Common use of The Collateral Documents Clause in Contracts

The Collateral Documents. The provisions of the Collateral Documents executed by the Borrower and its Subsidiaries in favor of the Lender are effective to create, in favor of the Lender, legal, valid and enforceable first priority Security Interests in all right, title and interest of the Borrower and its Subsidiaries in any and all of the collateral described therein, securing the Notes and all other Obligations from time to time outstanding. Neither the Borrower nor any of its Subsidiaries has granted any Security Interest to any Person other than the Lender or taken any other action that could prevent the Lender from holding a fully perfected Security Interest in all right, title and interest of the Borrower and its Subsidiaries in such collateral, superior in right to any liens, existing or future, which the Borrower or any creditors of or purchasers from, or any other Person, may have against such collateral or interests therein, except to the extent, if any, otherwise provided in such Collateral Documents.