Common use of The Collateral Documents Clause in Contracts

The Collateral Documents. (a) The provisions of the ------------------------ Security Agreement are effective to create in favor of the Agent for the benefit of the Lenders a legal, valid and enforceable security interest in all right, title and interest of the Borrowers in the Collateral described therein, and the Security Agreement, upon the filing of Form UCC-1 financing statements, creates a fully perfected security interest in, all right, title and interest in all of the Collateral described therein, to the extent that a security interest may be perfected therein by filing a financing statement under the Uniform Commercial Code, subject to no other Liens other than Permitted Liens. Each of the Borrowers has good and valid title to all Collateral owned by such Borrower described therein, free and clear of all Liens except those described above in this clause (a). (b) The security interests created in favor of the Agent, as Pledgee, for the benefit of the Lenders under the Pledge Agreement constitute first priority perfected security interests in the common stock or ownership interests described in the Pledge Agreement, subject to no security interests of any other Person. No filings or recordings in the United States are required in order to perfect (or maintain the perfection or priority of) the security interests created in the common stock or ownership interests and the proceeds thereof under the Pledge Agreement.