Common use of Status of Liens Clause in Contracts

Status of Liens. Subject to the filing by the Collateral Agent of continuation statements to the extent required by the UCC, maintaining of possession of Pledged Collateral to the extent required by the Collateral Documents and to the qualifications and limitations set forth in clauses (a) and (b) above and such other qualifications and limitations as are expressly set forth in the Loan Documents (including without limitation pursuant to the Agreed Security Principles), the Collateral Documents are sufficient to create valid and continuing liens of record and first priority perfected security interests in all the Collateral referred to therein, except (i) as priority may be affected by Permitted Liens or as a result of the Collateral Agent’s failure to maintain possession of any stock certificates, promissory notes or other instruments delivered to it under the Collateral Documents and (ii) for certain items of Collateral located in or otherwise subject to foreign law where the grant of a Lien or priority and perfection thereof in accordance with the UCC may not be recognized or enforceable.