Ownership and Location of Collateral. (a) At the time the Collateral becomes subject to Agent’s Lien, each Loan Party shall be the sole owner of and fully authorized and able to sell, transfer, pledge and/or grant a first priority Lien (subject to Permitted Encumbrances having priority by operation of law) 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 and encumbrances whatsoever.
Appears in 2 contracts
Samples: Loan and Security Agreement (American Outdoor Brands, Inc.), Loan and Security Agreement (American Outdoor Brands, Inc.)
Ownership and Location of Collateral. (a) At the time the Collateral becomes subject to Agent’s Lien, each Loan Party shall be the sole owner of and fully authorized and able to sell, transfer, pledge and/or grant a first priority Lien (subject to Permitted Encumbrances having priority by operation of lawEncumbrances) 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 and encumbrances whatsoever.
Appears in 2 contracts
Samples: Loan and Security Agreement (Castle a M & Co), Loan and Security Agreement (Forbes Energy International, LLC)
Ownership and Location of Collateral. (a) At the time the Collateral becomes subject to Agentthe Lender’s Lien, each Loan Party shall be the sole owner of and fully authorized and able to sell, transfer, pledge and/or grant a first priority Lien (other than with respect to the Revolving Loan Priority Collateral (subject to Permitted Encumbrances having priority by operation of lawthe Intercreditor Agreement) 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 and encumbrances whatsoever.
Appears in 1 contract
Ownership and Location of Collateral. (a) At the time the Collateral becomes subject to Agent’s Lien, each Loan Party shall be the sole owner of and fully authorized and able to sell, transfer, pledge and/or grant a first priority Lien (other than with respect to the Term Loan Priority Collateral (subject to Permitted Encumbrances having priority by operation of lawthe Term Loan Intercreditor Agreement) 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 and encumbrances whatsoever.
Appears in 1 contract
Ownership and Location of Collateral. (a) At With respect to the Collateral, at the time the Collateral becomes subject to Agent’s Lien, security interest: (i) each Loan Party shall be the sole owner of and fully authorized and able to sell, transfer, pledge and/or grant a first priority Lien (subject to Permitted Encumbrances having priority by operation of law) security interest in each and every item of its respective Collateral to Agent, subject to the Intercreditor Agreement; and, except for Permitted Encumbrances, Encumbrances the Collateral shall be free and clear of all Liens and encumbrances whatsoever.; (ii) each
Appears in 1 contract
Samples: Guaranty and Security Agreement (Babcock & Wilcox Enterprises, Inc.)
Ownership and Location of Collateral. (a) At the time the Collateral becomes subject to Agent’s Lien, each Loan Party shall be the sole owner of and fully authorized and able to sell, transfer, pledge and/or grant a first priority Lien (subject to Permitted Encumbrances having priority by operation of law) 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 and encumbrances whatsoever.
Appears in 1 contract
Samples: Loan and Security Agreement (Winnebago Industries Inc)
