Except for the Lien granted to Collateral Trustee pursuant to this Agreement or under any other Parity Lien Document and other Permitted Liens (including those arising under an ABL Facility), such Grantor owns each item of the Collateral free and clear of any and all Liens. Such Grantor (a) is the record and beneficial owner of the Collateral pledged by it hereunder constituting instruments or certificates and (b) has rights in or the power to transfer each other item of Collateral in which a Lien is granted by it hereunder, free and clear of any other Lien (other than Permitted Liens).