Common use of Title, Perfection and Priority; Filing Collateral Clause in Contracts

Title, Perfection and Priority; Filing Collateral. (a) Subject to the terms of the last paragraph of Section 4.01 of the Credit Agreement and the Legal Reservations, this Security Agreement creates a legal, valid and enforceable Lien on all of the Collateral in favor of the Agent for the benefit of itself and the other Secured Parties and, upon the satisfaction of the applicable Perfection Requirements, such Liens constitute perfected First Priority Liens (subject to Permitted Liens) on the Collateral (except to the extent Liens are not required to be perfected under the terms of the Loan Documents and limited to the actions described in the Perfection Requirements) securing the Secured Obligations, in each case as and to the extent set forth therein.

Title, Perfection and Priority; Filing Collateral. (a) Subject to the terms of the last paragraph of Section 4.01 of the Credit Agreement and the Legal Reservations, this This Security Agreement creates a legal, valid and and, subject to the Legal Reservations, enforceable Lien on all of the Collateral in favor of the Notes Collateral Agent for the benefit of itself and the other Secured Notes Secured Parties and, upon the satisfaction of the applicable Perfection RequirementsRequirements subject, as of the Issue Date, to the terms of Section 4.01, such Liens constitute perfected First Priority Liens (subject to Permitted Liens) on the Collateral (except securing the Secured Notes Obligations, to the extent Liens are not required to perfection may be perfected under accomplished by the terms taking of the Loan Documents and limited to the actions described in the Perfection Requirements) securing the Secured Obligations, in each case as and to the extent set forth therein.