Common use of First Lien Clause in Contracts

First Lien. The pledge of the Pledged Shares pursuant to this Agreement and delivery thereof to the Pledgee in Wilmington, Delaware creates a valid and perfected first priority security interest therein, securing the payment of the Obligations.

Appears in 4 contracts

Sources: Share Pledge Agreement (Panda Global Holdings Inc), Share Pledge Agreement (Panda Global Holdings Inc), Share Pledge Agreement (Panda Global Holdings Inc)