First Priority Lien. The Loan Documents after delivery thereof shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first priority lien on the Collateral (subject to the Permitted Liens) purported to be covered, hereby or thereby.
Appears in 7 contracts
Sources: Loan Agreement (Starwood Lodging Corp), Loan Agreement (Sun Communities Inc), Loan Agreement (Sun Communities Inc)