Common use of Lien Priority and Perfection Clause in Contracts

Lien Priority and Perfection. On the Closing Date this Security Agreement will create valid and continuing security interests in the Collateral, securing the payment of the Secured Obligations. Upon the filing of financing statements in the office(s) set forth on Schedule II attached hereto, the security interests granted to Secured Party hereunder will constitute valid first-priority perfected security interests in all Collateral with respect to which a security interest can be perfected by the filing of a financing statement, subject only to Permitted Liens.

Lien Priority and Perfection. On the Closing Date this Second Security Agreement will create valid and continuing security interests in the Collateral, securing the payment of the Secured Obligations. Upon the filing of financing statements in the office(s) set forth on Schedule II attached hereto, the security interests granted to Secured Party hereunder will constitute valid first-priority valid, perfected security interests in all Collateral with respect to which a security interest can be perfected by the filing of a financing statement, subject only to Permitted Liens.