securities Entitlement or assets held in a Securities Account (in each case, other than Excluded Accounts)Account, upon execution and delivery by the applicable Obligor, the bank applicable Depository Bank or Securities Intermediary, as applicable, and the Administrative Collateral Agent of an agreement granting control to the Administrative Collateral Agent over such CollateralCollateral (a “Deposit Account Control Agreement” or “Securities Account Control Agreement”, as applicable), in each case in form and substance reasonably satisfactory to the Collateral Agent, the Administrative Collateral Agent shall have a valid and perfected perfected, first priority security interest in such Collateral, subject to Permitted Liens. Notwithstanding anything Collateral substantially in form and substance reasonably satisfactory to the contrary in the foregoing, the Obligors and the Administrative Agent acknowledge and agree that no account control agreement shall be required with respect to any Deposit Account or Securities Account that has a balance (or which holds assets with a fair market value) less than $5,000,000Collateral Agent.

Security Interest/Priority. This Domestic Pledge Agreement creates a valid security interest in favor of the Administrative Agent, Collateral Agent for the benefit of the holders of the Secured Obligations, in the Pledged Collateral of such Obligor and, when properly perfected by filing a UCC-1 financing statement in the appropriate jurisdiction, shall constitute a valid and perfected security interest in such Collateral (including all uncertificated Pledged Equity consisting of partnership or limited liability company interests that do not constitute Securities), Pledgor. The delivery to the extent such security interest can be perfected by filing under the UCC, free and clear of all Liens except for Liens permitted by Section 7.2 of the Credit Agreement. The taking of possession by the Administrative Collateral Agent of the certificated securities (if any) certificates evidencing the Pledged Equity and all other Instruments constituting Collateral (and any necessary endorsements) of such Pledgor, together with duly executed stock powers in respect thereof, will perfect and establish the Administrative first priority (subject to Liens permitted pursuant to the terms of the Note Documents) of the Collateral Agent’s security interest in all any certificated Pledged Collateral of such Pledgor that constitutes a Security. The filing of appropriate UCC financing statements in the Pledged Equity evidenced by appropriate filing offices in the jurisdiction of organization of such certificated securities Pledgor or obtaining “control” over such interests in accordance with the provisions of Section 8-106 of the UCC will perfect and such Instruments establish the first priority (subject to Permitted Liens). With respect to any Collateral consisting of a Deposit Account, Security Entitlement or assets held in a Securities Account (in each case, other than Excluded Accounts), upon execution and delivery by the applicable Obligor, the bank or Securities Intermediary, as applicable, and the Administrative Agent of an agreement granting control Liens permitted pursuant to the Administrative Agent over such Collateral, terms of the Administrative Agent shall have a valid and perfected Note Documents) of the Collateral Agent’s security interest in such Collateral, subject to Permitted Liensany uncertificated Pledged Collateral that constitutes a Security. Notwithstanding anything The filing of appropriate UCC financing statements in the appropriate filing offices in the jurisdiction of organization of the applicable Pledgor will perfect and establish the first priority of the Collateral Agent’s security interest in any Pledged Collateral that does not constitute a Security to the contrary extent that a security interest therein may be perfected by such filing. Except as set forth in this subsection (e), no action is necessary to perfect the foregoing, security interests granted by the Obligors and the Administrative Agent acknowledge and agree that no account control agreement shall be required with respect to any Deposit Account or Securities Account that has a balance (or which holds assets with a fair market value) less than $5,000,000Pledgors under this Domestic Pledge Agreement.

