Enforceability of Security Interests. Upon the execution of this Agreement by each Grantor and the filing of financing statements properly describing the Collateral and identifying such Grantor and the Secured Party in the applicable jurisdiction required pursuant to the UCC, security interests and liens granted to the Secured Party under Section 1.01 hereof shall constitute valid, perfected and first priority security interests and liens in and to the Collateral of such Grantor, other than Collateral which may not be perfected by filing under the Uniform Commercial Code, and subject to the Liens permitted pursuant to Section 7.01 of the Credit Agreement, in each case enforceable against all third parties and securing the payment of the Obligations.
Enforceability of Security Interests. Upon the execution of this Agreement by Vyteris and the filing of financing statements properly describing the Collateral and identifying Vyteris, as the grantor and Ferring, as the secured party, in the applicable jurisdiction required pursuant to the UCC, security interests and liens granted to the Ferring, as the secured party under Section 2 hereof shall constitute valid, perfected and first priority security interests and liens in and to the Collateral of Vyteris, other than Collateral which may not be perfected by filing under the UCC, in each case enforceable against all third parties and securing the payment of the Obligations.
Enforceability of Security Interests. Upon the execution of this Agreement by Parent and the filing of financing statements properly describing the Collateral and identifying Parent, as the grantor and Ferring, as the secured party, in the applicable jurisdiction required pursuant to the UCC, security interests and liens granted to the Ferring, as the secured party under Section 2 hereof shall constitute valid, perfected and first priority security interests and liens in and to the Collateral of Parent, other than Collateral which may not be perfected by filing under the UCC, in each case enforceable against all third parties and securing the payment of the Obligations.
Enforceability of Security Interests. Upon the execution of this Agreement by each Grantor and the filing of financing statements properly describing the Collateral and identifying such Grantor and the Secured Party in the applicable jurisdiction required pursuant to the UCC, security interests and liens granted to the Secured Party under Section 1.01 hereof shall constitute valid, perfected and first priority security interests and liens in and to the Collateral of such Grantor, other than Collateral which may not be perfected by filing under the UCC, and subject to the Liens permitted pursuant to Section 7.02 of the Credit Agreement, in each case securing the payment of the Obligations and enforceable against all third parties, except to the extent that enforcement may be limited by applicable bankruptcy, reorganization, moratorium, insolvency and similar laws affecting creditors' rights generally or by equitable principles of general application, regardless of whether considered in a proceeding in equity or at law. III.
Enforceability of Security Interests. Upon the execution of this Agreement by Grantor and the filing of financing statements properly describing the Collateral and identifying Grantor and the Secured Party in the applicable jurisdiction required pursuant to the UCC, the security interests and liens granted to the Secured Party under this Agreement (including Section 1.01) hereof shall constitute valid, perfected and first priority security interests and liens in and to the Collateral of Grantor, other than Collateral which may not be perfected by filing under the Uniform Commercial Code, in each case enforceable against all third parties and securing the payment of the Obligations.
Enforceability of Security Interests. Bank and Creditor have entered into this Agreement on the assumption that their respective security interests in the Shared Collateral are valid and enforceable. Each of Bank and Creditor agrees that, if the security interest claimed by either of them in all or any portion of the Shared Collateral is not perfected or is avoidable for any reason, then the subordination hereunder shall nevertheless be effective with respect to the Shared Collateral.
Enforceability of Security Interests. Upon the execution of this ------------------------------------ Agreement by the Company and the filing of financing statements describing the Collateral and identifying the Company as debtor and each Secured Party as the secured party in the jurisdictions identified on Schedule 2.01(g)(i) annexed hereto, the security interests and liens granted to the Secured Parties under Section 1.01 hereof shall constitute valid, perfected and first priority security interests and liens in and to the Collateral, other than (i) Collateral listed on Schedule 2.01(g)(ii) which may not be perfected by filing under the Uniform Commercial Code, in each case enforceable against all third parties and securing the payment of all Obligations purported to be secured thereby, (ii) Equipment, subject to a Purchase Money Security Interest, in which the Secured Parties shall have a valid, perfected and second priority security interest and liens in and to such Equipment, and (iii) Inventory and Receivables, in which the Secured Parties shall have a valid, perfected and first and second priority security interest and liens to such Inventory and Receivables as provided in the Inter-Creditor Agreement. As to the Collateral listed on Schedule 2.01(g)(ii) the Secured Party will have a valid, perfected and first priority securities interest and lien in and to such Collateral upon the taking of such steps as shall be legally required to perfect such security interest.
Enforceability of Security Interests. Upon the execution of this Agreement by Grantor and the filing of financing statements properly describing the Collateral and identifying Grantor and the Secured Party in the applicable jurisdiction required pursuant to the UCC, security interests and liens granted to the Secured Party under Section 1.01 hereof shall constitute valid, perfected and first priority security interests and liens in and to the Collateral of Grantor, other than Collateral which may not be perfected by filing under the Uniform Commercial Code, and subject to the Liens hereby, in each case enforceable against all third parties and securing the payment of the Obligations. If the creation of a valid, perfected and first priority interest in any of the Collateral requires a filing in addition to the financing statements referred to above, upon request of Secured Party Grantor shall promptly cause the same to be made. In the case of securities and similar instruments, Grantor shall deliver the same to Secured Party or an escrow agent agreed upon by Grantor and Secured Party.
Enforceability of Security Interests. Upon the execution of this ------------------------------------ Agreement by the Company, the execution of the Subordination Agreement, and the filings referred to in (c) above, the security interests and liens granted to the Secured Party under Section 1.01 hereof shall constitute valid, perfected (upon filing) and first priority security interests and liens in and to the Collateral in favor of the Secured Party (except as to priority for Permitted Liens other than Permitted Junior Liens), in each case enforceable (subject to the rights of holders of Permitted Liens other than Permitted Junior Liens) against all third parties and securing the payment of all Obligations purported to be secured hereby.
Enforceability of Security Interests. Upon the execution of this Agreement by each Grantor and the filing of financing statements properly describing the Collateral and identifying such Grantor and the Secured Party in the applicable jurisdiction required pursuant to the UCC, security interests and liens granted to the Secured Party under Section 1.01 hereof shall constitute valid, perfected and first priority security interests and liens in and to the Collateral of such Grantor, other than Collateral which may not be perfected by filing under the Uniform Commercial Code, and subject to the Liens permitted pursuant to the NPA and the Note, in each case enforceable against all third parties and securing the payment of the Obligations.
