Common use of Title and Priority Clause in Contracts

Title and Priority. Such Obligor is the sole beneficial owner of the Collateral in which it purports to grant a security interest pursuant to Section 3 (or has the power to transfer rights in such Collateral to the Collateral Trustee) and no Lien exists or will exist upon such Collateral at any time (and no right or option to acquire the same exists in favor of any other Person), except for Liens permitted under both Section 7.03 of the Credit Agreement and Section 10.5 of the 2002 Note Purchase Agreement. The security interest created pursuant hereto constitutes a valid and perfected security interest in the Collateral in which such Obligor purports to grant a security interest pursuant to Section 3, subject to no equal or prior Lien except as expressly permitted by both Section 7.03 of the Credit Agreement and Section 10.5 of the 2002 Note Purchase Agreement.

Title and Priority. Such Obligor is the sole beneficial owner of the Collateral in which it purports to grant a security interest pursuant to Section 3 (or has the power to transfer rights in such Collateral to the Collateral Trustee) and no Lien exists or will exist upon such Collateral at any time (and no right or option to acquire the same exists in favor of any other Person), except for Liens permitted under both Section 7.03 9.5 of the Credit Agreement and Section 10.5 of the 2002 Note Securities Purchase Agreement. The security interest created pursuant hereto constitutes a valid and perfected security interest in the Collateral (other than Excluded Perfection Assets) in which such Obligor purports to grant a security interest pursuant to Section 3, subject to no equal or prior Lien except as expressly permitted by both Section 7.03 9.5 of the Credit Agreement and Section 10.5 of the 2002 Note Securities Purchase Agreement.