Security Interest/Priority. This Agreement creates a valid Lien and first priority security interest in favor of the Administrative Agent, for the benefit of the holders of the Secured ObligationsParties, in the Collateral of such Obligor Grantor and, when properly perfected by filing a UCC-1 financing statement in the appropriate jurisdictionfiling, shall constitute a valid and perfected perfected, first priority security interest in such Collateral (Collateral, including all uncertificated Pledged Equity consisting of partnership or limited liability company interests that do not constitute Securities), to the extent such security interest can be perfected by filing under the UCCUCC (other than with respect to Fixtures that require filings or other recordations with the local real estate records), free and clear of all Liens except for Liens permitted by Section 7.2 of the Credit AgreementPermitted Liens. No Grantor has authenticated any agreement authorizing any secured party thereunder to file a financing statement, except to perfect Permitted Liens. The taking of possession by the Administrative Agent of the certificated securities (if any) evidencing the Pledged Equity and all other Instruments constituting Collateral (and any necessary endorsements) will perfect and establish the first priority of the Administrative Agent’s security interest in all the Pledged Equity evidenced by such certificated securities and such Instruments Instruments. With respect to any of the Pledged Equity that are uncertificated securities, Grantors shall register the Administrative Agent as the registered owner of any uncertificated securities (subject to Permitted Liens)if any) and the Administrative Agent will have a perfected first priority security interest in all such uncertificated securities pledged by it. With respect to any Collateral consisting of a Deposit Account, Security Securities Entitlement or assets held in a Securities Account (in each case, other than Excluded Accounts)Account, upon execution and delivery by the applicable ObligorGrantor, the bank or applicable Securities Intermediary, as applicable, Intermediary and the Administrative Agent of an agreement granting control to the Administrative Agent over such Collateral, the Administrative Agent shall have a valid and perfected perfected, first priority security interest in such Collateral, subject to Permitted Liens. Notwithstanding anything to the contrary in the foregoing, the Obligors and the Administrative Agent acknowledge and agree that no account control agreement shall be required with respect to any Deposit Account or Securities Account that has a balance (or which holds assets with a fair market value) less than $5,000,000.

Security Interest/Priority. (a) This Agreement creates a valid security interest in favor of the Administrative Agent, for the benefit of the holders of the Secured ObligationsParties, in the Collateral of such Obligor Grantor and, when properly perfected by (x) with respect to Collateral other than Deposit Accounts, upon the filing a UCC-1 of UCC financing statement statements in the appropriate jurisdictionfiling offices in the jurisdiction of organization of the applicable Grantor set forth on Schedule 4.19(a) of the Credit Agreement, shall constitute a valid and perfected security interest in such Collateral (including all uncertificated Pledged Equity consisting of partnership or limited liability company interests that do not constitute Securities)Collateral, to the extent such security interest can be perfected by (i) filing under the UCCUCC or (ii) filing with the United States Patent and Trademark Office or United States Copyright Office, in each case free and clear of all Liens except for Permitted Liens and (y) with respect to Deposit Accounts that constitute Collateral, upon execution and delivery of Deposit Account Control Agreements with respect thereto, shall constitute a valid perfected security interest in such Deposit Accounts, free and clear of all Liens except for Liens arising by operation of law or permitted by under Section 7.2 7.3(p) of the Credit Agreement. (b) This Agreement creates a valid security interest in favor of the Administrative Agent for the benefit of the Secured Parties, in the Pledged Collateral of such Grantor. The taking of possession by delivery to the Administrative Agent of the certificated securities (if any) certificates evidencing the Pledged Equity Collateral, together with duly executed stock powers in respect thereof, will perfect and all other Instruments constituting establish the first priority of the Administrative Agent’s security interest in any certificated Pledged Collateral that constitutes a Security (subject to Liens arising by operation of law and any necessary endorsementsLiens permitted by Section 7.3(u) of the Credit Agreement). The filing of appropriate UCC financing statements in the appropriate filing offices in the jurisdiction of organization of the applicable Grantor set forth on Schedule 4.19(a) of the Credit Agreement or obtaining “control” over such interests in accordance with the provisions of Section 8-106 of the UCC will perfect the Administrative Agent’s security interest in all any uncertificated Pledged Collateral that constitutes a Security. The filing of appropriate UCC financing statements in the Pledged Equity evidenced by such certificated securities and such Instruments (subject to Permitted Liens). With respect to any Collateral consisting appropriate filing offices in the jurisdiction of a Deposit Account, Security Entitlement or assets held in a Securities Account (in each case, other than Excluded Accounts), upon execution and delivery by organization of the applicable Obligor, the bank or Securities Intermediary, as applicable, and Grantor will perfect the Administrative Agent of an agreement granting control to the Administrative Agent over such Collateral, the Administrative Agent shall have a valid and perfected Agent’s security interest in such Collateralany Pledged Collateral that does not constitute a Security. Except as set forth in this subsection (a) and (b), subject no action is necessary to Permitted Liens. Notwithstanding anything to perfect the contrary in security interests granted by the foregoing, the Obligors and the Administrative Agent acknowledge and agree that no account control agreement shall be required with respect to any Deposit Account or Securities Account that has a balance (or which holds assets with a fair market value) less than $5,000,000Grantors under this Agreement.

