Common use of Perfected Priority Lien Clause in Contracts

Perfected Priority Lien. On the Effective Date, all filing and other actions have been made or taken in order to perfect the Lien in the Collateral created pursuant to the terms of the Transaction Documents. On the Effective Date, the Agent, on behalf of the Noteholders, will have a legal, valid and binding perfected Lien on the Collateral which Lien is prior to all other Liens.