Common use of Creation and Perfection of Security Interests Clause in Contracts

Creation and Perfection of Security Interests. Once executed and delivered, each of the U.S. Security Agreement and the Canadian Security Agreement will represent a valid and enforceable security interest in the Collateral described therein. In the case of the portion of the pledged Collateral consisting of the certificated securities represented by the certificates described in the U.S. Security Agreement or the Canadian Security Agreement, as applicable, when stock certificates representing such pledged Collateral are delivered to Agent and such stock certificates are held in New York, and in the case of the other Collateral described in the U.S. Security Agreement or the Canadian Security Agreement, as applicable, when financing statements and other filings specified on Schedule (4.21(a)) in appropriate form are filed in the offices specified on Schedule (4.21(a)), the U.S. Security Agreement or the Canadian Security Agreement, as applicable, shall constitute the creation of a perfected Lien under the Code or the PPSA as applicable (to the extent a Lien on such Collateral can be perfected by such possession or filings) on, and security interest in, all right, title and interest of the Credit Parties signatory to the U.S. Security Agreement or the Canadian Security Agreement, as applicable, in such pledged Collateral and other Collateral, as security for the Obligations, in each case prior and superior in right to any other Person (except for Permitted Encumbrances which by operation of law or contract would have priority over the Liens securing the Obligations).

Creation and Perfection of Security Interests. (a) Once executed and delivered, each of the U.S. Security Agreement and the Canadian Security Agreement will represent a valid and enforceable security interest in the Collateral described therein. In the case of the portion of the pledged Collateral consisting of the certificated securities represented by the certificates described in the U.S. Security Agreement or the Canadian Security Agreement, as applicable, when stock certificates representing such pledged Collateral are delivered to Agent and such stock certificates are held in New York, and in the case of the other Collateral described in the U.S. Security Agreement or the Canadian Security Agreement, as applicable, when financing statements and other filings specified on Schedule (4.21(a)) in appropriate form are filed in the offices specified on Schedule (4.21(a)), the U.S. Security Agreement or the Canadian Security Agreement, as applicable, shall constitute the creation of a perfected Lien under the Code or the PPSA as applicable (to the extent a Lien on such Collateral can be perfected by such possession or filings) on, and security interest in, all right, title and interest of the Credit Parties signatory to the U.S. Security Agreement or the Canadian Security Agreement, as applicable, in such pledged Collateral and other Collateral, as security for the Obligations, in each case prior and superior in right to any other Person (except for Permitted Encumbrances which by operation of law or contract would have priority over the Liens securing the Obligations).