Security Interest/Priority. This Upon receipt of the Pledge Approval, this Pledge Agreement creates will create a valid security interest in favor of the Administrative Agent, Agent for the ratable benefit of the holders of the Secured ObligationsLenders, in the Collateral of such Obligor and, when Pledged Collateral. When properly perfected by taking possession by the Administrative Agent if the Administrative Agent has an office in Nevada or otherwise by a custodial agent of the Administrative Agent pursuant to the terms of the Custodian Agreement of the certificates representing the Pledged Equity Interest and all other certificates and instruments constituting Pledged Collateral the Administrative Agent shall have a first priority security interest in all certificated Pledged Equity Interest and such certificates and instruments to the extent such Pledged Collateral can be perfected by taking possession. When properly perfected by the filing a UCC-1 of UCC financing statement statements in the appropriate jurisdictionlocation of the Pledgor's state of organization, the Administrative Agent shall constitute have a valid and first priority perfected security interest in such Collateral (including all uncertificated Pledged Equity Interest consisting of partnership or limited liability company interests that do not constitute Securities), a Security pursuant to Section 8-103(c) of the UCC to the extent such security interest Pledged Collateral can be perfected by the filing under the UCC, free and clear of all Liens except for Liens permitted by Section 7.2 of the Credit Agreement. The taking of possession by the Administrative Agent of the certificated securities (if any) evidencing the Pledged Equity and all other Instruments constituting Collateral (and any necessary endorsements) will perfect the Administrative Agent’s security interest in all the Pledged Equity evidenced by such certificated securities and such Instruments (subject to Permitted Liens)a UCC financing statement. With respect to any Pledged Collateral consisting of an Uncertificated Security or a Deposit Account, Security Entitlement or assets any Pledged Collateral held in a Securities Account (in each caseAccount, other than Excluded Accounts), upon when properly perfected by the execution and delivery by the applicable ObligorPledgor, the bank or Securities Intermediary, as applicable, and the Administrative Agent and the applicable Securities Intermediary or the applicable issuer of the Uncertificated Security of an agreement granting control Control to the Administrative Agent over such Pledged Collateral, the Administrative Agent shall have a valid and first priority perfected security interest in such Collateral, subject to Permitted Liens. Notwithstanding anything Pledged Collateral to the contrary in the foregoing, the Obligors and the Administrative Agent acknowledge and agree that no account control agreement shall extent such Pledged Collateral can be required with respect to any Deposit Account or Securities Account that has a balance (or which holds assets with a fair market value) less than $5,000,000perfected by Control.

Security Interest/Priority. This Pledge Agreement creates a valid security interest in favor of the Administrative Collateral Agent, for the ratable benefit of the holders of the Secured ObligationsParties, in the Pledged Collateral. The taking of possession by the Collateral Agent of the certificates or instruments (if any) representing the Pledged Collateral and the relevant instruments of transfer and all other certificates and instruments constituting Pledged Collateral will perfect and establish the first priority of the Collateral Agent’s security interest in all Pledged Collateral consisting of Certificated Securities and Instruments. Upon the filing of a UCC financing statement describing the Pledged Collateral in the applicable filing office in the State of Texas, and the filing of such Obligor and, when properly perfected other documents and/or the taking by filing a UCC-1 financing statement Pledgor of such other actions as may be required in Pledgor’s jurisdiction of organization and/or in the appropriate jurisdictionjurisdiction of organization of any applicable obligor, issuer, partnership or limited liability company in order to perfect such security interest, the Collateral Agent shall constitute have a valid and first priority perfected security interest in such Collateral (including i) all uncertificated Pledged Equity Debt not evidenced by an Instrument and (ii) in all Pledged Capital Stock consisting of partnership or limited liability company interests that do not constitute Securities), to the extent such security interest can be perfected by filing Securities under Section 8-103(c) of the UCC, free and clear of all Liens except for Liens permitted by Section 7.2 of the Credit Agreement. The taking of possession by the Administrative Agent of the certificated securities (if any) evidencing the Pledged Equity and all other Instruments constituting Collateral (and any necessary endorsements) will perfect the Administrative Agent’s security interest in all the Pledged Equity evidenced by such certificated securities and such Instruments (subject to Permitted Liens). With respect to any Pledged Collateral consisting of an Uncertificated Security or a Deposit Account, Security Entitlement or assets any Pledged Collateral held in a Securities Account (in each case, other than Excluded Accounts)Account, upon execution and delivery by Pledgor, the Collateral Agent and the applicable Obligor, Securities Intermediary or the bank or Securities Intermediary, as applicable, and applicable issuer of the Administrative Agent Uncertificated Security of an agreement granting control Control to the Administrative Collateral Agent over such Pledged Collateral, the Administrative Collateral Agent shall have a valid and first priority perfected security interest in such Pledged Collateral. Except as set forth in this Section 5(e), subject no action is necessary to Permitted Liens. Notwithstanding anything to perfect the contrary in the foregoing, the Obligors and the Administrative Agent acknowledge and agree that no account control agreement shall be required with respect to any Deposit Account or Securities Account that has a balance (or which holds assets with a fair market value) less than $5,000,000Collateral Agent’s security interest.

