Common use of Acknowledgment of Existing Security Interests Clause in Contracts

Acknowledgment of Existing Security Interests. (i) Each Borrower, Guarantor and Parent hereby acknowledges, confirms and agrees that Agent has had and shall on and after the date hereof continue to have, for itself and the ratable benefit of Lenders, a security interest in and lien upon the Collateral heretofore granted to Agent (or its predecessors in whatever capacity) pursuant to the Existing Credit Agreement and the Existing Loan Documents to secure the Obligations, except as otherwise set forth in the Loan Documents. (ii) The liens and security interests of Agent in the Collateral shall be deemed to be continuously granted and perfected from the earliest date of the granting and perfection of such liens and security interests to Agent, whether under the Existing Credit Agreement, this Agreement or any of the other Loan Documents.

Acknowledgment of Existing Security Interests. (i) Each Borrower, Guarantor and Parent hereby acknowledges, confirms and agrees that Agent has had and shall on and after the date hereof continue to have, for itself and the ratable benefit of Lenders, a security interest in and lien upon the Collateral heretofore granted to Agent (or its predecessors in whatever capacity) pursuant to the Existing Credit Loan Agreement and the Existing Loan Documents Financing Agreements to secure the Obligations, except as otherwise set forth in the Loan Documents. (ii) The liens and security interests of Agent in the Collateral shall be deemed to be continuously granted and perfected from the earliest date of the granting and perfection of such liens and security interests to Agent, whether under the Existing Credit Loan Agreement, this Agreement or any of the other Loan Documents.