Common use of Foreign Collateral Documents Clause in Contracts

Foreign Collateral Documents. (i) The Irish Debenture, when executed and delivered, is effective to create in favor of the Collateral Agent, for the benefit of the Finance Parties, a legal, valid and enforceable (A) first priority security interest in the case of assets of each Loan Party incorporated in Ireland, located in Ireland which are charged by fixed charge (if any), including the shares held by Parent in the Lead Borrower; and (B) first priority security interest in the case of assets of each Loan Party incorporated in Ireland located in Ireland which are charged by floating charge (if any) subject only to any claims which may rank ahead pursuant to Section 554 of the Companies Xxx 0000, Section 621 of the Companies Xxx 0000 and, subject to the filing of details of the Irish Debenture in the Irish Companies Office in accordance with Section 409 of the Companies Xxx 0000, a fully perfected security interest in those assets.