Common use of Valid Transfer and Security Interest Clause in Contracts

Valid Transfer and Security Interest. This Agreement constitutes a grant of a security interest in all of the Collateral Portfolio to the Collateral Agent, for the benefit of the Secured Parties, which, upon (x) the delivery of the Required Loan Documents to the Collateral Custodian or the Collateral Administrator in accordance with Article XII, (y) the crediting of any Financial Assets to the Controlled Accounts and (z) the filing of the UCC financing statements, shall be a valid and first priority perfected security interest in the Loan Assets forming a part of the Collateral Portfolio and in that portion of the Loan Assets in which a security interest may be perfected by filing a UCC financing statement, subject only to Permitted Liens. No Person claiming through or under the Borrower shall have any claim to or interest in the Controlled Accounts.