Security Interest/Priority. This Agreement creates a valid security interest in favor of the Administrative Agent, for the benefit of the holders of the Secured ObligationsParties, in the Collateral of such Obligor and, when properly perfected by filing a UCC-1 financing statement statements in the appropriate jurisdictionoffices against the Grantors, shall constitute a valid and perfected perfected, first priority security interest in such the Collateral (including all uncertificated Pledged Equity consisting of partnership or limited liability company interests that do does not constitute Securities), to the extent such security interest can be perfected by filing under the UCC, free and clear of all Liens except for Liens permitted by Section 7.2 of the Credit AgreementPermitted Lien. The (i) taking of possession by the Administrative Agent of the certificated securities Securities (if any) evidencing the Pledged Equity and all other Instruments constituting Collateral (and any necessary endorsements) will perfect and establish the first priority of the Administrative Agent’s security interest interest, for the benefit of the Secured Parties, in all the Pledged Equity evidenced by such certificated securities Securities and such Instruments and (subject to Permitted Liens)ii) execution by the applicable Issuer, Administrative Agent and Grantors of the Pledge Registration and Control Agreement will perfect by control (as such term is used in Articles 8 and 9 of the UCC) and establish the first priority of Administrative Agent’s security interest, for the benefit of the Secured Parties, in all Pledged Equity which constitutes uncertificated Securities. With respect to any Collateral consisting of a Deposit Account, Security Securities Entitlement or assets held in a Securities Account (in each case, other than Excluded Accounts)or Commodity Account, upon execution and delivery by the applicable ObligorGrantor, the bank applicable Securities Intermediary or Securities Intermediary, as applicable, Bank and the Administrative Agent of an agreement granting control a Control Agreement with respect to the Administrative Agent over such Collaterala Deposit Account or Control Agreement with respect to a Securities Account Control Agreement, as applicable, the Administrative Agent shall have a valid and perfected perfected, first priority security interest in such CollateralCollateral for the benefit of the Secured Parties. With respect to any Collateral consisting of Intellectual Property, subject to Permitted Liens. Notwithstanding anything to upon execution and delivery by the contrary applicable Grantor of a notice of grant of security interest in Copyrights, Patents or Trademarks and the filing of such notice in the foregoingUSPTO or the USCO, as applicable, in combination with the Obligors and filing of financing statements in the appropriate offices referenced above in this Section 4(b), the Administrative Agent acknowledge shall have a valid and agree that no account control agreement shall be required with respect to any Deposit Account or Securities Account that has a balance (or which holds assets with a fair market value) less than $5,000,000perfected, first priority security interest in such Collateral for the benefit of the Secured Parties.

