Common use of Title and Priority Clause in Contracts

Title and Priority. Such Obligor has rights in the Collateral in which it purports to grant a security interest pursuant to Section 3.01 (or has the power to transfer rights in such Collateral to the Administrative Agent) and no Lien exists or will exist upon such Collateral at any time, except for Liens permitted under Section 6.02 of the Credit Agreement and except for the security interest in favor of the Secured Parties created pursuant hereto. 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 3.01 to the extent the same may be perfected by filing, possession or control under the Uniform Commercial Code (except for any period during which such security interests is not required to be perfected hereunder), subject to no equal or prior Lien except as expressly permitted by Section 6.02 of the Credit Agreement.

Title and Priority. Such Obligor has rights in the Collateral in which it purports to grant a security interest pursuant to Section 3.01 (or has the power to transfer rights in such Collateral to the Administrative AgentCollateral Trustee) and no Lien exists or will exist upon such Collateral at any time, except for Liens permitted under Section 6.02 of the Credit Agreement and except for the security interest in favor of the Secured Parties created pursuant hereto. 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 3.01 to the extent the same may be perfected by filing, possession or control under the Uniform Commercial Code (except for any period during which such security interests is not required to be perfected hereunder), subject to no equal or prior Lien except as expressly permitted by Section 6.02 of the Credit Agreement.