Common use of Pledged Intercompany Notes Clause in Contracts

Pledged Intercompany Notes. All Pledged Intercompany Notes from CBII to the Company existing on or after the Effective Date with respect to which a security interest or Lien may be perfected by the Collateral Agent’s taking possession thereof are set forth on Schedule 3.05. All action necessary to protect and perfect such security interest or Lien in each item set forth on Schedule 3.05, including the delivery of all original Pledged Intercompany Notes to the Collateral Agent, has been duly taken. The security interest and Lien of the Collateral Agent in the Pledged Intercompany Notes is taken free from adverse claims upon the Collateral Agent taking possession thereof in good faith and without any notice of any adverse claims and is prior in right and interest to, and free from adverse claims of, all other security interests or Liens, except to the extent Permitted Liens have priority as expressly permitted under the Credit Agreement, and is enforceable as such against creditors of and purchasers from the Company.