Common use of Ownership and Location of Collateral Clause in Contracts

Ownership and Location of Collateral. (a) With respect to the Collateral, at the time the Collateral becomes subject to Agent’s security interest: (i) each Borrower shall be the sole owner of and fully authorized and able to sell, transfer, pledge and/or grant a first priority security interest in each and every item of its respective Collateral to Agent; and, except for Permitted Encumbrances the Collateral shall be free and clear of all Liens whatsoever; (ii) [reserved]; (iii) all signatures and endorsements of each Borrower that appear on such documents and agreements shall be genuine and each Borrower shall have full capacity to execute same; and (iv) each Borrower’s Equipment and Inventory shall be located as set forth on Schedule 4.4(b)(i) and Schedule 4.4(b)(ii) respectively and shall not be removed from such location(s) (other than with respect to Inventory in-transit) without the prior written consent of Agent except with respect to the sale of Inventory and the use of movement of Equipment in the Ordinary Course of Business, and dispositions of Inventory and Equipment to the extent permitted in Section 7.1(b).

Ownership and Location of Collateral. (a) With respect to the Collateral, at the time the Collateral becomes subject to Agent’s security interest: (i) each Borrower shall be the sole owner of and fully authorized and able to sell, transfer, pledge and/or grant a first priority security interest in each and every item of its respective Collateral to Agent; and, except for Permitted Encumbrances the Collateral shall be free and clear of all Liens whatsoever; (ii) [reserved]each document and agreement executed by each Borrower or delivered to Agent or any Lender in connection with this Agreement shall be true and correct in all respects; (iii) all signatures and endorsements of each Borrower that appear on such documents and agreements shall be genuine and each Borrower shall have full capacity to execute same; and (iv) each Borrower’s Equipment equipment and Inventory shall be located as set forth on Schedule 4.4(b)(i) and Schedule 4.4(b)(ii) respectively 4.4 and shall not be removed from such location(s) (other than with respect to Inventory in-transit) without the prior written consent of Agent except with respect to the sale of Inventory and the use of movement of Equipment in the Ordinary Course of Business, Business and dispositions of Inventory and Equipment equipment to the extent permitted in Section 7.1(b)) hereof, or solely with respect to the Aircraft Collateral, to the extent permitted in Section 7.18 hereof.

Ownership and Location of Collateral. (a) With respect to the Collateral, at the time the Collateral becomes subject to AgentLender’s security interest: (i) each Borrower shall be the sole owner of and fully authorized and able to sell, transfer, pledge and/or grant a first priority security interest in each and every item of its respective Collateral to AgentLender; and, except for Permitted Encumbrances the Collateral shall be free and clear of all Liens whatsoever; (ii) [reserved]each document and agreement executed by each Borrower or delivered to Lender in connection with this Agreement shall be true and correct in all respects; (iii) all signatures and endorsements of each Borrower that appear on such documents and agreements shall be genuine and each Borrower shall have full capacity to execute same; and (iv) each Borrower’s Equipment equipment and Inventory shall be located as set forth on Schedule 4.4(b)(i) and 4.4, as such Schedule 4.4(b)(ii) respectively may be updated from time to time, and shall not be removed from such location(s) (other than with respect to Inventory in-transit) without the prior written consent of Agent Lender except with respect to the sale of Inventory and the use of movement of Equipment in the Ordinary Course of Business, Business and dispositions of Inventory and Equipment equipment to the extent permitted in Section 7.1(b)) hereof.