Security Interest/Priority. This Agreement creates a valid security interest in favor of the Administrative Collateral Agent, for the benefit of the holders of the Pari Passu Secured Obligations, in the Collateral of such Obligor and, when properly perfected by the filing of a UCC-1 financing statement Financing Statement in the appropriate jurisdictionfiling office set forth opposite the name of such Obligor under the column heading “Filing Office” in Schedule 3(i)(b) hereto, shall constitute a valid and perfected perfected, first priority security interest in such Collateral (including all uncertificated Pledged Equity consisting of partnership or limited liability company interests that do not constitute Securities), to the extent such security interest can be perfected by filing under the UCC, free and clear of all Liens except for Permitted Liens permitted by Section 7.2 (including the Permitted LienLiens thereon in favor of the Credit AgreementFirst Lien Agent that is subject to the Intercreditor Agreement and secures any First Lien Obligations). The filing of the UCC-1 Financing Statements as set forth in the preceding sentence together with taking of possession by the Administrative Collateral Agent (or, if the Intercreditor Agreement is then in effect, the Control Agent) of the certificated securities (if any) evidencing the Pledged Equity and all other Instruments constituting Collateral (and any necessary endorsements) will perfect and establish under the Administrative UCC the first priority of the Collateral Agent’s security interest (subject to the Permitted LienLiens thereon in favor of the First Lien Agent that is subject to the Intercreditor Agreement and secures any First Lien Obligations) in all of the Pledged Equity evidenced by such certificated securities and such Instruments (subject to Permitted Liens)Instruments. With respect to any Collateral consisting of a Deposit Account, Security Securities Entitlement or assets held in a Securities Account (in each case, other than Excluded Accounts)Account, upon execution and delivery by the applicable Obligor, the applicable depository bank or Securities Intermediary, as applicable, Intermediary and the Administrative Collateral Agent (or, if the Intercreditor Agreement is then in effect, the Control Agent) of an agreement granting control to the Administrative Collateral Agent (or, if the Intercreditor Agreement is then in effect, the Control Agent) over such Collateral, the Administrative Collateral Agent shall have a valid and perfected perfected, first priority security interest in such Collateral, subject to customary setoff rights of depository institutions and the Permitted Liens. Notwithstanding anything LienLiens thereon in favor of the First Lien Agent that is subject to the contrary in the foregoing, the Obligors Intercreditor Agreement and the Administrative Agent acknowledge and agree that no account control agreement shall be required with respect to secures any Deposit Account or Securities Account that has a balance (or which holds assets with a fair market value) less than $5,000,000First Lien Obligations.

Security Interest/Priority. (a) This Agreement creates a valid security interest in favor of the Administrative Agent, for the benefit of the holders of the Secured ObligationsParties, in the Collateral of such Obligor Grantor and, when properly perfected by with respect to Collateral other than Deposit Accounts, upon the filing a UCC-1 of (i) UCC financing statement statements in the appropriate jurisdictionfiling offices in the jurisdiction of organization of the applicable Grantor set forth on Schedule 1(a) of the Perfection Certificate and (ii) Short-Form Intellectual Property Security Agreements in the United States Patent and Trademark Office or the United States Copyright Office, as applicable, shall constitute a valid and perfected security interest in such Collateral (including all uncertificated Pledged Equity consisting of partnership or limited liability company interests that do not constitute Securities)Collateral, to the extent such security interest can be perfected by (i) filing under the UCCUCC or (ii) filing with the United States Patent and Trademark Office or United States Copyright Office, in each case free and clear of all Liens except for Liens permitted by Section 7.2 Permitted Liens. (b) This Agreement creates a valid security interest in favor of the Credit AgreementAdministrative Agent for the benefit of the Secured Parties, in the Pledged Collateral of such Grantor. The taking of possession by delivery to the Administrative Agent of the certificated securities (if any) certificates evidencing the Pledged Equity Collateral, together with duly executed stock powers in respect thereof, will perfect and all other Instruments constituting establish the first priority of the Administrative Agent’s security interest in any certificated Pledged Collateral that constitutes a Security (and any necessary endorsementssubject to Liens arising by operation of law). The filing of appropriate UCC financing statements in the appropriate filing offices in the jurisdiction of organization of the applicable Grantor set forth on Schedule 1(a) of the Perfection Certificate or obtaining “control” over such interests in accordance with the provisions of Section 8-106 of the UCC will perfect the Administrative Agent’s security interest in all any uncertificated Pledged Collateral that constitutes a Security. The filing of appropriate UCC financing statements in the Pledged Equity evidenced by such certificated securities and such Instruments (subject to Permitted Liens). With respect to any Collateral consisting appropriate filing offices in the jurisdiction of a Deposit Account, Security Entitlement or assets held in a Securities Account (in each case, other than Excluded Accounts), upon execution and delivery by organization of the applicable Obligor, the bank or Securities Intermediary, as applicable, and Grantor will perfect the Administrative Agent of an agreement granting control to the Administrative Agent over such Collateral, the Administrative Agent shall have a valid and perfected Agent’s security interest in such Collateral, subject to Permitted Liens. Notwithstanding anything to the contrary in the foregoing, the Obligors and the Administrative Agent acknowledge and agree any Pledged Collateral that no account control agreement shall be required with respect to any Deposit Account or Securities Account that has does not constitute a balance (or which holds assets with a fair market value) less than $5,000,000Security.

