First Lien Security Documents Clause Samples
The First Lien Security Documents clause establishes the legal instruments that grant a lender a primary, or first-priority, security interest in specified collateral. These documents typically include agreements such as security agreements, mortgages, or pledges that are executed to secure the obligations of the borrower under a loan. By defining and governing the creation and maintenance of these first-priority liens, the clause ensures that the lender has the highest claim to the collateral in the event of default, thereby reducing the lender's risk and clarifying the order of repayment among creditors.
First Lien Security Documents. In the event any Grantor shall create any additional security interest upon any property or assets to secure any First Lien Obligations, it shall concurrently grant a security interest to the Second Lien Agent for the benefit of the Second Lien Secured Parties upon such property as security for the Second Lien Obligations. In the event any Grantor shall undertake any actions to perfect or protect any liens on any assets pledged in connection with the Credit Agreement or other First Lien Obligations, such Grantor shall also at the same time undertake such actions with respect to the Collateral for the benefit of the Second Lien Agent without request by the Second Lien Agent.
First Lien Security Documents. The definition of the term “First Lien Security Documents” in Section 1.1 is hereby amended by deleting the last reference therein to the word “the” and replacing said reference with the word “any”.
First Lien Security Documents. No later than 31 January 2020, a certified copy (duly executed by each of the parties thereto) of each First Lien Security Document.
First Lien Security Documents. The First Lien Guarantee and Collateral Agreement is effective to create in favor of the First Lien Collateral Agent, for the benefit of the Lenders, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof. In the case of (i) the Pledged Stock described in the First Lien Guarantee and Collateral Agreement, when stock certificates representing such Pledged Stock are delivered to the First Lien Collateral Agent, (ii) the BVI Pledged Stock described in the First Lien Guarantee and Collateral Agreement, when the share certificates evidencing such BVI Pledged Stock are delivered to the First Lien Collateral Agent, a notation is made in the share register of the BVI Borrower and a copy of the share register is filed at the British Virgin Islands Registry of Corporate Affairs and (iii) the other Collateral described in the First Lien Guarantee and Collateral Agreement, when financing statements, Register of Mortgages, Charges and Other Encumbrances and other filings specified on Schedule 5.19(a) in appropriate form are filed in the offices specified on Schedule 5.19(a), the First Lien Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds thereof, as security for the Obligations (as defined in the First Lien Guarantee and Collateral Agreement), in each case prior and superior in right to any other Person (except, in the case of Collateral other than Pledged Stock, subject to certain Liens expressly permitted by Section 8.3).