Common use of Ownership of Old Notes Clause in Contracts

Ownership of Old Notes. Such Holder has, and on the Closing Date will have valid title to, or a valid “security entitlement” within the meaning of Section 8-501 of the New York Uniform Commercial Code in respect of, the Old Notes to be exchanged by such Holder free and clear of all security interests, claims, liens, equities or other encumbrances and the legal right and power, and all authorization and approval required by law, to enter into this Agreement and to transfer and deliver the Old Notes to be exchanged by such Holder or a security entitlement in respect of such Old Notes.