Security Interest/Priority. This Agreement creates a valid security interest in favor of the Administrative Agent, for the benefit of the holders of the Secured ObligationsParties, in the Collateral of such Obligor and, when properly perfected by filing of a UCC-1 UCC financing statement in the appropriate jurisdictionstatement, shall constitute a valid and perfected valid, perfected, first priority (subject to Permitted Liens) security interest in such Collateral (including all uncertificated Pledged Equity consisting of partnership or limited liability company interests that do not constitute Securities), to the extent such security interest can be perfected by filing a financing statement under the UCC, free and clear of all Liens except for Liens permitted by Section 7.2 of the Credit Agreementother than Permitted Liens. The taking of possession by the Administrative Agent of the certificated securities (if any) evidencing the Pledged Equity (delivered in suitable form for transfer by delivery or accompanied by duly executed instruments of transfer or assignment in blank), and all other Instruments any Instrument, Document, Tangible Chattel Paper or Money constituting Collateral (and any necessary endorsements) of such Obligor will perfect and establish the first priority (subject to Permitted Liens) of the Administrative Agent’s security interest in all the Pledged Equity evidenced by such certificated securities and such Instruments Instruments, ​ ​ ​ Documents, Tangible Chattel Paper and Money, subject to, in the case of any pledge of (subject i) the Pledged Equity of such Obligor in any Foreign Subsidiary or (ii) intercompany Indebtedness owed by any Foreign Subsidiary to Permitted Liens)such Obligor, the effect of foreign Laws, rules, and regulations as they relate to the enforcement of any such pledge. With respect to any Collateral of such Obligor consisting of a Deposit Account, Security Securities Entitlement or assets held in a Securities Account (in each case, other than Excluded Accounts)Account, upon execution and delivery by the applicable such Obligor, the applicable depository bank or Securities Intermediary, as applicable, Intermediary and the Administrative Agent of an agreement granting control (within the meaning of the UCC) to the Administrative Agent over such Collateral, the Administrative Agent shall have a valid and perfected perfected, first priority (subject to Permitted Liens) security interest in such Collateral, subject to Permitted Liens. Notwithstanding anything to the contrary in the foregoing, the Obligors and the Administrative Agent acknowledge and agree that no account control agreement shall be required with respect to any Deposit Account or Securities Account that has a balance (or which holds assets with a fair market value) less than $5,000,000.

Security Interest/Priority. This Agreement creates a valid security interest in favor of the Administrative Collateral Agent, for the benefit of the holders of the Secured ObligationsParties, in the Collateral of such Obligor Grantor and, when properly perfected by filing a UCC-1 financing statement in the appropriate jurisdictionfiling, shall constitute a valid and perfected perfected, second-priority (subject only to Permitted Liens having priority by operation of law or pursuant to the Intercreditor Agreement or any other Acceptable Intercreditor Agreement) security interest in such Collateral (including all uncertificated Pledged Equity consisting of partnership or limited liability company interests that do not constitute Securities), to the extent such security interest can be perfected by filing under the UCC, free and clear of all Liens except for Liens permitted by Section 7.2 of the Credit AgreementPermitted Liens. No Grantor has authenticated any agreement authorizing any secured party thereunder to file a financing statement, except to perfect Permitted Liens. The taking of possession by the Administrative Collateral Agent of the certificated securities (if any) evidencing the Pledged Equity and all other Instruments constituting Collateral (and any necessary endorsements) will perfect and establish the Administrative second priority (subject only to Permitted Liens having priority by operation of law or pursuant to the Intercreditor Agreement or any other Acceptable Intercreditor Agreement) of the Collateral Agent’s security interest in all the Pledged Equity evidenced by such certificated securities and such Instruments (subject to Permitted Liens)Instruments. With respect to any Collateral consisting of a Deposit Account, Security Securities Entitlement or assets held in a Securities Account (in each case, other than Excluded Accounts)Account, upon execution and delivery by the applicable ObligorGrantor, the bank or applicable Securities Intermediary, as applicable, Intermediary and the Administrative Collateral Agent of an agreement granting control to the Administrative Collateral Agent over such Collateral, the Administrative Collateral Agent shall have a valid and perfected perfected, second-priority (subject only to Permitted Liens having priority by operation of law or pursuant to the Intercreditor Agreement or any other Acceptable Intercreditor Agreement) security interest in such Collateral, subject to Permitted Liens. Notwithstanding anything to the contrary in the foregoing, the Obligors and the Administrative Agent acknowledge and agree that no account control agreement shall be required with respect to any Deposit Account or Securities Account that has a balance (or which holds assets with a fair market value) less than $5,000,000.