Common use of First Priority Security Interest Clause in Contracts

First Priority Security Interest. This Agreement, and the pledge, assignment and granting of a security interest pursuant hereto, create a valid and perfected first priority lien on and security interest in the Collateral in favor of the Collateral Agent, for the benefit of itself and the other Secured Parties, securing the payment of the Secured Obligations. All of filings and other actions necessary to perfect and protect such pledges, assignments and security interests have been duly made or taken and are in full force and effect or will be duly made or taken in accordance with the terms of the Note Documents; and all filing and recording fees and taxes related to any of the foregoing have been duly paid.