Common use of Collateral Security Documents Clause in Contracts

Collateral Security Documents. (a) Upon execution and delivery thereof, the Collateral Security Documents will be effective to create, in favor of the Agent, legal, valid and enforceable liens on and security interests in all right, title, estate and interest of the Borrower or the General Partner, as the case may be, in and to all items of Collateral (other than those items of Collateral which, individually or in the aggregate, are not material) and (i) all necessary and appropriate recordings and filings will have been duly effected in all appropriate public offices and (ii) any cash or other amounts then required to be deposited pursuant to the Security Deposit Agreement will have been so deposited so that the liens and security interests created by the Collateral Security Documents will constitute perfected first liens (other than as to the Permitted Liens) on, and prior (other than as to the Permitted Liens) perfected security interests in, all right, title, estate and interest of the Borrower or the General Partner, as the case may be, in and to all items of Collateral (other than those items of Collateral which, individually or in the aggregate, are not material) described therein (other than any item of Collateral as to which a security interest cannot be perfected by filing, recording or registering) prior and superior to all other Liens, existing or future, except Permitted Liens. The recordings and filings shown on Schedule 3 and the registration on the books of the General Partner of the pledge effected by the Assignment and Security Agreement and the continuous possession by the Security Agent of the cash required to be deposited pursuant to the Security Deposit Agreement are all the recordings, filings and other action (other than the periodic filing of continuation statements) necessary and appropriate in order to establish, protect and perfect the Agent's lien on and security interest in the right, title, estate and interest of the Borrower or the General Partner, as the case may be, in and to all items of Collateral (other than those items of Collateral which, individually or in the aggregate, are not material). (b) As and when cash, cash equivalents, instruments, certificates and other securities (the "Security Deposit Collateral") are transferred in accordance with Applicable Law to, and held in the name of, the Security Agent in the accounts referred to in the Security Deposit Agreement, a fully perfected security interest in all right, title and interest of the Borrower in and to the Security Deposit Collateral will exist in favor of the Agent for the benefit of the ▇▇▇▇▇▇▇.

Collateral Security Documents. (a) Upon execution and delivery thereof, the The Collateral Security ----------------------------- Documents will be are effective to create, in favor of the AgentLender, legal, valid and enforceable liens on and security interests in all right, title, estate and interest of the Borrower or the General Partner, as the case may be, in and to all items of Collateral (other than those items of Collateral which, individually or in the aggregate, are not material) and (i) all necessary and appropriate recordings and filings will have been duly effected in all appropriate public offices and (ii) any cash or other amounts then required to be deposited pursuant to in the Security Deposit Agreement will have Debt Service Account has been so deposited so that the liens and security interests created by the Collateral Security Documents will constitute perfected first liens (other than as to the Permitted Liens) on, on the Collateral and prior (other than as to the Permitted Liens) perfected security interests in, in all right, title, estate and interest of the Borrower or the General Partner, as the case may beBorrower, in and to all items of Collateral (other than those items of Collateral which, individually or in the aggregate, are not material) described therein (other than any item of Collateral as to which a security interest cannot be perfected by filing, recording or registering) recording, registering or, in the case of the cash, cash equivalents, instruments and securities in the Debt Service Account, possession), prior and superior to all other Liens, existing or future, except Permitted Liens. The recordings and filings shown on Schedule 3 and the applicable schedules to such Collateral Security Documents, the registration on the books of the General Partner Borrower of the pledge effected by the Assignment and Security Borrower Pledge Agreement and the continuous possession by the Security Agent of the cash required to be deposited pursuant to in the Security Deposit Agreement Debt Service Account are all the recordings, filings and other action (other than the periodic filing of continuation statements) necessary and appropriate in order to establish, protect and perfect the AgentLender's lien on and security interest in the right, title, estate and interest of the Borrower or the General Partner, as the case may be, in and to all items of Collateral (other than those items of Collateral which, individually or in the aggregate, are not material). (b) As and when cash, cash equivalents, instruments, certificates and other securities (the "Security Deposit Collateral") are transferred in accordance with Applicable Law to, and held in the name of, the Security Agent in the accounts referred to in the Security Deposit Agreement, a fully perfected security interest in all right, title and interest of the Borrower in and to the Security Deposit Collateral will exist in favor of the Agent for the benefit of the ▇▇▇▇▇▇▇.