Except for the security interest granted to the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement and Permitted Collateral Liens, such Pledgor owns and has rights and, as to Pledged Collateral acquired by it from time to time after the date hereof, will own and have rights in each item of Pledged Collateral pledged by it hereunder, free and clear of any and all Liens or claims of others (other than licenses granted in the ordinary course of business). In addition, no Liens or claims exist on the Securities Collateral, other than as permitted by Section 1012 of the Indenture. Schedules 11(a) through 11(d) of the Perfection Certificate sets for a true, correct and complete list of all registered and applied for Patents, Trademarks and Copyrights owned by each such Pledgor and all Intellectual Property Licenses under which such Pledgor exclusively licenses Copyrights from a third party (each such Intellectual Property License, an “ Exclusive Copyright License ”).