Common use of First Priority Security Interest Clause in Contracts

First Priority Security Interest. This Agreement creates a valid and continuing lien on and security interest in the Collateral. Upon the filing of a Financing Statement in the appropriate Filing Office for the location of the Debtor listed in the Debtor's Perfection Certificate, the Security Interest will be perfected (except to the extent a security interest may not be perfected by filing under the Uniform Commercial Code), prior to all other Encumbrances, and will be enforceable as such against creditors of the Debtor, any owner of the real property where any of the Collateral is located, any purchaser of such real property and any present or future creditor obtaining a lien on such real property.

First Priority Security Interest. This Agreement creates a valid and continuing lien on and security interest in the Collateral. Upon the filing of a Financing Statement in the appropriate Filing Office for the location of the Debtor Borrower listed in the DebtorBorrower's Perfection Certificate, the Security Interest will be perfected (except to the extent a security interest may not be perfected by filing under the Uniform Commercial Code), prior to all other Encumbrances, and will be enforceable as such against creditors of the DebtorBorrower, any owner of the real property where any of the Collateral is located, any purchaser of such real property and any present or future creditor obtaining a lien on such real property.